The U.S. Securities and Exchange Commission (SEC) is delaying its decision on asset management firm Bitwise’s proposed crypto index exchange-traded fund (ETF) to March of this year.
In a post on the social media platform X, Bloomberg ETF analyst James Seyffart says the regulatory agency is pushing back its decision on whether to let Bitwise convert its 10 Crypto Index Fund (BITW) into an ETF.
According to Seyffart, the delay was expected and the final deadline is now in July. Furthermore, he notes that crypto firm Grayscale is also seeking to convert its Digital Large Cap (GDLC) into an ETF, adding that he expects it to be delayed from its original deadline of February 2nd.
So far, the SEC has only approved ETFs tied to the top two digital assets by market cap, Bitcoin (BTC) and Ethereum (ETH).
In a new memo, the SEC says it needs more time to consider Bitwise’s proposed rule change.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, 5 designates March 3, 2025, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
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