The U.S. Securities and Exchange Commission (SEC) on Tuesday granted "accelerated approval" to the Bitwise Crypto Index Fund (BITW) conversion application, but then quickly called a halt and announced further review. According to SEC Assistant Secretary Sherry R. Haywood, the approval will be suspended until further notice from the Commission under Rule 431 of the Commission's Rules of Practice.
The Bitwise 10 Crypto Index Fund is primarily composed of cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, and Polkadot, and is allocated weighted by market capitalization.
The situation is similar to the SEC's handling of the Grayscale digital large-cap fund earlier this month, with approval before suspension. Analysts believe that the SEC may be waiting to develop a unified framework of standards for listing crypto ETFs to simplify the current 240-day approval process.
The SEC has suddenly suspended review after approving the conversion of the Bitwise crypto index fund
2025-07-23 00:16:36
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