SEC Halts Bitwise Crypto ETF Hours After Approval, XRP Drops 6%
The U.S. Securities and Exchange Commission (SEC) has triggered controversy after temporarily halting the approval of Bitwise’s proposed crypto exchange-traded fund (ETF), which includes exposure to Bitcoin, Ethereum, and XRP. The agency initially granted staff-level clearance to the ETF on July 2, only to revoke the decision hours later under Rule 431(e), a provision allowing for further review of filings. This abrupt reversal has raised questions about regulatory consistency and fueled criticism from industry experts, who describe the situation as “bizarre” and a sign of the SEC’s growing unpredictability in handling crypto fund applications [1][2].
The halted ETF would have allocated a portion of its portfolio to XRP, a…
