Key dealers
Sec -break and delays on the Crypto Index ETFs with some and grayscale spark confusion. Policy Watkers decided that the stall would not happen under Atkin’s watch.
Securities and Exchange Commission (SEC) has hit headlines after the paused Crypto Index ETF products of Bitwise and grayscale from the trade despite approving them.
July 22 Green damaged The transformation of Bitwise’s Multi-Crypto Fund, Bitwise 10 Crypto Index Fund (BITW), to an ETF (exchange-traded fund).
ETF would offer an exposure to a basket with crypto assets, including Bitcoin (BTC)The Ethereum (ETH)The Ripple (xrp)and Solana (sun)among others.
Second noted that the approval was on an “accelerated basis” but a residence order followed immediately and prevented it from living the trade.
Decoding of SEC’s mixed signals
The agency’s stay order were similar to the one who prevented Greyscale Digital Large Cap Fund from shopping for approval Earlier in the month.
James Seyffart talked about the same thing, James Seyffart, speculated that the delay could be due to two reasons. First a likely order from one or more commissioners and AddedThe
“Bitwise has remained by one or more commissioners. Meaning that they can’t actually convert it to an ETF … *yet *”
The second reason may be to invite time to complete the Crypto ETF approval framework. In fact, the latter flowed in general when Grayscale’s Multi-Crypto index fund hike was paused.
Other policyholders such as Scott Johnsson also subscribed to this argument. But Johnsson inaccurate The agency and added that the breaks were “fun” and should not happen under the Pro-Crypto chairman Paul Atkins.
“I have to wonder what is happening at Sec … both explanations are the kind of fun business that should not really happen during Atkins.”
Source: Scott Johnsson/X.
But Nate Geraci from the ETF Institute speculated that the stall could come from some of the commissioners at the agency.
Like Adam Gana, a lawyer at the law firm Gana Weinstein LLP, Geraci echoed that SEC’s approval break moves “confusion and undermines marketing.”
That said, in addition to the Crypto Index ETFs, individual altcoin ETFs have also faced delays. In particular, the decision on the Fidelity Spot Sol ETF application was run.
Yet, Geraci projected The fact that the agency’s standard crypto ETF approval frame can be active in the fall. But Johnsson and another Bloomberg ETF analyst, Eric Balchunas, abandoned that the delays could not go further than October.
Sec Holla has led to 21 Shares To explore other faster options for seeking approval for their Crypto Index ETFs. It remains to be seen if all the Altcoin and Index -etfs will be green in October.
