The US Securities and Exchange Commission (SEC) is postponing its decision on asset management company Bitwise’s proposed crypto index exchange-traded fund (ETF) until March this year.
In a post on social media platform X, Bloomberg ETF analyst James Seyffart said say the regulator is backtracking on its decision to let Bitwise convert its 10 Crypto Index Fund (BITW) into an ETF.
According to Seyffart, the delay was expected and the final deadline is now in July. Further he notes that crypto firm Grayscale is also trying to convert its Digital Large Cap (GDLC) into an ETF, adding that it expects the original February 2 deadline to be postponed.
So far, the SEC has only approved ETFs tied to the two largest digital assets by market cap: Bitcoin (BTC) and Ethereum (ETH).
In a new memo, the SEC say it needs more time to consider Bitwise’s proposed rule change.
“The Commission deems it appropriate to establish an extended period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.
Accordingly, pursuant to section 19(b)(2) of the Act, the Commission designates March 3, 2025 as the date on which the Commission will either approve or disapprove the proposed proposal or initiate a proceeding to determine whether will reject the proposal. rule change.”
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Generated image: Midjourney