Franklin Templeton asks SEC staff whether on-chain fund trades need 1940 Act pricing exemptions
Franklin Templeton, a $1.79 trillion manager, asked SEC crypto staff on Oct. 9 whether exemptions could let tokenized money funds and ETFs trade in blockchain pools. Its questions concern the 1940 Act's rules on fund pricing and pooled assets, which sit outside the SEC's Sept. 17 relief for blockchain venues.
Reality
- Evidence50
- Adoption20
- Hype gap+5
- Incentives60
- Confidence50
SEC plan to scrap Rule 14a-8 would make activism at closed-end funds costlier
Debevoise lawyers say the SEC's September 16 plan to rescind Rule 14a-8 would make activist campaigns at listed closed-end funds and BDCs costlier. After the Supreme Court's June Saba ruling, it would give fund boards a second advantage, though only the ruling is settled law.
Reality
- Evidence55
- Adoption10
- Hype gap+25
- Incentives55
- Confidence45
SEC estimates its proposed crypto self-custody fallback will cost each adviser that uses it $433,833 a year, and assumes about 823 firms will. After the CLARITY Act's Senate failure, that price helps decide which advisers can hold newly launched tokens for clients.
Perspective Coverage
15 publishers
- Builder
- Builder 21%
- Operator
- Operator 45%
- Investor
- Investor 34%
Reality
- Evidence76
- Adoption8
- Hype gap+10
- Incentives62
- Confidence70
Three-quarters of the single-stock ETFs trading at the end of 2025 launched that year
Morningstar says single-stock funds, leveraged and derivative ones included, account for more than half of ETFs whose first prospectus was filed by June 30. The ten biggest hold about 44% of the category's assets.
Reality
- Evidence58
- Adoption62
- Hype gap+12
- Incentives72
- Confidence55
Crypto issuers ask the SEC for ETF efficiencies while keeping their commodity-trust structures
The novel-ETF comment file closed Monday with a16z, Grayscale, Schwab, Chainalysis and Kalshi arguing past each other, and only Schwab attached a number to its ask: 75 days of public filing before effect.
Reality
- Evidence57
- Adoption24
- Hype gap+13
- Incentives84
- Confidence45
The first US spot Zcash product gives brokerage accounts price exposure to a privacy coin while holding its ZEC in transparent custody. Allocators now have to argue the asset, not the access.
Perspective Coverage
3 publishers
- Builder
- Builder 27%
- Operator
- Operator 25%
- Investor
- Investor 48%
Reality
- Evidence71
- Adoption56
- Hype gap+20
- Incentives74
- Confidence70
GOF's Premium Was the Payout: Guggenheim Fund Loses Its Funding Source Mid-Probe
A closed-end fund distributed $1.74bn over eight fiscal years while earning about a third of it, covering the gap by issuing shares above NAV. The premium is now a discount.
Publishers:thebearcave.substack.com
Reality
- Evidence58
- Adoption62
- Hype gap+22
- Incentives82
- Confidence52