The U.S. Securities and Exchange Commission (SEC) announced a delay in its decision on a proposed rule change for listing and trading shares of the Franklin Ethereum ETF, a series of the Franklin Ethereum Trust.
The SEC has established a longer deadline for commission determination under BZX Rule 14.11(E)(4) regarding Commodity-Based Trust Shares.
BZX Rule 14.11(E)(4), also known as the Commodity-Backed Trust Shares rule, is defined as a regulation established by the Cboe BZX Exchange. This rule is a regulation regarding the issuance of a certain aggregate minimum number of securities by a trust in exchange for the deposit of a quantity of the underlying commodity for the ETF.
When these securities are collected in the same minimum number, they can be repurchased by the trust at the owner’s request, and the trust will then deliver the underlying commodity to the owner who sells the asset back.
At its core, BZX Rule 14.11(E)(4) is designed to ensure fair trading practices and protect investors in the context of commodity-backed trust shares.
Franklin Templeton, a company that owns a Bitcoin Spot ETF, applied for an Ethereum Spot ETF in February.
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Source: https://en.bitcoinsistemi.com/breaking-sec-delays-franklin-ethereum-etf-application-here-are-the-details/