Franklin Templeton Seeks Approval for Bitcoin ETF

Franklin Templeton has filed with the SEC to launch a spot Bitcoin exchange-traded fund (ETF), joining other financial institutions in seeking approval for similar products. The fund would be structured as a trust, with Coinbase as the BTC custodian and Bank of New York Mellon as the cash custodian and administrator. The SEC's decision on the application is expected by October 16. Franklin Templeton noted the risk of regulatory uncertainty in the digital asset markets, which could potentially harm the value of Bitcoin or the ETF.