##  [# Spot Bitcoin ETF Hopes Lifted by SEC Move ](/sections/news/spot-bitcoin-etf-hopes-lifted-sec-move) 

 

# Spot Bitcoin ETF Hopes Lifted by SEC Move 

 

 

Analysts say SEC opening comment period on Franklin Templeton application is positive sign.



 

 

 

 

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[By Lucy Brewster](/authors/lucy-brewster)

 Nov 30, 2023

 Edited by: Mark Nacinovich

 

 

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The [Securities and Exchange Commission](https://www.etf.com/topics/sec) has initiated a public comment period on spot [bitcoin](https://www.etf.com/topics/bitcoin) exchange-traded fund applications from Wall Street investment-management firm [Franklin Templeton](https://www.etf.com/topics/franklin-templeton) and Brazil-based [cryptocurrency](https://www.etf.com/topics/cryptocurrency)-focused investment firm Hashdex, the agency [announced](https://www.sec.gov/files/rules/sro/cboebzx/2023/34-99030.pdf) in a filing on Nov. 28.   
   
The SEC has 240 days to approve or deny an ETF filing and must provide an update on its decision at certain intervals. It wasn’t due for another decision on Franklin Templeton's application until Jan. 1. Starting the public comment period earlier than that may indicate that the SEC is accelerating its timeline for an [anticipated “spotcoin” ETF approval](https://www.etf.com/sections/news/valkyrie-exec-sees-spot-bitcoin-etf-approval-month).   
   
Bloomberg analyst James Seyffart [wrote on X,](https://twitter.com/JSeyff/status/1729574910224150664) the social-media platform formerly called Twitter, that the SEC move to open a comment period on 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.”

Franklin Templeton, which has about $1.5 trillion in assets under management, first filed for a spot bitcoin ETF in October. Its filing was previously [delayed](https://www.sec.gov/files/rules/sro/cboebzx/2023/34-98945_2.pdf) on Nov. 15.   
   
On Nov. 29, Franklin Templeton amended its [prospectus](https://www.sec.gov/Archives/edgar/data/1992870/000113743923001397/ftdhts1a112023.htm), saying that it had responded to the SEC’s questions and concerns about its application.

## Spot Bitcoin ETFs 

While asset managers have attempted to roll out a spot bitcoin ETF for years, the SEC has denied or delayed those funds based on concerns about market manipulation and investor protection.   
   
Yet, after the SEC [lost a watershed lawsuit](https://www.etf.com/sections/news/grayscale-wins-lawsuit-launch-spot-bitcoin-etf) to Grayscale Investments in August, it began to work more closely with about a dozen firms to potentially bring the funds to market.

Many hopeful firms, including [ARK Invest’s](https://www.etf.com/topics/ark) Cathie Wood, believe the SEC will [approve multiple applications all at once](https://www.etf.com/sections/news/why-sec-might-approve-multiple-bitcoin-etfs-together) to avoid giving any single firm a first-mover advantage.

 *Contact Lucy Brewster at* lucy.brewster@etf.com.

 
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 [ Lucy Brewster Finance Reporter ](/authors/lucy-brewster) 

 

 

  Lucy Brewster is a finance reporter at etf.com covering asset managers, emerging technologies, and regulation. She hosts etf.com webinars and appears…   [View Bio](/authors/lucy-brewster)

 



 

 


 Related Topics  [Bitcoin](http://www.etf.com/topics/bitcoin) 

 [Crypto](http://www.etf.com/topics/cryptocurrency) 

 [Franklin Templeton](http://www.etf.com/topics/franklin-templeton)