The venerable U.S. Securities and Exchange Commission, that paragon of regulatory poise, has, with the swiftness of a fencer’s blade, suspended Bitwise’s audacious endeavor to metamorphose its Bitwise 10 Crypto Index Fund (BITW) into a spot exchange-traded fund (ETF), mere hours after granting its initial blessing. A veritable ballet of bureaucratic whimsy, one might say. 🎩💼
Two days prior, the SEC, in a moment of uncharacteristic generosity, bestowed an “accelerated” approval upon Bitwise’s proposal, as if bestowing a golden ticket to the Willy Wonka of finance. 🍫🚀
“Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘Exchange Act’) and Rule 19b-4 thereunder, NYSE Arca, Inc. (‘NYSE Arca’ or ‘Exchange’) filed with the Securities and Exchange Commission (‘Commission’) a proposed rule change, as modified by Amendment No. 1 (‘Proposal’), to amend NYSE Arca Rule 8.500-E (Trust Units) and to list and trade shares (‘Shares’) of the Bitwise 10 Crypto Index ETF (‘Trust’) under amended NYSE Arca Rule 8.500-E (Trust Units). The Proposal was subject to notice and comment.”
This order approves the Proposal on an accelerated basis.” A decree as swift as a cryptocurrency’s price drop, yet as fleeting as a trader’s hope. 📉✨
Then, in a separate letter dated on the same day, the SEC informed Bitwise of its plan to pause, or “stay“, the accelerated approval—a regulatory tango of confusion and control. 🕺⚖️
“This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action. In accordance with Rule 431(e), the July 22, 2025 order is stayed until the Commission orders otherwise.” A legal sonata of ambiguity, played on a keyboard of indecision. 🎹❓
Experts, those modern-day seers, speculate that the SEC might be putting the ETF approval plans on pause while it aims to establish standards across different crypto ETFs—a regulatory Rorschach test for the digital age. 🧠🌀
The current BITW fund is 90% focused on Bitcoin (BTC) and Ethereum (ETH), with the remaining 10% being spread across eight large-cap digital assets. A portfolio as diverse as a crypto conference’s networking hour. 🌐💰
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2025-07-24 21:47