Bitwise 10 ETF Decision Delayed: SEC Sets March Deadline
The U.S. Securities and Exchange Commission (SEC) has postponed a decision on the Bitwise 10 Cryptocurrency Index exchange-traded fund (ETF) until March as the regulator needs more time to fully review the proposal.
The SEC has designated a new deadline of March 3, 2025, when it will approve, disapprove or initiate further proceedings to consider the proposal.
SEC extends review period for Bitwise 10 crypto ETF
The review period has been extended to March 3, U.S. Securities and Exchange Commission Additional time to assess the impact of the fund.
this Bitwise 10 Cryptocurrency Index Fund Designed to track the performance of top cryptocurrencies by market capitalization. The fund includes Bitcoin, Ethereum, SolanaRipple, Cardano, avalanche, chain linkBitcoin Cash, Polkadot and Uniswap. Bitwise has maintained this initial funding since 2018.
November 14, 2024, New York Stock Exchange Arca Submitted Submit a proposal to the SEC seeking approval to list and trade shares of the Bitwise 10 Cryptocurrency Index Fund. The document was published for public comment in the Federal Register on December 3, 2024, and no comments have been submitted to date.
The SEC must take action within 45 days of the release of such documents. The deadline was originally set for January 17, 2025, but has been extended.
If the proposal is approved, it would mark a major milestone in the SEC’s handling of cryptocurrency investment vehicles. The Commission’s decision to extend the review period is consistent with its cautious approach to cryptocurrency regulation.
However, the delay doesn’t seem to be a surprise. Bloomberg ETF analyst James Seyffart also expressed the same view twitter.
“As expected, the SEC has delayed/postponed BitwiseInvest’s submission to convert the Bitwise 10 Crypto Index Fund (BITW) into an ETF. The final deadline is late July,” Seyffart said.
He also added that the SEC may delay approval of Grayscale’s GDLC fund proposal. The deadline for the proposal is Feb. 2, Seyffart said, “and some delays are expected.”
Others, meanwhile, are hoping for swift approval once Trump takes office.
“As expected, Gensler SEC delays approval of BitwiseInvest Bitwise 10 Crypto Index ETF, which includes BTC, ETH, SolXRP, ADA, AVAX, LINK, BCH, DOT, UNI. All are expected to be approved soon after Trump takes office. ” Cryptocurrency Analyst Marty Party explain.
Most recently, the asset manager filed a registration application with the SEC in December Launch of new ETF called “Bitcoin Standard Company ETF””. The fund will invest in companies with significant equity holdings Bitcoin as part of their company financial reserves.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
