The U.S. Securities and Exchange Commission (SEC) has approved the conversion of Bitwise’s cryptocurrency index fund.
However, the agency later issued a stay order halting the launch pending further internal review.
Regulator Issues Second Reversal This Month
A July 22 filing shows that the SEC had granted an “accelerated approval” for Bitwise’s proposal to convert its Bitwise 10 Crypto Index Fund (BITW) into a spot exchange-traded fund (ETF). In what Bloomberg ETF analyst Nate Geraci referred to as a “bizarre situation,” the regulator then later put the action on hold.
“This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action,” read the document.
Notably, it marks the second time this month that the financial watchdog has intervened to block such a request. The SEC also stopped the launch of Grayscale’s mixed crypto ETF. That product had received initial approval
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