The United States Securities and Exchange Commission (SEC) has outlined the next steps for the proposed spot Bitcoin exchange-traded funds (ETFs) from Franklin Templeton and Hashdex. The SEC is now seeking written feedback on whether to approve or reject the applicants’ Forms 19b-4.
SEC Form 19b-4 is a public disclosure authorized by the SEC Trading and Markets Division, distinct from Form S-1, the offering prospectus that requires approval from the Corporate Finance Division. The SEC is allowing 35 days from the date of publication in the Federal Register for the submission of comments and responses to comments on both proposals. The current price of Bitcoin is $37,990.
The suggested modifications, essentially requests, to permit the trading of the ETFs were submitted at the end of September. The Hashdex ETF is intended to be traded on the New York Stock Exchange Arca, while Franklin Templeton’s ETF is planned for trading on Cboe BZX. On November 15, the SEC prolonged the time it had to decide on these requests.
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