EddieJayonCrypto
15 Jan 25
The US Securities and Exchange Commission (SEC) has extended its review period for the Bitwise 10 Crypto Index exchange-traded fund (ETF) until March 3, 2025. The ETF is designed to track the performance of the top cryptocurrencies by market capitalization. The SEC's decision to extend the review pe...
The US Securities and Exchange Commission (SEC) has extended its review period for the Bitwise 10 Crypto Index exchange-traded fund (ETF) until March 3, 2025. The ETF is designed to track the performance of the top cryptocurrencies by market capitalization. The SEC's decision to extend the review period aligns with its cautious approach to cryptocurrency regulation and is aimed at evaluating the impact of the fund. The deadline for the SEC to approve, disapprove, or institute further proceedings for the proposal has been pushed to March 3, 2025. Additionally, there are expectations of delays in the approval of other cryptocurrency investment vehicle proposals. On November 14, 2024, NYSE Arca submitted a proposal to the SEC seeking approval to list and trade shares of the Bitwise 10 Crypto Index Fund. This filing was published for public comment in the Federal Register on December 3, 2024, and no comments have been submitted to date. The SEC is required to act on such filings within 45 days of their publication. This deadline, initially set for January 17, 2025, has now been extended. James Seyffart, a Bloomberg ETF Analyst, anticipated the SEC's delay in the decision on BitwiseInvest's filing to convert the Bitwise 10 Crypto Index Fund into an ETF. The final deadline for this decision is in late July. He also suggested that the SEC could delay the approval of Grayscale’s proposal for its GDLC fund, with the deadline for this proposal set for February 2. In addition to these developments, an asset management firm submitted a registration with the SEC in December to launch a new ETF named the “Bitcoin Standard Corporations ETF.” This fund will invest in companies that hold substantial amounts of Bitcoin as part of their corporate financial reserves.