SEC Delays Bitwise 10 Crypto ETF Decision, Sets March 2025 Deadline

0

In order to give itself more time to thoroughly examine the proposal, the US Securities and Exchange Commission (SEC) has delayed its judgment on the Bitwise 10 Crypto Index exchange-traded fund (ETF) until March.

By March 3, 2025, the SEC has set a new deadline for deciding whether to accept, reject, or launch further procedures to review the proposal. The SEC will have more time to assess the fund’s effect thanks to the prolonged review period, which ends on March 3.

The goal of the Bitwise 10 Crypto Index Fund is to monitor the market capitalization-based performance of the leading cryptocurrencies. Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap are all included in the fund. This original fund has been held by Bitwise since 2018.

NYSE Arca requested permission from the SEC on November 14, 2024, to list and trade shares in the Bitwise 10 Crypto Index Fund. On December 3, 2024, this document was made available for public comment in the Federal Register; as of right now, no comments have been filed.

After such filings are published, the SEC has forty-five days to take action. This deadline has been extended from its original date of January 17, 2025.

The plan would represent a significant turning point in the SEC’s management of bitcoin investment vehicles if it were accepted. The Commission’s cautious approach to regulating cryptocurrencies is consistent with its decision to prolong the review period.

But the delay seems to have been expected. James Seyffart, a Bloomberg ETF analyst, made the identical statement on Twitter.

As anticipated, BitwiseInvest’s application to convert the Bitwise 10 Crypto Index Fund (BITW) into an ETF was punted or postponed by the SEC. Late July is the last date, according to Seyffart. Additionally, he said that the SEC could postpone approving Grayscale’s petition for its GDLC fund. This plan has a February 2 deadline, and Seyffart said, “We’re also anticipating a delay there.”

However, a number of other people are anticipating that the approvals will come soon after Trump takes office.

The BitwiseInvest Bitwise 10 crypto index ETF, which contains BTC, ETH, SOL, XRP, ADA, AVAX, LINK, BCH, DOT, and UNI, has been delayed by the Gensler SEC, as anticipated. Crypto analyst Marty Party predicted that all of these will be authorized soon after Trump’s inauguration.

The asset management company has registered a new exchange-traded fund (ETF) called the “Bitcoin Standard Corporations ETF” with the SEC in December. This fund will make investments in businesses whose corporate financial reserves include substantial quantities of Bitcoin.

Also Read: OKX Founder Expects 100x Crypto Growth

Leave A Reply

Your email address will not be published.