‘Bizarre’: SEC Approves Then Pauses Bitwise’s Bid To Convert ETF Holding Bitcoin, Ether, And XRP
Main Idea
The SEC initially approved Bitwise's bid to convert its Crypto Index Fund into a spot ETF but then paused the approval, creating uncertainty and speculation about the reasons behind the decision.
Key Points
1. The SEC's Division of Trading and Markets granted 'accelerated approval' for Bitwise's conversion of its Crypto Index Fund (BITW) into a spot ETF, tracking assets like Bitcoin, Ethereum, XRP, and Solana.
2. The approval was later paused without public explanation, similar to the initial approval and subsequent delay seen with Grayscale's Digital Large Cap Fund (GDLC).
3. Industry figures, including Nate Geraci of The ETF Institute, criticized the SEC's inconsistent actions, calling for immediate approval of such conversions.
4. Scott Johnsson of Van Buren Capital speculated that the SEC's pause might be a tactic to bypass the 240-day statutory approval period under new leadership.
5. The situation has raised concerns about regulatory transparency and consistency in the SEC's handling of crypto-related financial products.
Description
The U.S. SEC approved the conversion of Bitwise’s cryptocurrency index fund into a fully-fledged ETF, but then quickly hit pause.
Latest News
- Russia’s Sberbank Seeks To Offer Crypto Custody Services For Domestic Assets2025-07-23 21:00:58
- Ripple’s XRP Market Cap Breakthrough Marks “Real Turning Point” in Path to $10 XRP Price2025-07-23 20:56:59
- USDT Market Cap Breaks $160 Billion Despite Tougher Stablecoin Rivalry2025-07-23 20:43:03
- Avalanche (AVAX) Price Breakout is Underway. $35 Price Target Confirmed2025-07-23 20:30:29
- Denver Pastor And Wife Behind $3.4 Million Faith-Based Crypto Scam Indicted2025-07-23 19:55:46