SEC extends review of Bitwise 10 Crypto Index ETF to March 2025 for detailed evaluation and analysis.
Leadership changes at SEC spark optimism for potential approval of crypto investment products like the Bitwise ETF.
The Bitwise fund aims to offer exposure to top cryptocurrencies and expand investment opportunities in digital assets.
The United States Securities and Exchange Commission has postponed their ruling on the Bitwise 10 Crypto Index Fund. The SEC had an earlier date of January 17 but moved the deadline for compliance to bigger companies to March 3, 2025. This decision just gives more time to assess the intended rule change and the effects it will have.
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The SEC emphasized the need for thorough evaluation. The proposal was first submitted in November 2024, and the review period required by law is 45 days. With limited public comments and a complex application, the regulator deemed additional time necessary.
Overview of the Bitwise 10 Crypto Index Fund
The Bitwise 10 Crypto Index Fund aims to provide exposure to the top cryptocurrencies by market capitalization. These include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI).
These offerings are part of the push by Bitwise to go beyond the Bitcoin and Ethereum markets in which it is already involved. The purpose is to satisfy increasing investor interest in diversified crypto assets. The approval of the fund would be a major milestone in the mainstream adoption of cryptocurrencies into financial markets.
NYSE Arca, the exchange that filed the proposal, highlighted the fund's potential to appeal to institutional and retail investors. The fund has been a part of Bitwise’s portfolio since 2018.
Leadership Changes
The delay coincides with leadership changes at the SEC. Chairman Gary Gensler is set to leave his role shortly. President-elect Donald Trump has nominated Paul Atkins, who has expressed support for cryptocurrency innovation, to lead the agency.
This leadership shift raises optimism among crypto advocates. They believe his approach could improve the chances of approval for crypto-related investment products. Besides Bitwise’s fund, other ETFs such as Solana, XRP, Litecoin, and Hedera await decisions.
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