The U.S. Securities and Exchange Commission issued—and then suspended—approval for Bitwise’s proposed ETF conversion, reflecting regulatory caution over crypto-based funds.
On Tuesday, the SEC’s Division of Trading and Markets provided accelerated approval for the Bitwise 10 Crypto Index Fund to transition into an ETF. However, assistant secretary Sherry Haywood later issued an order staying the decision, pending Commission review.
Bitwise’s BITW fund, which holds Bitcoin, Ether, and other cryptocurrencies, applied for ETF conversion in November. According to Bloomberg’s James Seyffart, the stay indicates that at least one SEC commissioner has intervened, delaying final approval.
