TechFlow, July 23 — According to The Block, the U.S. Securities and Exchange Commission (SEC) on Tuesday granted "accelerated approval" for Bitwise's application to convert its crypto index fund (BITW), but quickly halted the decision and announced it would conduct further review. Sherry R. Haywood, Assistant Secretary of the SEC, stated that under Rule 431 of the Commission's Rules of Practice, the approval will be suspended until further notice from the Commission.
The Bitwise 10 Crypto Index Fund is primarily composed of cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, and Polkadot, weighted by market capitalization.
This situation mirrors the SEC's earlier handling of Grayscale's Digital Large Cap Fund this month, which was first approved then paused. Analysts suggest the SEC may be awaiting a unified framework for listing crypto ETFs to streamline the current 240-day approval process.
