The U.S. Securities and Exchange Commission (SEC) recently gave the green light to the conversion of the Bitwise cryptocurrency index fund before abruptly putting the process on hold. The SEC’s Division of Trading and Markets initially granted a swift approval for the Bitwise 10 Crypto Index ETF on Tuesday, as per a recent filing.
However, the Assistant Secretary of SEC, Sherry R. Haywood, soon intervened and decided that the commission would review the approval. “The Commission will review the delegated action,” Haywood stated on Tuesday. She also clarified that “the July 22, 2025 order is stayed until the Commission orders otherwise.”
There was no immediate response from Bitwise regarding this decision. An SEC representative declined to comment on any specific company or filing.
The Bitwise 10 Crypto Index Fund, trading under the ticker “BITW,” currently includes BTC, ETH, XRP, SOL, Polkadot, and others, based on a market cap-weighted methodology, as mentioned on their website.
This move by the SEC mirrors a similar decision made for the Grayscale Digital Large Cap Fund LLC earlier this month. Grayscale’s proposal to convert another one of its closed-end funds into an ETF was approved on an “accelerated basis,” but was later put on hold.
Despite these setbacks, Grayscale has stated that it “remains committed” to continue its efforts to list. This comes as the SEC is also evaluating a wide range of crypto ETFs, tracking everything from SOL to DOGE, amidst an increasingly accommodating regulatory environment for crypto since President Donald Trump’s inauguration in January.
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