The U.S. Securities and Exchange Commission (SEC) has postponed its decision on asset management company Bitwise's proposed cryptocurrency index exchange-traded fund (ETF) until March of this year.
Bloomberg ETF analyst James Seifert said in a post on social media platform say Regulators are delaying a decision on whether to allow Bitwise to convert its 10 Crypto Index Fund (BITW) into an ETF.
Seifert said delays are expected and the final deadline is now July. Furthermore, he memo Cryptocurrency firm Grayscale also said it is exploring converting its Digital Large Cap (GDLC) into an ETF, adding that it expects it to be delayed from its original deadline of February 2nd.
So far, the SEC has only approved ETFs related to the top two digital assets by market capitalization, Bitcoin (BTC) and Ethereum (ETH).
In a new memo, the SEC say Bitwise needs more time to consider the proposed rule changes.
“The Commission considers it appropriate to set a long period for taking action on proposed rule changes to allow sufficient time to consider the proposed rule changes and the issues raised therein. I decided.
Accordingly, the Commission has set 2025 as the date under section 19(b)(2) of the Act for the Commission to commence proceedings to determine whether or not to approve or disapprove. Specify the 3rd day of the month. Rules changed. ”
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