The U.S. Securities and Exchange Commission (SEC) has delayed its ruling on the Bitwise 10 Crypto Index ETF until March, as they require additional time to thoroughly examine the proposal.
The Securities and Exchange Commission (SEC) has set a new date, March 3, 2025, for making a decision on the proposal. This could involve approval, rejection, or initiating additional processes to further examine the proposal.
SEC Extends Review Period for Bitwise 10 Crypto ETF
From now until March 3, an extra assessment period has been granted to the SEC, enabling them to closely examine the effects of the fund.
The Bitwise 10 Crypto Index Fund is structured to mirror the performance of leading cryptocurrencies based on market value. It encompasses a selection of digital assets such as Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. Since its inception in 2018, Bitwise has continued to manage this original fund.
On November 14, 2024, NYSE Arca presented a request to the SEC for permission to offer and trade shares of the Bitwise 10 Crypto Index Fund. This proposal was made public for feedback in the Federal Register on December 3, 2024, but so far, no comments have been received.
45 days after a filing’s release, the Securities and Exchange Commission (SEC) must take action. However, this deadline, originally slated for January 17, 2025, has been pushed back to a later date due to an extension.
If the proposal gets accepted, it signifies a significant advancement in the SEC’s management of cryptocurrency investment funds. The Commission’s choice to prolong the examination period aligns with its careful stance towards regulating cryptocurrencies.
Indeed, the delay seemed to be anticipated, as echoed by analyst James Seyffart from Bloomberg ETF on his Twitter post.
Just as anticipated, the Securities and Exchange Commission (SEC) has postponed or deferred its decision on BitwiseInvest’s application to transform the Bitwise 10 Crypto Index Fund (BITW) into an exchange-traded fund (ETF). The final decision is scheduled for July’s end,” Seyffart commented.
Additionally, he mentioned that the SEC might postpone their decision on Grayscale’s request for approving the GDLC fund. He further hinted at an anticipated delay in this matter, saying, “I also anticipate a delay in that case.
Simultaneously, many others are eagerly anticipating swift approvals following Trump’s inauguration.
According to crypto analyst Marty Party, as anticipated, the approval of BitwiseInvest’s Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap ETF has been delayed by the Gensler SEC. However, he believes that all these crypto assets will soon be approved following the inauguration of a new administration.
In December, the asset management company submitted an application to the Securities and Exchange Commission for a new exchange-traded fund (ETF) titled “Bitcoin Standard Corporations ETF.” The purpose of this fund is to invest in corporations that maintain significant quantities of Bitcoin as part of their corporate reserves.
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2025-01-15 09:10