As a seasoned financial analyst with over two decades of experience in the industry, I have witnessed the evolution of investment products and the regulatory hurdles that come along with it. The latest development involving Franklin Templeton’s crypto index ETF is no exception.
Franklin Templeton, a well-known issuer of cryptocurrency exchange-traded funds (ETFs), has shown an inclination towards launching a cryptocurrency index ETF. However, regulatory approval for this product seems to be on hold at the moment.
The Securities and Exchange Commission (SEC) has postponed its decision on approving the cryptocurrency index ETF proposed by Franklin Templeton. As stated in a filing made on November 20th, the SEC expressed their apprehension about having enough time to properly evaluate whether the proposal should be accepted or rejected.
If the Commission deems a longer duration suitable and explains its reasoning or if the self-regulatory body agrees, the Commission can either accept, reject, or initiate further investigation to decide whether the suggested rule adjustment should be turned down.” (SEC filings)
On August 17th, according to their submission, Franklin suggested a Crypto Index ETF using Bitcoin (BTC) and Ethereum (ETH). The proposed fund would bring together the two leading cryptocurrencies globally under one index, with an undetermined ratio that is weighted based on market capitalization, as represented by the ticker EZPZ.
Given the necessary approvals, EZPZ intends to utilize Coinbase’s custodial services and will be featured on the Cboe BZX trading platform. It is also possible that Franklin might include an additional cryptocurrency in their index, but this would require approval from the Securities and Exchange Commission (SEC).
Franklin Templeton moves on crypto
Based in New York, Franklin Templeton is a versatile asset management firm known for providing investors with increased opportunities to follow crypto market fluctuations. Following regulatory approval granted in January, Franklin has introduced a new product focusing on Bitcoin spot ETF.
On October 31st, funds from the money market were broken down and distributed across various blockchains such as Base, Arbitrum, Polygon, Avalanche, Aptos, and Stellar. Specifically, the U.S. government’s money market fund (FOBXX) with assets totaling $410 million is being converted into tokens on that particular blockchain.
Franklin is collaborating with SBI Group in Japan on preparations for potentially launching a cryptocurrency fund within the country, though details about the progress of this project have not been made public as of now.
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2024-11-21 02:08