SEC Approves and Pauses Bitwise XRP ETF. Here’s the Latest
Main Idea
The SEC initially approved Bitwise's spot ETF proposal including XRP and ADA but later paused it for a full Commission-level review, raising concerns about regulatory consistency and political influence.
Key Points
1. The SEC initially approved Bitwise's request to list its crypto index fund as a spot ETF on NYSE Arca, which includes Bitcoin, Ethereum, XRP, ADA, SOL, and other altcoins.
2. Hours later, the SEC halted the approval under Rule 431(e), announcing a full Commission-level review without clear explanation.
3. The SEC's hesitation appears tied to the inclusion of XRP and ADA, which remain in a regulatory gray zone despite Bitcoin and Ethereum having approved spot ETFs.
4. This situation mirrors Grayscale's halted ETF launch earlier, which also included XRP, ADA, and SOL, suggesting a pattern of regulatory uncertainty.
5. Critics question whether the SEC's actions are fair regulation or political maneuvering, using bureaucratic tools to delay progress without formal denials.
Description
In a move that has stirred confusion and frustration across the crypto community, the U.S. Securities and Exchange Commission (SEC) has once again triggered controversy, this time involving Bitwise’s spot ETF proposal. After granting initial approval to convert the Bitwise 10 Crypto Index Fund (BITW) into a spot exchange-traded fund (ETF), the SEC abruptly hit the brakes, pausing the approval without a clear explanation. Initial Approval, Then a Sudden Pause On July 22, the SEC’s Division of Tra...
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