PANews reported on July 23 that according to The Block, the Trading and Markets Division of the U.S. SEC initially approved the "accelerated conversion" application for the Bitwise 10 Crypto Index ETF on Tuesday, but it was subsequently halted by SEC Assistant Secretary Sherry R. Haywood and announced to be under review. The Bitwise fund currently contains a market cap-weighted portfolio of mainstream cryptocurrencies including BTC, ETH, and XRP.
This suspension is similar to the SEC's handling of the conversion ETF application for Grayscale Digital Large Cap Fund LLC earlier this month. The SEC is currently considering establishing unified listing standards for cryptocurrency ETFs to streamline the approval process. Analysts believe the suspension may be due to internal regulatory disagreements or waiting for a new framework to be introduced.
