According to Cointelegraph, United States regulators are currently inviting public comments on NYSE Arca's proposal to list a Bitwise exchange-traded fund (ETF) that includes both Bitcoin (BTC) and Ether (ETH). This development follows a filing made on December 10. Bitwise and NYSE initially submitted their application to the Securities and Exchange Commission (SEC) on November 26. The SEC is now moving the application forward by requesting industry feedback. The proposed Bitwise Bitcoin and Ethereum ETF is a spot cryptocurrency index fund designed to provide investors with balanced exposure to the two largest crypto assets globally in a user-friendly format, as stated by the asset manager in a November 26 post on the X platform.
Industry experts suggest that crypto index ETFs are becoming a significant focus for issuers, following the listing of funds holding BTC and ETH earlier this year. Katalin Tischhauser, head of investment research at crypto bank Sygnum, noted in August that index ETFs are a logical progression, offering efficiency for investors similar to how the S&P 500 is purchased through ETFs. On November 27, NYSE filed to list another Bitwise index ETF, the Bitwise 10 Crypto Index Fund, which aims to include a broader range of crypto assets. Additionally, NYSE Arca has sought SEC approval to list the Grayscale Digital Large Cap Fund, a proposed index ETF, as per an October 29 filing. Other asset managers, such as Hashdex and Franklin Templeton, are also entering the competitive landscape with their proposed crypto index funds.
In the broader context of U.S. leadership, President-elect Donald Trump has expressed intentions to transform the United States into a leading hub for cryptocurrency. He plans to appoint crypto-friendly leaders to head financial regulatory bodies when he assumes office on January 20, 2025. In November, SEC Chair Gary Gensler, known for his stringent approach to cryptocurrency regulation, announced his departure from the agency coinciding with Trump's inauguration. Gensler's tenure, beginning in 2021, was marked by a rigorous regulatory approach, resulting in over 100 actions against companies in the crypto industry. With Trump's upcoming leadership, there is a renewed push from issuers to list various proposed crypto funds, including index ETFs and those offering staking options.
