The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the approval of the Bitwise 10 Crypto Index Fund, a fund that includes XRP and Cardano among its components. This decision has been postponed to March 3, 2025, marking a significant delay just days before Chairman Gary Gensler leaves his position. While this delay is not a denial, it reflects the SEC’s need for additional time to thoroughly consider the application.
The Bitwise 10 Crypto Index Fund aims to provide exposure to the top 10 cryptocurrencies by market capitalization, which includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI). The asset manager initially filed for the fund in late November 2024, after successfully launching Bitcoin and Ethereum ETFs in the U.S.
Industry expectations for the approval of this and other crypto ETFs remain high, especially with the anticipated change in SEC leadership. President-elect Donald Trump’s nomination of Paul Atkins, a candidate with strong support in the crypto industry, to replace Gensler has given industry proponents renewed optimism. Many believe that under Atkins’ leadership, more crypto ETFs could be approved, making the sector more accessible to investors.
Other crypto ETFs, including those focused on Solana, XRP, Litecoin, and Hedera, are also awaiting SEC feedback, with industry observers hoping for positive developments in the coming months.
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