The Securities and Exchange Commission is delaying a decision on Bitwise’s proposed cryptocurrency index ETF until March
The US Securities and Exchange Commission (SEC) is postponing its decision on a cryptocurrency index-traded fund (ETF) proposed by asset management firm Bitwise, until March this year.
In a post on social media platform X, Bloomberg ETF analyst James Seyphart He says The regulator is backing down on its decision on whether to allow Bitwise to convert its No. 10 cryptocurrency index fund (BITW) into an ETF.
According to Seyphart, the delay was expected and the final deadline is now in July. Moreover, it is Notes Cryptocurrency firm Grayscale is also seeking to convert its GDLC into an ETF, adding that it expects this to be delayed from the original deadline of February 2.
So far, the SEC has only approved ETFs tied to the two largest digital assets by market cap, Bitcoin (BTC) and Ethereum (ETH).
In a new memorandum, the SEC He says It needs more time to consider Bitwise’s proposed rule change.
“The Commission believes it is appropriate to establish a longer period for action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.
Accordingly, the Committee, under section 19(b)(2) of the Act, designates March 3, 2025, as the date on which the Committee must either approve or disapprove, or take action to determine whether or not to reject the proposal. . Change the rule.”
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