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Highlights
- US SEC has delayed its decision for Bitwise 10 crypto index ETF
- The next decision date is slated for March 3, 2025
- Expectations for approval of this fund and other crypto ETF products remain high
The US Securities and Exchange Commission (SEC) has delayed its decision on whether or not it will approve the Bitwise 10 Crypto Index Fund. This decision comes just 6 days before Gary Gensler, the commission’s chairman, leaves the agency. Per the filing from the commission, this delay is not a denial as it requires more time to consider the application.
The US SEC Notification
According to the notice shared by the market regulator, it chose to delay the approval or denial of this filing considering the key factors it has to consider. From the time the asset manager filed the Bitwise 10 Crypto Index Fund, the US SEC had an obligation by law to give its consideration within 45 days.
The markets regulator filed the decision to delay this proposed rule change three days before the January 17 deadline. Following this delay, the US SEC said it has now fixed March 3, 2025, as the next tentative date to give its decision on the filing.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC statement reads, adding that it is designating “March 3, 2025, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
Bitwise 10 Crypto Index ETF Approval is Possible
It is worth noting that the asset manager applied to list the Bitwise 10 Crypto Index Fund in late November. After successfully operating a spot Bitcoin and Ethereum ETFs in the US, the asset manager chose to expand its supported crypto assets.
Bitwise designed the 10 crypto index ETF to provide exposure to the biggest digital currencies by market capitalization. These assets include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI).
While uncertainty clouded approval prospects under outgoing Chairman Gary Gensler, there is reason to remain optimistic now. President-elect Donald Trump nominated Paul Atkins, a crypto-industry-backed candidate, to replace Gensler.
With Atkins calling the shots, many industry proponents believe other crypto ETF products are possible.
Other Crypto ETFs To Watch
Besides the Bitwise 10 Crypto Index ETF, other crypto ETF products like Solana and XRP ETF are also awaiting feedback from the US SEC. Judging by the emergence of Donald Trump, industry optimists believe other crypto ETF products might also be filed soon.
In addition to the Solana and XRP funds, asset manager Canary Capital has also pushed for Litecoin and Hedera ETFs.
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