The Securities and Exchange Commission (SEC)’s move to start a public comment period for spot Bitcoin (BTC) ETF applications earlier than expected has stirred up optimism around the launch of these products.
On November 28, the SEC published filings instituting proceedings to receive public feedback on the proposed Franklin Bitcoin ETF and Hashdex Bitcoin Futures ETF funds.
The move, according to analysts, signals a potential acceleration of the SEC’s timeline for approving an anticipated “spotcoin” ETF.
Typically, the SEC has 240 days to approve or deny an ETF filing and is required to provide updates on its decision at specified intervals.
Franklin Templeton’s application was not due for a decision until January 1.
However, by opening the public comment period earlier, the SEC may be indicating its intention to expedite the approval process for spotcoin ETFs.
Bloomberg analyst James Seyffart noted on X that the SEC’s decision to initiate a comment period for Hashdex “all but confirms for me that this was likely a move to line every applicant up for potential approval by the Jan. 10, 2024 deadline.”
Scott Johnsson, a finance lawyer, agreed that the SEC filings suggest the regulator is preparing to approve the funds around Jan. 10.
“Really the only way it makes sense,” he tweeted . “Pretty sure we can lock this one up.”
Franklin Templeton, a firm with approximately $1.5 trillion in assets under management, initially filed for a spot bitcoin ETF in October.
However, its filing faced a delay on November 15.
On November 29, Franklin Templeton amended its prospectus, stating that it had addressed the SEC’s questions and concerns regarding its application.
The SEC has historically denied or delayed