Franklin Templeton had applied for a spot Bitcoin investment fund (ETF) and became one of the traditional asset management firms joining the crowded race.
According to breaking information, the SEC postponed the company's Bitcoin Spot EFT application decision to a later date.
The Commission said it wanted to analyze whether the application was consistent with the requirement that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.
Franklin Templeton first applied for the Franklin Bitcoin ETF in September, and if approved, the shares will be listed and traded on the Cboe BZX Exchange. There have been multiple applications for spot Bitcoin ETFs from other asset managers, including BlackRock and Fidelity.
The SEC has yet to approve a spot Bitcoin fund and has postponed all applications it has received for the product so far.
*This is not investment advice.