Summary
- The US SEC announced it has reversed the decision to approve the conversion of the Bitwise 10-Crypto Index Fund ETF.
- The SEC stated that it will conduct further review of the ETF conversion approval and that the measure will be suspended until a separate order is issued.
- The index fund includes major cryptocurrencies such as Bitcoin and Ethereum, drawing the attention of investors.
The U.S. Securities and Exchange Commission (SEC) has reportedly reversed its approval for the conversion of the Bitwise 10-Crypto Index Fund into an exchange-traded fund (ETF).
According to The Block on the 22nd (local time), Sherry R. Haywood, an Assistant Secretary at the SEC, stated, "The Commission will conduct a review of the approval for the ETF conversion of the Bitwise 10-Crypto Index Fund," and added, "This action will be postponed until further order is given." Previously, the SEC had made a swift approval decision regarding the ETF conversion of the Bitwise Index Fund.
Nate Geraci, CEO of The ETF Store, commented, "Like the Grayscale Digital Large Cap ETF, the approval order was issued and then delayed," and said, "It is truly strange. Both ETFs should be allowed to be listed."
Meanwhile, the Bitwise 10-Crypto Index Fund includes major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), Sui (SUI), and Cardano (ADA).
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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