SEC Hits Pause on Bitwise ETF Conversion The U.S. Securities and Exchange Commission (SEC) has again put the brakes on the crypto market’s ETF hopes. This time by putting on hold a decisive decision on Bitwise’s planned transformation of its flagship index fund into an exchange-traded fund (ETF). This action

• SEC holds off on approval of Bitwise’s crypto index ETF, which has an impact on altcoins XRP, SOL, and ADA.
• Even with a pro-crypto administration, no spot altcoin ETFs have been approved.
• Analysts expect potential approvals by the end of 2025, but sentiment remains position.

SEC Hits Pause on Bitwise ETF Conversion

The U.S. Securities and Exchange Commission (SEC) has again put the brakes on the crypto market’s ETF hopes. This time by putting on hold a decisive decision on Bitwise’s planned transformation of its flagship index fund into an exchange-traded fund (ETF).

This action keeps altcoins such as XRP, Solana (SOL), and Cardano (ADA) in regulatory delay, in spite of mounting market expectation of approval.

Bitwise initially introduced its 10 Crypto Index Fund (BITW) in November 2017. Which is aimed at replicating the ten largest cryptocurrencies based on market capitalization. The fund now holds around $1.44 billion in assets.

Although Bitcoin (BTC) takes up 77% of the fund and Ethereum (ETH) comes in at about 12%, it also gives exposure to other major players such as XRP, SOL, and ADA.

While the SEC under its new leadership has indicated a more friendly approach to crypto, no spot ETF linked to single altcoins has seen approval. The regulator still holds up various applications including those of companies like Franklin Templeton, Canary Capital, 21Shares, and Bitwise itself to list spot ETFs for assets like XRP.

Market analysts and cryptocurrency enthusiasts had expected the current wave of crypto optimism. And changing regulatory mood to result in quicker approvals. However, the SEC continues to exercise caution. Analysts say that approvals for these altcoin-centered ETFs may now be postponed until the latter part of 2025.

Nonetheless, sentiment is bullish. Prediction platform Polymarket indicates a solid majority placing their bets on ETF approvals within the current year. With the crypto community taking a hopeful position.

For now, XRP, Solana, and Cardano investors wait anxiously to see what happens next as the SEC persists in deliberating on the altcoin ETFs’ future in the US.

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