Quick overview

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The US SEC said it will take an extra sixty days to decide whether to accept NYSE Arca’s proposed rule change to list the Bitwise 10 Crypto Index Fund, which includes significant cryptocurrency assets like Ethereum, Cardano, Solana, Bitcoin, and XRP.

The decision, which was originally set for June 1, has been moved to July 31. NYSE Arca submitted the proposed rule change in November 2024, and last December, it was published for public comment in the Federal Register.

The SEC postponed its decision on the ETF application on January 14,

The process to approve or reject the proposal began on March 3, Investors can gain diversified exposure to the top ten most valuable cryptocurrency assets with the Bitwise 10 Crypto Index Fund (BITW), introduced in November 2017. Grayscale’s spot Cardano ETF and spot Avalanche ETF are two more crypto ETF proposals that the SEC postponed making decisions on Wednesday. With these filings, Grayscale is attempting to broaden its product line beyond Bitcoin and Ethereum.

Unsurprisingly, the agency is delaying its decision on crypto ETF filings. This delay pattern aligns with the SEC’s routine review procedure for cutting-edge financial products, such as cryptocurrency exchange-traded funds (ETFs).