Global X’s Bitcoin ETF Decision Delayed by SEC, New Deadline Set – Here’s What You Need to Know
The US Securities and Exchange Commission (SEC) has postponed its decisions on spot Bitcoin (BTC) exchange-traded fund (ETF) applications submitted by Global X and Franklin Templeton.
In a Friday filing , the agency said it expects public comments on Global X’s proposal in the next 35 days, making the new deadline as Dec. 22.
The deadline for the Global X Bitcoin Trust, which was filed in partnership with Cboe BZX exchange, was Friday.
In a seperate filing , the SEC announced that it will also extend its decision-making period for a spot Bitcoin ETF from Franklin Templeton.
That application was submitted on September 26 and published for comment on October 3.
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.
ETF analyst James Seyffart confirmed the delays in a recent post on X (formerly Twitter).
UPDATE: There it is. Franklin #Bitcoin ETF officially delayed *as expected*. pic.twitter.com/mncRibrwU7
— James Seyffart (@JSeyff) November 17, 2023
On Friday, Seyffart tweeted that the SEC’s ruling on the filings from Global X and Franklin had been delayed as anticipated.
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.
Regarding Franklin’s application, Seyffart noted that he did not come across the information on the SEC’s website or seen any discussions about it.
The SEC has the authority to delay proposals for up to 240 days from the initial filing.
With these recent postponements, the regulatory body has signaled its intention to use the full allotted review window for the current spot
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