SEC approves, then instantly pauses Bitwise’s ETF conversion
Main Idea
The SEC approved then immediately paused the conversion of Bitwise’s crypto index fund into an ETF, mirroring a similar delay with Grayscale's ETF, amid speculation about internal SEC processes and potential regulatory adjustments.
Key Points
1. The SEC granted 'accelerated approval' for Bitwise’s 10 Crypto Index Fund to convert into an ETF but paused it pending a review, leaving the status uncertain.
2. Bitwise’s fund, trading as BITW, includes exposure to cryptocurrencies like Bitcoin and Ether, with the conversion application submitted in November.
3. Analysts compare the situation to Grayscale’s ETF delay, which was also approved and then paused, suggesting a pattern in SEC behavior.
4. Speculation suggests the SEC might be stalling to finalize crypto ETF listing standards or to manage internal approval processes, including potential delays to avoid disruptions by a sole Democrat commissioner.
5. The SEC extended its deadline for ruling on in-kind redemptions for Bitwise’s Bitcoin and Ether spot ETFs, indicating ongoing regulatory considerations for crypto ETFs.
Description
Analysts speculate the Securities and Exchange Commission could be stalling until it creates listing standards for crypto ETFs, or is trying to stop its sole Democrat commissioner from disrupting the approval process.
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