The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision regarding Bitwise’s proposed crypto index exchange-traded fund (ETF) until March of this year. This news comes from Bloomberg ETF analyst James Seyffart, who shared the update on social media.
Bitwise, an asset management firm, had been seeking approval to convert its 10 Crypto Index Fund (BITW) into an ETF. However, the SEC has decided to push back the deadline for a final decision until July, with Seyffart noting that this delay was expected.
In addition to Bitwise, crypto firm Grayscale is also looking to convert its Digital Large Cap (GDLC) into an ETF. Seyffart predicts that Grayscale’s proposal will also face a delay from its original deadline of February 2nd.
It is worth mentioning that the SEC has only approved ETFs tied to the top two digital assets by market cap, Bitcoin (BTC) and Ethereum (ETH). The regulatory agency has stated that it requires more time to consider Bitwise’s proposed rule change.
In a recent memo, the SEC explained, “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.” The new deadline for a decision on Bitwise’s ETF proposal is now set for March 3, 2025.
For the latest updates on this development and other crypto news, be sure to subscribe to receive email alerts directly to your inbox. Stay informed about price action and follow The Daily Hodl on Twitter, Facebook, and Telegram. Don’t miss out on the latest news and analysis from The Daily Hodl Mix.
As we await the SEC’s decision on Bitwise’s ETF proposal, the crypto market continues to evolve and adapt to regulatory changes. Stay tuned for more updates on this developing story.
Generated Image: Midjourney
In conclusion, the SEC’s delay in deciding on Bitwise’s proposed crypto index ETF reflects the regulatory challenges facing the crypto industry. Investors and stakeholders will be closely monitoring the developments in this space as they await further clarity on the future of crypto ETFs.