Bitcoin ETF Approvals in the US Likely to be Delayed, Clearing Path for Simultaneous Approvals

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Bitcoin spot exchange-traded funds (ETFs) in the United States are potentially on track for simultaneous approvals. The bids of Franklin Templeton and Hashdex ETFs have been delayed, giving other ETFs a clear runway for approval. The Securities and Exchange Commission (SEC) postponed its decision on the applications earlier than the original deadline of January 1, 2024. The SEC has requested comments on the necessary forms for Templeton and Hashdex ETFs, with a comment and rebuttal period of 35 days. ETF analysts had previously predicted a 90% chance of spot Bitcoin ETF approvals by January 10, 2024, and believe that the delays indicate a move to align all applicants for potential approval by that date. However, some experts suggest that the delays may increase the probability of a March 2024 approval. Franklin Templeton recently submitted an updated Form S-1 for its ETF, which has raised concerns about fairness among other providers. Currently, there are 12 spot Bitcoin ETFs awaiting SEC approval, with most final decision dates set for March 2024.

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