SEC Hits Pause on Bitwise ETF Offering Broad Crypto Exposure
A key US regulator halted the approval process for a new cryptocurrency exchange-traded fund just hours after initially signing off, in a setback for digital-asset proponents hoping for easy-to-trade funds that expand access to more tokens.
On Tuesday, the Securities and Exchange Commission’s Division of Trading and Markets green-lit the Bitwise 10 Crypto Index Fund conversion to an ETF, according to a public filing. But later the same day, SEC Assistant Secretary Sherry Haywood issued an “indefinite stay,” which effectively suspended the launch of the fund seeking to offer regulated, one-click exposure to a diversified basket of cryptocurrencies.
