SEC Grants, Subsequently Halts, Bitwise ETF Proposal Encompassing Extensive Crypto Asset Range
In a recent development, the U.S. Securities and Exchange Commission (SEC) has put a temporary hold on the approval of Bitwise's plan to convert its Bitwise 10 Crypto Index Fund (BITW) into a spot exchange-traded fund (ETF). This decision comes after the SEC granted an "accelerated" approval for the proposal just two days prior [1].
The pause is a result of the SEC's growing caution and its desire to establish consistent regulatory standards for crypto ETFs, particularly those that hold altcoins like XRP, Solana, and Cardano, which are subject to legal uncertainties and volatility [3][4][5]. The SEC used Rule 431 to stay the order and review the delegated action, mirroring a similar halt it placed on Grayscale's ETF conversion, which also includes XRP and SOL [1].
The concerns primarily revolve around the legal and regulatory scrutiny surrounding tokens like XRP, which are not yet fully cleared for standalone ETFs. The Commission is also working on developing a comprehensive framework for altcoin ETFs [1].
Meanwhile, the crypto market continues to see significant activity elsewhere. G Coin has surpassed 1M daily on-chain transactions, marking a significant milestone [2]. Crypto MEV Bot and Zircuit have launched crypto trading bots for individual and enterprise traders, offering advanced algorithms for optimising trades [6][7].
In the world of memecoins, Ethereum-based PEPETO has raised over $5.5 million in its presale [8]. The CMC Group has unveiled its dual token ecosystem, while MultiBank.io has partnered with Fireblocks and Mavryk to launch a $10 billion real estate tokenization platform [9].
Despite the bullish sentiment in the market, some analysts predict a Bitcoin reversal "just a matter of time" amid the current euphoria [10]. However, others remain optimistic, with a crypto analytics firm seeing further Bitcoin upside based on the current market structure [11].
As always, the crypto markets continue to evolve rapidly, with new announcements, press releases, and developments being made regularly. Stay tuned for more updates.
[1] - SEC Pauses Approval of Bitwise's Crypto ETF Conversion [2] - G Coin Hits 1M Daily On-Chain Transactions [3] - SEC's Growing Caution Around Crypto ETFs [4] - SEC's Focus on Legal Uncertainties and Volatility [5] - SEC's Effort to Develop a Comprehensive Framework for Altcoin ETFs [6] - Crypto MEV Bot Launches Trading Bot [7] - Zircuit Unveils AI Trading Engine [8] - PEPETO Raises $5.5M in Presale [9] - MultiBank.io Launches $10B Real Estate Tokenization Platform [10] - Analyst Predicts Bitcoin Reversal [11] - Crypto Analytics Firm Sees Further Bitcoin Upside
The SEC's temporary hold on Bitwise's Crypto Index Fund ETF conversion is linked to the regulatory body's growing caution and the desire to establish consistent standards for crypto ETFs, especially those that hold altcoins like XRP, Solana, and Cardano, due to their legal uncertainties and volatility. The SEC's concerns mainly revolve around the legal and regulatory scrutiny surrounding tokens like XRP, not yet fully cleared for standalone ETFs. Meanwhile, the crypto market continues to see significant activity elsewhere, with G Coin surpassing 1M daily on-chain transactions, while Crypto MEV Bot and Zircuit have launched crypto trading bots, offering advanced algorithms for optimizing trades, all part of the ongoing evolution in the crypto markets.
