The US Securities and Exchange Commission (SEC) approved Bitwise’s conversion of its crypto index fund into an exchange-traded fund (ETF), but then quickly paused the execution of this approval, leaving the fund in a state of uncertainty pending further review. An accelerated approval was given for the Bitwise 10 Crypto Index, allowing Bitwise to request an earlier effective date for registration. However, SEC assistant secretary Sherry Haywood indicated that the order is stayed pending the Commission's review of the delegated action. This situation parallels a recent similar experience with another ETF approval and has prompted speculation among analysts. Some suggest that the SEC may be withholding final approval until it establishes better listing standards for crypto ETFs, while others theorize that internal political dynamics may be at play, including the potential disruption from a Democrat commissioner. Ultimately, the SEC has not yet provided clarity on the reasons for this decision, leaving market participants in anticipation of future developments.

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