The U.S. Securities and Exchange Commission (SEC) has initiated a public hearing procedure for two cryptocurrency exchange-traded funds (ETFs) submitted by Franklin Templeton. This procedure is for listing on the Chicago Board Options Exchange (Cboe) BZX, targeting XRP ETF and Solana (SOL) ETF.
On the 2nd (local time), the SEC announced the 'review procedure initiation' for the proposed rule changes by the Cboe BZX Exchange through public materials. Accordingly, investors and market participants can submit their opinions on the ETF listing, and the SEC will comprehensively review these before deciding on final approval.
Franklin Templeton applied for a listing rule revision for these ETFs through the Cboe BZX Exchange in March this year. The SEC reviewed this and postponed its judgment in April, readjusting the final decision deadline to this week. This public hearing procedure is intended to gather market opinions before the decision deadline.
The SEC emphasized, "Initiating the review procedure does not mean a clear decision has been made on this matter" and "Rather, the committee wants to listen to various stakeholder opinions on the proposed rule changes."
Meanwhile, the proposed XRP and Solana ETFs are the first cryptocurrency ETF products that Franklin Templeton aims to introduce to the U.S. market. If approved, they could be a turning point for ETFs tracking various cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH).
With the increasing possibility of Trump's re-election, market expectations of cryptocurrency regulation relaxation under Republican leadership are also being reflected. Wall Street is paying attention to whether there will be gradual changes in the SEC's attitude along with potential administrative changes.
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