The US SEC has postponed issuance of a decision regarding NYSE Arca’s request for approval of Bitwise 10 Crypto Index Fund (BITW). Initially, the regulator was to issue a decision regarding the index fund on Jan. 17, 2025 but has opted to extend the period.
In the filing shared by the SEC on Jan. 14, 2024, the commission set the new deadline day to Mar. 3, 2025. SEC cited need to perform a more comprehensive review as the reason behind the extension of the decision-making period.
Bitwise 10 Crypto Index Fund
Bitwise 10 Crypto Index Fund is a fund designed to provide a secure and diversified exposure to Bitcoin (BTC) and other top cryptocurrencies. It comprises top cryptocurrencies by market cap including Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap.
The index fund is managed by Bitwise Asset Management and aims to screen and monitor for certain market risks. Additionally, the index fund is weighted by market capitalization and is rebalanced every month to display clear market dynamics thus helping to mitigate risks.
The data on Bitwise Asset Management indicates current weighting as follows: BTC: 72.7%, ETH: 14.7%, XRP: 5.8%, SOL: 3.4%, ADA: 1.4%, AVAX: 0.6%, LINK: 0.5%, DOT: 0.4%, BCH: 0.3%, and UNI: 0.3%.
NYSE Arca initially submitted the proposal to SEC to approve listing and trading of BITW shares on Nov. 14, 2024. SEC went ahead to publish the filing on the Federal Register on Dec. 3, 2024 for public comment. However, no comment has been offered despite the commission being required to handle such a filing within 45 days.
An End to SEC’s Conservative Approach to Crypto?
The US SEC led by Gary Gensler has adopted a conservative approach to cryptocurrencies. The commission has actually been on the radar for regulation by enforcement.
However, Gary Gensler is set to leave office on Jan 20 when Donald Trump takes up office. Paul Atkins will replace Gary Gensler as the chair of the commission, bringing an end to the conservative approach adopted during Gary’s tenure.
With change in SEC’s leadership now just a few days away, the crypto community remains hopeful of better regulations. Crypto analyst Marty Party for instance, believes that any pending approvals will be finalized soon after the inauguration of Donald Trump.
“As expected the Gensler #SEC delays approval of Bitwise 10 crypto index ETF containing $BTC, $ETH, $SOL, $XRP, $ADA, $AVAX, $LINK, $BCH, $DOT, $UNI.” Marty wrote on X. He further added, “expect all these to be approved shortly after Trump inauguration.”
The crypto community views the 3rd March deadline day as a pivotal moment for crypto ETFs. If the BITW request gets approved, it will mark a significant step in how SEC handles approval of crypto assets.
This news is republished from another source. You can check the original article here
