SEC ETF delays on Bitwise and Grayscale multi-crypto index ETFs have sparked market confusion. Are agency's commissioners stalling?
SEC pause and delays on crypto index ETFs by Bitwise and Grayscale spark confusion. Policy watchers decried that the stalling shouldn’t happen under Atkins’ watch.
The Securities and Exchange Commission has hit headlines after it paused crypto index ETF products by Bitwise and Grayscale from trading despite approving them.Speaking on the same, Bloomberg ETF analyst, James Seyffart, speculated that the delay could be due to two reasons. First, a likely order from one or multiple commissioners and
“Bitwise has been stayed by either one or multiple commissioners. Meaning they cannot actually convert it into an ETF … *yet*” The second reason could be to bid time to finalize the framework for crypto ETF approval. In fact, the latter was widely floated when Grayscale’s multi-crypto index fund conversion was paused.“I have to wonder what is going on at the SEC…Both explanations are the kind of funny business that shouldn’t really be happening under Atkins.”Like Adam Gana, attorney at law firm Gana Weinstein LLP, Geraci echoed that the SEC’s approval-pause moves create ‘confusion and undermine market confidence.
That said, apart from crypto index ETFs, individual altcoin ETFs have also faced delays. Notably, the decision on the Fidelity spot SOL ETF application was pushed.that the agency’s standard crypto ETF approval framework could be active by fall. But Johnsson and another Bloomberg ETF analyst, Eric Balchunas,to explore other faster options to seek approval for its crypto index ETFs. It remains to be seen whether all the altcoin and index ETFs will be greenlighted by October.
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