Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Thursday, November 16th, and today we are talking official

ETF delays. Before we get into that, however, if you are enjoying the breakdown, please go

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Well, friends, yesterday the theme of the show was the ETF narrative running out of steam,

and sure enough, that was well and confirmed, as the SEC has delayed its decision on a Bitcoin

ETF application from hashtags. Now, this likely signals that applications

for spot Bitcoin ETFs from Franklin Templeton and Global X will also be delayed by their

respective deadlines on Friday and next Tuesday. Notably, unlike most of the other applications,

Hashtex is seeking to operate a mixed Bitcoin ETF, which will include both Spot and Futures

exposure. This could be a meaningful

distinction for the SEC, but that's pure speculation arising from a lack of clear information.

Now, as we covered on yesterday's show, this delay begins a public comment period for the

hashtag's application, closing the window where all ETF applications could be approved as a batch

with no active comment

periods. Hashtex in Franklin Templeton applications will now have another interim deadline on January 1st.

However, the more meaningful deadline is likely to be on January 10th, which is the final deadline

for a decision on the ARC 21 shares application. If the SEC wants to deny the approval of

spot Bitcoin ETFs in a way that

...