The US Securities and Exchange Commission ( SEC ) has extended its review of the Bitwise 10 Crypto Index ETF proposal to March 3, 2025. This delay allows the SEC more time to conduct a thorough evaluation. The fund aims to track the top cryptocurrencies by market capitalization, including Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Bitcoin Cash, Polkadot, and Uniswap. NYSE Arca initially submitted the proposal on November 14, 2024. It was published in the Federal Register on December 3, with no public comments submitted. By law, the SEC must act within 45 days, meaning the initial deadline was January 17, 2025. However, the decision has now been postponed. Approval of this ETF would mark a significant milestone in cryptocurrency regulation , signaling a pivotal moment for crypto investment vehicles. Bitwise has managed this fund since 2018, and the proposed ETF conversion has generated interest within the financial and crypto sectors. Analysts widely anticipated this delay, as the SEC often takes a cautious approach to such applications. Bloomberg ETF Analyst James Seyffart commented on Twitter, saying the postponement was expected. He also predicted similar delays for other proposals, including Grayscale's GDLC fund, whose decision deadline is February 2, 2025. In addition, crypto analyst Marty Party linked these delays to political factors, suggesting that approvals may come more swiftly after the next presidential inauguration. He pointed out that the Bitwise fund includes major cryptocurrencies like BTC , ETH, and SOL. Such funds could significantly impact the market if approved. Separately, Bitwise filed a new application with the SEC in December for the "Bitcoin Standard Corporations ETF." This fund would focus on companies holding large Bitcoin reserves. The SEC’s methodical approach to these proposals highlights its effort to balance innovation with investor protection. While delays were expected, the potential approval of these ETFs would represent a breakthrough for crypto investment products , enabling more widespread participation in digital asset markets. Analysts and investors alike continue to monitor these developments closely.
