Franklin Templeton Joins BlackRock in the Bitcoin ETF Race: Combined AUM of Firms Filing for BTC Spot ETF Surpasses $16,000,000,000,000 – Can it Propel BTC Price to $150,000?

Franklin Templeton has announced its entry into the rapidly growing Bitcoin ETF market, joining formidable players such as BlackRock, Fidelity, and Invesco. Collectively, these firms boast assets under management (AUM) exceeding $16 trillion, signaling a significant shift in institutional interest toward the cryptocurrency sector. This development was highlighted by Collin Brown (@CollinBrownXRP) in a recent tweet.

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The U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler, recently testified at a Congressional hearing, shedding light on the agency’s perspective towards the cryptocurrency industry. Emphasizing on the substantial non-compliance issues, Gensler expressed concerns about widespread fraud, abuse, and misconduct within the crypto sphere. Despite the market’s growth in complexity and activity, Gensler pointed out that the SEC staff count has only increased by a mere 3% over the past seven years. Additionally, internal discussions have highlighted a significant gap in the knowledge and understanding of crypto regulations among SEC staff.

Crypto Community’s Reactions

Gensler’s comments during the hearing came with a disclaimer, clarifying that they were his views and not necessarily representative of the agency or its staff. He remained tight-lipped about ongoing crypto litigations, including the recent judgments in the XRP and Grayscale lawsuits, both of which witnessed the SEC facing defeats.

The Future of Bitcoin ETFs

One of the hot topics currently making waves in the financial community is the Grayscale ruling on the conversion of its Bitcoin Trust into a spot Bitcoin ETF. Addressing this, Gensler conveyed that the SEC is still uating the Court’s decision and is awaiting recommendations from its staff. The possibility of a spot Bitcoin ETF approval in the US has been further amplified with firms like BlackRock, Fidelity, WisdomTree, Invesco, Ark Invest, Bitwise, and now Franklin Templeton vying for the green light. The convergence of these major players in the ETF race could be a significant factor influencing Bitcoin’s future price trajectory.

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