- The SEC delayed its decision on the Bitwise 10 Crypto ETF, now expected by July 31.
- Grayscale faces similar delays for its Cardano and Avalanche ETFs.
SEC has once again extended its timeline to decide on a major cryptocurrency ETF proposal. This delay affects the Bitwise 10 Crypto Index Fund, a product designed to offer investors diversified exposure to leading digital assets such as XRP, Ethereum, Cardano, Solana, and Bitcoin.
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SEC Pushes Decision to July 31
Initially, the SEC was expected to make a final call by June 1, but the deadline has now been moved to July 31. The fund, submitted by NYSE Arca, seeks a rule change that would allow its public listing. This proposed rule was first submitted in November 2024 and made available for public comment in December.
The Bitwise 10 Crypto Index Fund (BITW), which has existed since 2017, aims to track the performance of the top ten cryptocurrencies by market capitalization. The fund’s composition includes high-profile assets such as XRP, Ethereum, and Cardano—making it a potential gateway for traditional investors to enter the crypto market through regulated financial products.
A Pattern of Postponements
This isn’t an isolated delay. The SEC also announced a hold on decisions regarding Grayscale’s spot ETFs for Cardano and Avalanche. These proposals are part of Grayscale’s ongoing effort to expand its ETF lineup beyond its core Bitcoin and Ethereum products.
Such delays have become a common tactic by the SEC, which often takes the full 240-day review period allowed under federal rules. This extended timeline is part of the agency’s routine approach to assessing innovative and complex financial instruments like cryptocurrency ETFs.
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What This Means for Crypto Investors
While the delay might frustrate investors looking for quicker access to diversified crypto investment tools, it reflects the cautious stance regulators continue to take. The inclusion of assets like XRP, which has been involved in regulatory disputes, further adds to the complexity of the approval process.
Still, the proposed ETF represents a significant step in bringing digital assets into the traditional financial ecosystem. Should the SEC eventually approve it, the fund could enhance legitimacy and accessibility for top-tier cryptocurrencies.
For now, all eyes are on the new July 31 deadline as investors await a potentially pivotal regulatory decision that could shape the future of crypto investing in the U.S.
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