The U.S. Securities and Exchange Commission (SEC) has granted approval for Bitwise’s combined Bitcoin and Ethereum exchange-traded fund (ETF) on an accelerated basis.
The U.S. Securities and Exchange Commission (SEC) has granted approval for Bitwise’s combined Bitcoin and Ethereum exchange-traded fund (ETF) on an accelerated basis.
This decision allows the NYSE Arca to list and trade shares of the new fund, which will hold both spot Bitcoin and Ether, as well as cash reserves.
The SEC's approval, announced on Thursday, is notable as it aligns with Section 6(b)(5) of the Exchange Act. This section mandates that exchange rules be designed to prevent fraudulent and manipulative practices while safeguarding investors and the public interest.
Bitwise's ETF marks a significant development in the evolving landscape of crypto investment products amid changing regulatory attitudes. The approval comes as multiple firms, including VanEck and ProShares, are seeking to introduce various crypto products. These filings include proposals to trade other crypto such as Litecoin, XRP, and Solana, reflecting a broader push for regulatory acceptance in the sector.
The recent regulations mark a shift from the previous SEC leadership, particularly under former Chair Gary Gensler, who exhibited caution regarding Bitcoin ETF approvals. A court order has since prompted a reevaluation of these policies.
In addition to Bitwise’s ETF, the SEC has previously approved filings from Nasdaq and the Cboe BZX Exchange in December 2024, allowing the listing and trading of crypto index ETFs from Hashdex and Franklin Templeton.
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