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Franklin Templeton’s EZPZ ETF Expands Crypto Investment Access

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  • Franklin Templeton launched the Franklin Crypto Index ETF under the ticker EZPZ.
  • The ETF trades on the Cboe BZX Exchange, offering exposure to Bitcoin and Ethereum.
  • The fund follows CF Benchmark’s Institutional Digital Asset Index for tracking performance.

Franklin Templeton has introduced the Franklin Crypto Index ETF, trading under the ticker EZPZ, further expanding its presence in digital assets. The ETF debuted on the Cboe BZX Exchange, offering investors weighted exposure to Bitcoin and Ethereum. This launch continues the asset manager’s efforts to improve its cryptocurrency investment product lineup.

Franklin Templeton Expands Crypto Investment Offerings

The Franklin Crypto Index ETF tracks CF Benchmark’s Institutional Digital Asset Index, which measures the performance of regulated cryptocurrencies. The fund’s allocation comprises approximately 87% Bitcoin and 13% Ethereum, mirroring their market capitalizations. Coinbase serves as the custodian, ensuring institutional-grade security and compliance with financial regulations.

The ETF provides investors a diversified way to invest in the top two digital assets without managing individual holdings. Following a regulated benchmark aligns the fund with institutional investment standards and capital market requirements. This strategy enhances accessibility for both retail and institutional investors seeking exposure to digital assets.

Franklin Templeton continues to expand its digital asset offerings by providing cost-efficient and structured crypto investment vehicles. The company launched the Franklin Bitcoin ETF (EZBC) in January 2024 and the Franklin Ethereum ETF (EZET) in July 2024. The new index ETF strengthens its position as a major player in the cryptocurrency investment space.

SEC Approves New Crypto Investment Funds

The launch of EZPZ follows a shift in US regulatory policy, allowing more cryptocurrency-focused investment products in traditional markets. In December, the SEC approved Franklin Templeton’s and Hashdex’s crypto index ETFs, marking a more open approach to digital asset investments. These approvals indicate growing institutional acceptance and regulatory clarity in the crypto sector.

Hashdex launched its Nasdaq Crypto Index US ETF (NCIQ) on February 14, becoming the first in the market. Franklin Templeton’s EZPZ joins the competition, expanding investment options for those seeking broad crypto exposure. These ETFs provide diversified and simplified access to digital assets while adhering to compliance standards.

The regulatory shift coincides with changes in US leadership, influencing the country’s stance on cryptocurrency. After winning the 2024 elections, Donald Trump took office on January 20, pledging to strengthen the US crypto market. Since then, asset managers have increased filings for ETFs tracking altcoins, anticipating further regulatory adjustments.

New Crypto ETFs Gain Institutional Interest

With the success of Bitcoin and Ethereum ETFs, financial institutions are exploring additional crypto investment products. Industry leaders expect growing demand for ETFs covering other digital assets, including Solana, XRP, and Litecoin. This expansion reflects rising institutional interest and investor appetite for diversified cryptocurrency exposure.

The emergence of more crypto-index ETFs demonstrates the evolution of digital asset investment strategies. Asset managers respond to market demand by creating products that simplify access to blockchain-based assets. As regulatory clarity improves, financial firms will likely introduce more diversified crypto funds to attract investors.

Franklin Templeton’s latest ETF underscores the increasing role of digital assets in traditional finance. The company remains committed to expanding its crypto offerings, aligning with the evolving regulatory environment. With EZPZ, investors now have another option to gain structured exposure to Bitcoin and Ethereum compliantly.

Solana’s Future Secured with Franklin Templeton’s Powerful Fund Launch

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  • Franklin Templeton launches tokenized US Government money fund.
  • SOL network gains institutional confidence from major players.
  • Scaramucci, BlackRock CEO back the networks tokenization potential.

Franklin Templeton is making waves in the crypto space by launching its tokenized money fund on Solana, just days after filing for a Solana Trust. The move positions the network as a key player in the digital asset tokenization space.

Franklin Templeton Launches FOBXX

Franklin Templeton has launched its tokenized US Government money fund, Franklin OnChain US Government Money Fund (FOBXX), on the Solana network. This development comes shortly after the firm filed for a Solana Trust. The launch adds a bullish outlook for SOL price, which has struggled to remain above $200.

The FOBXX fund invests primarily in US government securities, cash, and repurchase agreements fully backed by US government assets. The network is recognized for its speed, security, and censorship-resistance, which Franklin Templeton believes is an ideal choice to enhance global adoption.The firm also offers the fund on Ethereum, Base, Polygon, Avalanche, Aptos, and Arbitrum networks, showing its commitment to multi-chain accessibility.

Solana Gets Tokenization Nod From Major Players

Franklin Templeton has previously expressed confidence in the blockchain network. In 2023, Franklin Templeton predicted that the network would become the third-largest cryptocurrency, behind Bitcoin and Ethereum. Additionally, Franklin Templeton filed for a Solana Exchange Traded Fund (ETF) in Delaware just a day before launching the tokenized money fund, indicating a possible filing with the US SEC in the future.

The launch of this money fund is aligned with broader trends in tokenization. Anthony Scaramucci, founder of Skybridge Capital, expressed his confidence in the network, emphasizing its lower fees and faster transaction speeds. He believes the network will lead tokenization, especially if traditional assets like stocks and bonds become tokenized.

Scaramucci’s views align with those of major financial figures such as Larry Fink, CEO of BlackRock. Fink has long championed tokenization as the future of markets and has even launched a tokenized fund to test this concept.

Tokenization Boom

The launch of the tokenized money fund on Solana is a strong endorsement of the network’s capabilities. The investment community has taken note of the networks tokenization ecosystem, which is attracting significant attention. Franklin Templeton’s involvement signals the increasing importance of SOL network in this space.

The rise of tokenization, supported by figures like Scaramucci and Fink, reinforces Solana’s potential as a leader in reshaping financial markets. As more firms look to tokenize real-world assets, Solana’s high-speed, low-cost blockchain positions it as a strong contender. The latest developments reflect increasing institutional interest in the blockchain network and its role in the future of crypto markets.

Franklin Templeton Pushes for Crypto ETF—Regulators Hold Key

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  • Franklin Templeton has applied for SEC approval to launch a new Crypto Index ETF.
  • The ETF will expose Bitcoin and Ether under the ticker symbol EZPZ.
  • The fund will track spot prices and rebalance its holdings every quarter.

Franklin Templeton has applied for regulatory approval to launch the Franklin Crypto Index ETF, expanding its digital asset offerings. The fund will expose Bitcoin and Ether to a single investment vehicle listed on the Cboe BZX Exchange. Following Donald Trump’s election victory, the firm aims to capitalize on the growing demand for cryptocurrency investment products.

The latest filing represents the Second amendment to the firm’s S-1 registration statement for the ETF. Franklin Templeton seeks to include a broader range of digital assets in the future. However, any expansion of assets will require additional regulatory approvals before implementation.

If approved, the ETF will track the spot prices of Bitcoin and Ether, with each weighted according to market capitalization. As of February 5, Bitcoin comprised 86.31% of the index, while Ether accounted for 13.69%. The fund’s underlying index will be rebalanced quarterly in March, June, September, and December.

Franklin Templeton Plans to Expand Crypto ETF

Franklin Templeton has indicated that it may incorporate additional cryptocurrencies into its ETF. However, including new tokens depends on regulatory approvals for the ETF and the Cboe BZX Exchange. The company intends to keep its funds adaptable to evolving regulatory conditions in the cryptocurrency sector.

The firm acknowledged the risks associated with digital assets, particularly concerning blockchain network forks. A temporary or permanent fork could reduce asset values, affecting the ETF’s overall performance. Additionally, competition from emerging blockchain platforms such as Solana, Avalanche, and Cardano could weaken investor demand for Bitcoin and Ether.

Franklin Templeton remains optimistic about the ETF’s market potential despite these risks. The firm expects fund shares to be actively traded under the EZPZ ticker. However, it noted that market liquidity is not guaranteed, which could impact price stability.

Solana and XRP ETFs Await SEC Decision

The SEC has historically resisted cryptocurrency ETFs, citing investor protection concerns. However, regulatory sentiment shifted last year when the agency approved ETFs for Bitcoin and Ether. These approvals opened the door for broader institutional and retail participation in digital assets.

Several asset managers have submitted proposals for ETFs tied to other cryptocurrencies following this shift. Applications for Solana and XRP-based funds are under review, with potential approvals expanding the crypto ETF market. Investors are closely watching the SEC’s decisions, which could shape the future of cryptocurrency-based investment products.

Recently, Bitwise secured initial approval for its ETF tracking both Bitcoin and Ether. The SEC granted accelerated approval for NYSE Arca to list and trade the hybrid fund’s shares. This development highlights the growing acceptance of cryptocurrency ETFs in mainstream financial markets.

Franklin Templeton’s 2025 Crypto Forecast: A New Era of U.S. Innovation

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  • U.S. regulatory clarity will drive the growth of crypto ETFs and tokenized securities.
  • Stablecoin frameworks will enable major financial institutions to enter the market.
  • Bitcoin will strengthen its role as a global financial asset.

Franklin Templeton Digital Assets’ 2025 Crypto Outlook predicts a transformative year driven by U.S. regulatory leadership. The report emphasizes the role of U.S. agencies, such as the SEC, in shaping clear regulatory frameworks.

These will pave the way for a wider range of financial products to be approved, including crypto ETFs and tokenized securities. Favorable regulations will place the United States in a leading position globally with regard to cryptocurrency innovation once again, bringing in institutional investment and wider adoption.

Stablecoin regulation is another anticipated milestone, with a framework likely to enable major financial institutions to launch their own stablecoins. This development could drive significant growth in decentralized finance (DeFi) by providing stable and transparent financial instruments.

TradFi and Crypto Integration Deepens

The report also mentioned how the divide between traditional finance and crypto infrastructure is being bridged. In other words, institutional players will be increasingly integrated with blockchain technology through tokenized product and stablecoin ecosystems, adding that decentralized networks will be instrumental in financial systems worldwide.

With the possibility of adding BTC to reserves, Bitcoin is poised to strengthen its position as a global financial asset in the coming years for sovereign nations. The coming institutional and sovereign adoption will help solidify Bitcoin as a store of value.

Moreover, the adoption rate of decentralized physical infrastructure networks, DePIN, will increase in all industries. Such networks offer a decentralized solution for the physical world to real-world use cases ranging from logistics to IoT.

AI and Blockchain Convergence to Accelerate

Artificial Intelligence would integrate deeper with blockchain in 2025. Blockchains would bring much-needed transparency and verifiability-a necessary ingredient for scale-for all AI-driven economic models. The AI agents will leverage blockchain rails for on-chain automation of transactions and portfolio management.

This will also converge digital content, social media, and on-chain activities, opening new frontiers for businesses and creators alike. The Franklin Templeton report concludes that 2025 will mark a significant departure from speculative trading toward practical utility in the crypto sector.

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Franklin Templeton Seeks SEC Approval for Crypto Index ETF

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Franklin Tеmplеton, а prominеnt аssеt mаnаgеmеnt firm with $1.6 trillion in аssеts undеr its wаtch, filеd аn S-1 аpplicаtion with thе U.S. Sеcuritiеs аnd Exchаngе Commission (SEC) on August 16. This аpplicаtion sееks pеrmission to lаunch а nеw Crypto Indеx Exchаngе-Trаdеd Fund (ETF) thаt will initiаlly focus on Bitcoin аnd Ethеrеum.

Thе proposеd ETF, nаmеd thе Franklin Crypto Indеx ETF, аims to rеplicаtе Bitcoin’s (BTC) аnd Ethеrеum (ETH) pеrformаncе, providing invеstors with broаd еxposurе to thеsе lеаding digitаl аssеts. Thе S-1 filing dеtаils thаt thе ETF will follow thе CF Institutionаl Digitаl Assеt Indеx, focusing primаrily on Bitcoin аnd Ethеrеum. Nonеthеlеss, thе ETF’s frаmеwork аllows for thе potеntiаl аddition of othеr cryptocurrеnciеs, dеpеnding on futurе rеgulаtory chаngеs аnd mаrkеt trеnds.

Franklin Leads the Charge in Crypto Index ETFs

As аn еаrly plаyеr in thе еxpаnding fiеld of crypto indеx ETFs, thе Franklin Crypto Indеx ETF еntеrs а growing mаrkеt, following thе lаunch of Bitcoin аnd Ethеrеum ETFs еаrliеr this yеаr. It will contеnd with thе Hаshdеx Nаsdаq Crypto Indеx ETF, which wаs thе pionееr in sееking rеgulаtory аpprovаl for а crypto indеx Exchаngе-Trаdеd Fund.

Kаtаlin Tischhаusеr, thе invеstmеnt rеsеаrch lеаdеr аt crypto bаnk Sygnum, еmphаsizеd thе importаncе of this dеvеlopmеnt. Shе notеd, “Thе nеxt logicаl stеp is indеx ETFs bеcаusе indicеs аrе еfficiеnt for invеstors — just likе how pеoplе buy thе S&P 500 in аn ETF. This will bе thе sаmе in crypto.” At prеsеnt, crypto indеx ETFs аrе confinеd to Bitcoin аnd Ethеrеum, аs thеsе аrе thе solе digitаl аssеts аpprovеd by thе SEC for ETF inclusion.

As thе mаrkеt for crypto ETFs еvolvеs, thеrе is ongoing intеrеst in introducing nеw singlе-аssеt ETFs. Tischhаusеr pointеd out thаt whilе thеrе is somе intеrеst in products likе а Solаnа (SOL) Exchаngе-Trаdеd Fund, dеmаnd rеmаins subduеd. This highlights thе currеnt еmphаsis on Bitcoin аnd Ethеrеum аs thе primаry digitаl аssеts for еxisting аnd futurе indеx ETFs.

Grаyscаlе, thе lеаding crypto fund mаnаgеr with $25 billion in аssеts, hаs аlso shown еnthusiаsm for thе еxpаnsion into crypto indеx Exchаngе-Trаdеd Funds. Dаvе LаVаllе, Grаyscаlе’s globаl ETF hеаd, commеntеd on August 12, “Wе’rе going to sее а numbеr of morе singlе аssеt products, аnd thеn аlso cеrtаinly somе indеx-bаsеd аnd divеrsifiеd products.”

For thе Franklin Crypto Indеx ETF to bе trаdеd on public еxchаngеs, it must rеcеivе аpprovаl from thе SEC аnd sеcurе а listing on а mаjor plаtform likе Nаsdаq. This rеgulаtory аpprovаl is pivotаl for thе ETF’s mаrkеt еntry аnd its potеntiаl influеncе on invеstmеnt strаtеgiеs in thе cryptocurrеncy sеctor.

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Political Shifts Won’t Stop Bitcoin’s Ascent: Arthur Hayes

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In a recent interview, Arthur Hayes, co-founder of BitMEX and a prominent figure in the crypto world, discussed a range of topics, including the potential impact of political changes on cryptocurrency, the evolution of the crypto industry, and Bitcoin’s future.

Hayes, who began his finance career in September 2008 on Deutsche Bank’s trading floor in Hong Kong, shared how the abrupt collapse of Lehman Brothers marked a dramatic shift in the financial landscape. It was during this time of transformation that Hayes discovered Bitcoin, which he described as aligning perfectly with his views on the corrupt banking system.

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A decade later, Hayes reflects on how the crypto industry, while vibrant and diverse, is increasingly mirroring the traditional finance sector it once sought to disrupt. Major financial institutions like BlackRock and Franklin Templeton now offer accessible investment options in cryptocurrencies, and Fidelity is pushing to include Bitcoin in American pension funds.

Despite this growing mainstream acceptance, Hayes believes the core spirit of the crypto community remains unchanged. Addressing current political dynamics, Hayes expressed skepticism about the role of politicians in advancing cryptocurrency interests.

He noted that regardless of whether Donald Trump or Kamala Harris wins the election, the fundamental challenges of governmental opposition to crypto remain. Hayes argued that the entrenched financial institutions and regulatory bodies are significant obstacles that any new administration would struggle to overcome.

Bitcoin’s Resilience Against Monetary Expansion

On the topic of Bitcoin and monetary policy, Hayes was resolute in his belief that regardless of who is in power, the continuous expansion of money supply is inevitable. This monetary inflation, he argues, will ultimately benefit Bitcoin. Despite the volatility and risks associated with the cryptocurrency, Hayes remains bullish on its long-term prospects.

Regarding the SEC and its chairman, Gary Gensler, Hayes suggested that the real issue is not Gensler himself but rather the broader regulatory framework. He criticized the focus on individual regulators instead of addressing the systemic issues within the regulatory environment.

Hayes also shared his views on the idea of a Bitcoin reserve, noting that while it’s a compelling concept, it’s highly improbable given the current political and economic landscape. He believes that while Bitcoin and gold could offer a strategic advantage, the U.S. government is unlikely to prioritize Bitcoin over gold.

However, looking ahead, Hayes is optimistic about Bitcoin’s potential to reach new highs, driven by global monetary changes and massive debt levels, despite the resistance to change from entrenched financial powers.

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VanEck Leads the Way with Amended S-1 for Spot Ethereum ETF

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In a move that might prove pivotal in shifting cryptocurrency market fortunes, Ethereum exchange-traded funds see action as major financial players jockey for approval. Early Monday, VanEck filed an amended S-1 registration statement for its spot Ethereum ETF, detailing minor changes to custody arrangements.

Following the lead from VanEck, several other companies, including 21Shares, BlackRock, Fidelity, Franklin Templeton, and Grayscale, made their filings with the regulator a little later on in the day. Market insiders speculate that trading for these ETFs could commence around the 15th of July.

Bloomberg ETF analyst Eric Balchunas provided insight into the wave of filings, noting that VanEck’s S-1 amendment was the first to be submitted. “VanEck already had their fee structure in place, so there wasn’t much new in their filing. It’s more about putting the ball back in the SEC’s court. We expect the rest of the filings to come in today, except for Bitwise, who completed theirs last week,” Balchunas explained

The journey for these spot Ethereum ETFs began on May 23 when the Securities and Exchange Commission (SEC) approved the issuers’ 19b-4 applications. However, before these ETFs can begin trading, the SEC must also approve the S-1 registration statements. July 15 is the anticipated trading date.

Golem Sells 24,400 ETH Worth $72M Despite Market Uptick

Contrary to recent optimistic changes in the cryptocurrency market, data from Lookonchain has pointed to an overwhelming move from Golem. In the past three days, Golem has sold 24,400 ETH (around $72 million in value) on leading cryptocurrency exchanges such as Binance, Coinbase, and Bitfinex

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Currently, Golem still holds a substantial amount of 127,634 ETH, worth around $372 million. Golem, which raised 820,000 ETH during its ICO in November 2016 when the price of Ethereum was just $10.20, has seen its holdings grow tremendously in value as ETH’s price soared.

Analyst Predicts ETH Could Surpass $5,000

Renowned crypto analyst Trader Tardigrade has shared an optimistic forecast for Ethereum’s price trajectory despite Golem’s recent sell-off. According to him, Ethereum is forming a second Descending Triangle pattern, which historically suggests a potential breakout within the coming months. He predicts that during the next bull run, Ethereum could surpass the $5,000 mark.

The recent sell-off did not hamper the ETH price; at the time of writing, Ethereum is trading at $3,093.24, with a 24-hour trading volume of $34.16 billion. The market capitalization stands at $371.61 billion. The price of ETH has risen by 2.50% during the last 24 hours.

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VanEck Leads the Way with Amended S-1 for Spot Ethereum ETF 4

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Ethereum ETF: Frank Templeton Guns for the Lead

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Better late than never. Global asset manager Franklin Templeton has applied for a spot Ethereum ETF, becoming the latest to step into the fiercely competitive ETF race. The $1.5 trillion-valued firm recently filed a Form S-1 registration statement with the SEC, joining a galaxy of ETF applicants that include Ark and 21Share, BlackRock, Grayscale, VanEck, etc. While the above-mentioned AUMs filed their Spot Ethereum ETF applications in Q4 2023, FTI’s move has once again set the ball rolling in the regulator’s court.

The SEC, on the other hand, has so far chosen to push back applications, adopting the same tactic with Invesco and Galaxy’s Ethereum ETF as of the latest update. Industry experts have expressed no surprise, noting that more delays will continue to happen in the coming months. ETH ETF’s crucial deadline now rests around May 23rd, which is also the cutoff time for VanEck, according to popular crypto investor Lark Davis. 

He even predicted that the ETH price would go up to $4000 by then. Others, like Stevan Nerayoff, shared a more radical outlook. Nerayoff, a former Ethereum consultant, stated, “SEC chair Gary Gensler’s indirect approval for Prometheum Inc. to designate ETH as a security that effectively endorses an ETF covertly.”

Here is the list of the Spot Ethereum ETF filings.

Ethereum
Source: James Seyffart

Franklin Templeton’s filing has undoubtedly sparked a buzz in the community. Earlier, FTI’s spot Bitcoin exchange-traded fund received the green light from the Securities and Exchange Commission [SEC].

Ethereum Validators Line In

In anticipation of the upcoming Dencun upgrade, staking among Ethereum validators has marked a substantial increase. More entities are rushing in to participate, leading to a rise in the validator entry queue. This is corroborated by data where the figure stood at 6187, representing over 200k Ether worth nearly $500 million, at press time. The entry of new players leads to a network build-up-like scenario that might take a little over 48 hours to be sorted out.

It is to be noted that there are limitations on the number of new validators that can join the network per epoch. One Ethereum epoch lasts roughly 6.4 minutes. These new players are called validators and can be either individuals or entities that need at least 32 Ether to stake in the network, enabling them to participate in running Ethereum’s proof-of-stake consensus blockchain.

Solana ETF Soon? FTI’s Bold Hint

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Franklin Templeton [FTI] has set its sights on Solana, praising the blockchain’s vision and accomplishments in a recent post. The global investment firm expressed admiration for Solana’s unique approach to decentralized blockchains, emphasizing its potential to reduce information asymmetry through a single atomic state machine. Notably, FTI lauded the diverse activities on the SOL blockchain during Q4 2023, including developments in decentralized finance [DeFi], meme coins, NFT innovation, and the emergence of the trending Solana meme coin, Dogwifhat.

The post triggered speculation within the crypto community, with attention drawn to the possibility of Franklin Templeton exploring its next exchange-traded fund [ETF] on the SOL network. A user pointed out the correlation between the ETF tweet and the launch of the BWIF meme coin on Solana, suggesting a potential connection.

The meme coin gained rapid popularity amidst SOL’s bullish price action, spurred by the recent approval of the Bitcoin spot ETF. Users speculated that FTI’s tweet could be a teaser for the inclusion of Solana in its ETF filing, hinting at a significant development in the pipeline.

Solana
Solana ETF Soon? FTI's Bold Hint 7

While Franklin Templeton previously faced criticism for changing its profile picture to a laser-eyed symbol, the company responded humorously, “You are unsure how to feel about Laser Eye Ben? Just think instead of Ben wif hat.”

The name Ben is in honor of Benjamin Franklin, for whom the company is named. and the wif hat is a reference to the trending Shiba Inu puppy donning a knitted hat.

Solana In Still Waters

Despite the positive sentiments, SOL’s price experienced a 5% decline in the past seven days, raising questions about the immediate impact of FTI’s tweet on the cryptocurrency’s market performance. Some analysts believe that the fifth-biggest altcoin may not necessarily depend on the ETF narrative for price appreciation, suggesting a unique trajectory for the blockchain platform.

Coinbase CEO Brian Armstrong shared optimism about Solana’s future, stating that major altcoins like SOL could find a place in future ETF lineups. He further envisioned the possibility of crypto index funds resembling traditional indices like the S&P 500, catering to various subsets of the crypto market such as DeFi, NFTs, and staking.

As the crypto community awaits further developments, Franklin Templeton’s interest in Solana adds an intriguing layer to the ongoing narrative of blockchain innovation and ETF possibilities in the crypto space.

Bitcoin: SEC Greenlights Franklin Templeton’s Spot ETF Amidst Congressional Pressure

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Franklin Templeton’s application for a spot Bitcoin exchange-traded fund received acknowledgment from the Securities and Exchange Commission [SEC] in a historic and pivotal move. This development holds immense significance for the AUM, managing assets worth up to $1.5 trillion, as it solidifies its presence in the asset management sector. With the filing of a 19b-4 form for their spot Bitcoin ETF proposal and the subsequent approval, Franklin Templeton has set the regulatory wheels in motion.

The 19b-4 form serves as a formal notification to the Commission regarding a proposed rule change by a self-regulatory organization [SRO]. Essentially, it is a document that informs a non-governmental entity exercising regulatory authority over a particular industry or profession about changes being proposed.

This announcement arrives at a time when the SEC is also deliberating on applications for spot crypto ETFs from various entities, including Hashdex. Franklin Templeton’s application stands out due to the company’s substantial footprint in the asset management landscape.

Bitcoin
Image Credit: Bitcoin Archive

Over the past few days, the SEC has come under intense scrutiny for its stance on spot ETF products. Notably, the regulator has announced delays in its decisions regarding Ethereum ETF applications from VanEck and ARK. It is essential to recognize that the SEC has a maximum of 240 days from the date of filing in the Federal Register to either approve or deny an ETF application.

This timeline places the decision date for these proposed funds in late May 2024. However, the regulator has the authority to solicit additional public input during several interim deadlines, potentially further extending the final verdict.

Bitcoin: SEC’s Gensler Doesn’t Hold Back

On September 26, U.S. Representatives Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres shot a letter to Gary Gensler, the chief of the U.S. securities watchdog, accusing him of displaying bias against spot Bitcoin exchange-traded products. They pointed to the legal precedent set by Grayscale Investments, which won a review of its own ETF offering.

The four lawmakers asserted that following the Grayscale court decision, there is “no reason to continue to deny” applications for spot crypto ETFs, emphasizing that the SEC’s rationale was deemed “arbitrary and capricious” in approving investment vehicles linked to Bitcoin futures. Despite the ongoing legal battles between his agency and crypto firms, Gensler has maintained a tight-lipped stance on the SEC’s approach to spot Bitcoin ETFs.

Bitcoin
Bitcoin: SEC Greenlights Franklin Templeton's Spot ETF Amidst Congressional Pressure 10

In fact, he upheld his confrontational stance against crypto “hucksters” during congressional testimony on September 27, choosing not to address the industry’s pressing questions. Gensler argued that digital asset companies had been recklessly handling customer assets, fueling further speculation about the SEC’s intentions in the evolving cryptocurrency landscape.