The U.S. Securities and Exchange Commission (SEC) has postponed its verdict on whether or not to endorse the Bitwise 10 Crypto Index Fund. This decision was made with only six days remaining before Gary Gensler, the commission’s chairman, departs from his role at the agency. According to the SEC’s filing, this delay does not equate to a rejection, as it necessitates additional time to carefully evaluate the application.
The US SEC Notification
Based on the information provided in the market regulator’s notice, they decided to postpone making a decision on this filing due to important factors that require careful consideration. Since the Bitwise 10 Crypto Index Fund was submitted for review, the US Securities and Exchange Commission (SEC) has been legally required to make a decision within 45 days, but in this case, they chose to extend this period.
Three days prior to the January 17th deadline, the market regulator chose to postpone the decision regarding the proposed rule change. Consequently, the U.S. SEC announced that they have set March 3rd, 2025 as a tentative date for rendering their decision on the filing.
The Commission believes more time is needed to evaluate the suggested rule change and address the points brought up during the proposal. Consequently, they’ve decided to extend the deadline for making a decision, setting March 3, 2025, as the date by which they will either approve or reject the proposed rule change, or initiate further proceedings to consider rejection.
Bitwise 10 Crypto Index ETF Approval is Possible
It’s important to mention that the asset management company submitted an application for listing the Bitwise 10 Crypto Index Fund towards the end of November. Following their success with trading a Bitcoin and Ethereum ETF in the U.S., they decided to broaden their range of supported cryptocurrencies.
As a crypto investor, I’ve found the Bitwise 10 Crypto Index ETF to be an excellent way for me to gain exposure to the leading digital currencies. This diverse portfolio encompasses heavyweights such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI) – all chosen based on their market capitalization.
Under the uncertainty surrounding the approval process with outgoing Chairman Gary Gensler, there’s cause for optimism now, as President-elect Donald Trump has chosen Paul Atkins, who is backed by the crypto industry, as his replacement nominee.
Under Atkins’ leadership, it is widely anticipated that other cryptocurrency exchange-traded fund (ETF) options could become available.
Other Crypto ETFs To Watch
Additionally to the Bitwise 10 Crypto Index ETF, there are other crypto ETF applications under review by the U.S. Securities and Exchange Commission, such as those focusing on Solana and XRP. Some experts in the field are hopeful that more crypto ETF filings might follow, similar to how Donald Trump’s entry into politics sparked a wave of change.
Beyond managing funds for Solana and XRP, investment firm Canary Capital is actively advocating for Exchange-Traded Funds (ETFs) based on Litecoin and Hedera as well.
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2025-01-15 07:36