The US SEC has temporarily suspended the approval of Bitwise's cryptocurrency index-linked ETF.

## The decision to approve or temporarily suspend

On the 22nd, the U.S. Securities and Exchange Commission (SEC) announced a temporary halt immediately after approving the conversion of Bitwise's cryptocurrency index fund (index-linked fund) to an ETF. This had been decided through an accelerated approval process by the trading market division, but it became subject to re-examination by the Commission.

The SEC's Division of Trading and Markets has revealed in documents that it granted accelerated approval for the "Bitwise 10 Crypto Index ETF."

However, SEC Deputy Director Shelly Haywood stated in a subsequent announcement that the approval decision made on July 22 will be suspended until the committee instructs otherwise.

The Bitwise 10 Crypto Index Fund invests in 10 types of cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, and Polkadot on a market capitalization-weighted basis. It is an ETF conversion application for an existing fund managed for qualified investors.

The SEC's temporary suspension measures indicate a similar movement to the review regarding the approval of the Grayscale Digital Large Cap Fund ETF conversion earlier this month. The Grayscale Fund is also a multi-cryptocurrency investment product composed of approximately 80% Bitcoin and 11% Ethereum, and it is currently under careful examination by the SEC committee.