SEC approves and halts Bitwise crypto ETF, XRP drops 8.9%
The U.S. Securities and Exchange Commission (SEC) has created a regulatory paradox by approving and then halting the launch of Bitwise’s 10 Crypto Index ETF, a multi-asset fund featuring XRP alongside Bitcoin, Ethereum, and other major digital currencies. The agency’s Division of Trading and Markets initially granted accelerated approval on July 22, 2025, under Rule 8.500-E, allowing NYSE Arca to list shares of the ETF. However, the same day, the SEC’s Office of the Secretary issued a stay under Rule 431, suspending the decision pending full Commission review [1]. This abrupt reversal has left market participants in uncertainty, with experts labeling the situation “bizarre” and questioning the agency’s inconsistent approach…
