SEC approves, then instantly pauses Bitwise’s ETF conversion
Analysts speculate the Securities and Exchange Commission could be stalling until it creates listing standards for crypto ETFs, or is trying to stop its sole Democrat commissioner from disrupting the approval process.
The US Securities and Exchange Commission approved and then immediately paused the conversion of Bitwise’s crypto index fund into an exchange-traded fund, leaving it in limbo pending a review.
The SEC’s division of trading and markets granted an “accelerated approval” of the Bitwise 10 Crypto Index conversion into an ETF on Tuesday, which means Bitwise could request that the SEC declare the registration effective earlier than the regular timeline.
However, in a letter the same day, SEC assistant secretary Sherry Haywood said the “order is stayed until the Commission orders otherwise,” and the “Commission will review the delegated action.”