The U.S. Securities and Change Fee (SEC) is delaying its determination on asset administration agency Bitwise’s proposed crypto index exchange-traded fund (ETF) to March of this 12 months.
In a put up on the social media platform X, Bloomberg ETF analyst James Seyffart says the regulatory company is pushing again its determination on whether or not to let Bitwise convert its 10 Crypto Index Fund (BITW) into an ETF.
In keeping with Seyffart, the delay was anticipated and the ultimate deadline is now in July. Moreover, he notes that crypto agency Grayscale can also be looking for to transform its Digital Massive Cap (GDLC) into an ETF, including that he expects it to be delayed from its unique deadline of February 2nd.
To date, the SEC has solely accepted ETFs tied to the highest two digital property by market cap, Bitcoin (BTC) and Ethereum (ETH).
In a brand new memo, the SEC says it wants extra time to contemplate Bitwise’s proposed rule change.
“The Fee finds it acceptable to designate an extended interval inside which to take motion on the proposed rule change in order that it has enough time to contemplate the proposed rule change and the problems raised therein.
Accordingly, the Fee, pursuant to Part 19(b)(2) of the Act, 5 designates March 3, 2025, because the date by which the Fee shall both approve or disapprove, or institute proceedings to find out whether or not to disapprove, the proposed rule change.”
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