The U.S. Securities and Exchange Commission (SEC) is now considering applications for spot crypto exchange-traded funds (ETFs) from Franklin Templeton and Hashdex, while announcing delays in decisions in approving VanEck’s and ARK’s ether ETF applications.
The SEC has a maximum of 240 days to approve or deny an ETF from the date the filing appears in the Federal Register, which would place a decision date for these proposed funds in late May 2024, with several interim deadlines where it can ask for additional public feedback and thereby delay the final decision.
Ahead of a potential federal government shutdown, the SEC has extended its decision deadlines for spot bitcoin ETF applications from Ark 21Shares and Global X, and may delay the balance by Friday.
In late August, a federal appeals court ruled that the U.S. SEC must reevaluate its rejection of Grayscale Investments' bid to convert its Grayscale Bitcoin Trust into an ETF, citing inconsistencies in the SEC's approval of similar bitcoin products.
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