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The SEC announced a temporary delay in the approval of the Bitwise 10 Crypto Index Fund, possibly due to the fund's significant exposure to altcoins following its approval.
BlockBeats News, July 23rd, according to an official announcement, the U.S. Securities and Exchange Commission (SEC) has approved the Bitwise 10 Crypto Index Fund's conversion to an ETF, covering assets including BTC, ETH, XRP, SOL, ADA, SUI, LINK, AVAX, LTC, DOT. However, it also stated: "The authorization action will be re-examined, and the approval order will be temporarily suspended pending further decision by the SEC."
Previously, a similar product — the Grayscale Digital Large Cap Fund (GDLC), tracking BTC, ETH, XRP, SOL, and ADA, also received preliminary approval from the SEC, but later the agency changed course and halted the launch of the fund. Sources say the SEC's hesitation may stem from the need to establish consistent standards for cryptocurrency ETFs, especially for tokens like XRP and ADA that do not yet have standalone ETFs.
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