The best securities regulator in the US pauses BitWise’s plan to convert its BitWise 10 Crypto Index Fund (BITW) almost immediately after approval into a spot Exchange-Traded Fund (ETF).
Two days ago the US Securities and Exchange Commission (SEC) gave a “accelerated“Approval of Bitwise proposal to convert BITW into a place ETF.
“In accordance with Section 19 (B) (1) of the Securities Exchange Act of 1934 (‘Exchange Act’) and Rule 19b-4 below, NYSE ARCA, Inc. (‘Nyse Arca’ or ‘Exchange’) submitted with the Securites and Exchange Commision No. (‘shares’) of the BitWise 10 crypto index ETF (‘Trust’) under changed NYSE Arca Rule 8,500-e (units of confidence).
This order approve the proposal on an accelerated basis. “
Subsequently, in a separate letter from the same day, the sec bit wise informed about his plan to pause, or ‘stay“, The accelerated approval.
“This letter is to inform you that, in accordance with Rule 431 of the Commission’s practical rules, 17 CFR 201.431, the Commission will revise the delegated action. In accordance with Rule 431 (E), the order of July 22, 2025 has remained until the Commission is ordered otherwise.”
Experts speculate that the SEC possibly sets the ETF goods inspection plans on a break, while the aim is to set standards on various crypto -etfs.
The current BITW fund is 90% focused on Bitcoin (BTC) and Ethereum (ETH), where the remaining 10% is spread over eight digital assets with a large cap.
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Featured image: Shutterstock/Eduard Muzhevskyi
