SEC Approves Bitwise’s Crypto ETF Then Immediately Pauses It

The American Commission for Securities and the Exchange approved, then immediately interrupted the conversion of the Crypto Indication Fund in Bitwise into a negotiated grant fund, leaving it in the limbo pending an exam.

The DIA trade and market division has granted “accelerated approval” of the conversion of the crypto Bitwise 10 Tuesday in ETF on Tuesday, which means that the bit to request that the SEC declares the recording from the regular calendar.

However, in a letter the same day, the deputy secretary of the SEC, Sherry Haywood, said that “the order was suspended until the commission orders otherwise” and that the “commission will examine the delegated action”.

Bitwise Cryptocurrency Index Fund, the Bitwise 10 Crypto Index Fund, which is negotiated under the Bitww Bitw, currently consists of an exposure to various cryptocurrencies, including Bitcoin (BTC) and Ether (ETH). The company asked to convert it to an ETF in November.

The dry and Bitwise did not immediately respond to a request for comments.

The situation reflects the delay ETF on a gray scale

Bloomberg ETF analyst, James Seyffart, said in an X post on Tuesday that ETF Bitwise had been “or more commissioners. Which means that they cannot really convert it into ETF … yet ”.

“It was not due for a decision before next week. The dry is therefore early enough with this decision.”

The president of Novadius Wealth Management, Nate Geraci, described this as “weird situation”, and said that it was similar to the delay in digital conversion of Grayscale with large capitalization, which was approved on July 1, then stopped shortly after.

“OMI [in my opinion]These two should be allowed to convert / list as soon as possible, “said Balchunas.

“Funny Business” in progress at the dry, explains Exec

Scott Johnsson, general partner of the investment management company, Van Buren Capital, said on Tuesday in a post X that the FNB in Bitwise had been approved “under delegated authority” and expressed that it had been done because the dry thought that its only democratic commissioner, Caroline Crenshaw, would try to disturb the approval process.

Alternatively, Johnsson has hypothesized that the break could be a dry plan, now chaired by Paul Atkins, to bypass the legal period of 240 days for final approval.

“The two explanations are the kind of funny who should not really occur under Atkins.”

Bloomberg ETF analyst Eric Balchunas said he thought that the SEC could block until the agency offers a registration standard for Crypto ETF.

In relation: Dry recognizes the truth of Social Bitcoin and Etf Etf Etf

“I think they first want to turn off their generic registration standards, which is probably coming soon. Get comments. Time [for] October maturity dates. This is my theory anyway, “he said.