The U.S. Securities and Exchange Commission (SEC) has pushed its decision on the Bitwise 10 Crypto Index ETF to March 3, 2025. This delay, coming just days before Chairman Gary Gensler exits stage left, feels like a last-minute cliffhanger in a Netflix series. Adding to the intrigue, the SEC has decided to keep fighting its legal battle with Ripple, despite leadership changes that might soon flip the script entirely.
A Last-Minute Twist Before Gensler Packs Up
This delay arrives just as SEC Chairman Gary Gensler is getting ready to leave the agency. One might picture him packing up his desk—family photos, half-empty coffee mug, and a “World’s Best Regulator” plaque—while still finding time to file an appeal in the Ripple vs. SEC lawsuit. Call it a parting shot or just another day at the office.
But here’s the kicker: Gensler’s exit could mean the new chair, crypto-friendly Paul Atkins, decides to slam the brakes on the lawsuit entirely.
Why the SEC Says It Needs More Time
The SEC cited the need for additional time to assess the implications of listing and trading shares of the Bitwise 10 Crypto Index Fund on NYSE Arca. The proposal, submitted in Nov. 2024 and open for public comment since Dec. 3, received no responses. The Commission, required to act within 45 days of publication, opted to extend the review window under Section 19(b)(2) of the Securities Exchange Act.
The SEC Extends Review Period for Bitwise ETF Proposal. Source: Sec.govMatt Hougan, Bitwise’s Chief Investment Officer, described the fund as a tool to provide diversified exposure to the cryptocurrency market. Comprising assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP, the index fund has been operational since 2018 and is valued at $1.4 billion.
Analyst Expectations and Broader Implications
The delay aligns with market analysts’ predictions. Bloomberg ETF Analyst James Seyffart commented on Twitter, stating, “As expected, the SEC has delayed the decision on BitwiseInvest’s ETF filing. Final deadline is in late July.” Seyffart also forecasted similar delays for other proposals, including Grayscale’s GDLC fund.
SEC Delays Bitwise ETF Decision, Final Deadline in July. Source: James SeyffartCrypto analyst Marty Party linked the delays to outgoing SEC Chairman Gary Gensler. He expressed optimism about a potential shift in regulatory stance under President-elect Donald Trump.
What’s Next for Crypto ETFs?
The SEC’s decision on the Bitwise 10 Crypto Index ETF, scheduled for March 3, 2025, could influence other pending applications like Solana and XRP ETFs.
Additionally, Bitwise has proposed a Bitcoin Standard Corporations ETF, targeting companies holding significant Bitcoin reserves.
If approved, the Bitwise ETF would offer exposure to major cryptocurrencies and could impact the approval process for similar funds.
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