{"id":13084,"date":"2023-11-18T17:24:03","date_gmt":"2023-11-18T17:24:03","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/global-xs-bitcoin-etf-decision-delayed-by-sec-new-deadline-set-heres-what-you-need-to-know\/"},"modified":"2023-11-18T17:24:04","modified_gmt":"2023-11-18T17:24:04","slug":"global-xs-bitcoin-etf-decision-delayed-by-sec-new-deadline-set-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=13084","title":{"rendered":"Global X&#8217;s Bitcoin ETF Decision Delayed by SEC, New Deadline Set \u2013 Here&#8217;s What You Need to Know"},"content":{"rendered":"<div>\n<figure id=\"attachment_133226\" aria-describedby=\"caption-attachment-133226\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-133226\" class=\"wp-caption-text\">Source: Pixabay \/Sergei Tokmakov<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The US <strong>Securities and Exchange Commission (SEC)<\/strong> has postponed its decisions on spot Bitcoin (BTC) exchange-traded fund (ETF) applications submitted by Global X and Franklin Templeton.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a Friday\u00a0<\/span><span data-preserver-spaces=\"true\">filing<\/span><span data-preserver-spaces=\"true\">, the agency said it expects public comments on Global X\u2019s proposal in the next 35 days, making the new deadline as Dec. 22.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The deadline for the Global X Bitcoin Trust, which was filed in partnership with Cboe BZX exchange, was Friday.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><span data-preserver-spaces=\"true\">seperate filing<\/span><span data-preserver-spaces=\"true\">, the SEC announced that it will also extend its decision-making period for a spot Bitcoin ETF from Franklin Templeton.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">That application was submitted on September 26 and published for comment on October 3.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The SEC identified November 17 as its first decision deadline; now, it has instituted a longer decision period to approve or disapprove the application by early 2024.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">ETF analyst James Seyffart confirmed the delays in a recent post on X (formerly Twitter).<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">UPDATE: There it is. Franklin <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETF officially delayed *as expected*. <a rel=\"nofollow\" href=\"https:\/\/t.co\/mncRibrwU7\">pic.twitter.com\/mncRibrwU7<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/JSeyff\/status\/1725615324144271446?ref_src=twsrc%5Etfw\">November 17, 2023<\/a><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">On Friday, Seyffart tweeted that the SEC\u2019s ruling on the filings from Global X and Franklin had been delayed as anticipated.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Seyffart further explained that a public comment period of at least 35 days suggests that Global X is unlikely to receive a verdict until the end of 2023.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Regarding Franklin\u2019s application, Seyffart noted that he did not come across the information on the SEC\u2019s website or seen any discussions about it.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The SEC has the authority to delay proposals for up to 240 days from the initial filing.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">With these recent postponements, the regulatory body has signaled its intention to use the full allotted review window for the current spot bitcoin ETF applicants.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">SEC Maintains Stance Despite Mounting Frustration<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">Despite mounting frustration within the industry, the SEC has maintained its usual non-transparent approach to crypto ETFs.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The SEC previously announced delays in making decisions on two other crypto ETF applications, namely\u00a0<\/span><span data-preserver-spaces=\"true\">Hashdex\u2019s proposal<\/span><span data-preserver-spaces=\"true\">\u00a0to convert its Bitcoin futures ETF into a spot ETF and Grayscale\u2019s application for an Ethereum futures ETF.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It is worth noting that some industry experts have already claimed that the SEC is\u00a0<\/span><span data-preserver-spaces=\"true\">not likely to approve<\/span><span data-preserver-spaces=\"true\">\u00a0a spot Bitcoin ETF before 2024.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The optimism around the launch of a spot Bitcoin ETF has fueled the recent rally in crypto markets, which saw the flagship cryptocurrency reach as high as $38,000.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Meanwhile, analysts at financial services firm\u00a0<\/span><strong><span data-preserver-spaces=\"true\">Cantor Fitzgerald<\/span><\/strong><span data-preserver-spaces=\"true\">\u00a0believe the long-awaited spot\u00a0<\/span><span data-preserver-spaces=\"true\">BTC ETF is inching closer to reality<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The SEC has been hesitant to approve a spot bitcoin ETF due to concerns about potential manipulation on offshore spot platforms.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, Cantor Fitzgerald believes that the market surveillance procedures proposed by new applicants could address these worries and sway the SEC towards approval.<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/global-xs-bitcoin-etf-decision-delayed-by-sec-new-deadline-set-heres-what-you-need-to-know.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay \/Sergei Tokmakov The US Securities and Exchange Commission (SEC) has postponed its decisions on spot Bitcoin (BTC) exchange-traded fund (ETF)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":13085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-13084","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global X&#039;s Bitcoin ETF Decision Delayed by SEC, New Deadline Set \u2013 Here&#039;s What You Need to 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