XRP News Today: SEC Extends Bitwise 10 Crypto Index Fund ETF Review to July 31

Coin WorldWednesday, May 28, 2025 10:40 pm ET
1min read

The U.S. Securities and Exchange Commission (SEC) has announced an extension of its review period for the Bitwise 10 Crypto Index Fund ETF, which includes major cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, and Cardano. The decision, initially anticipated by June 1, has been deferred to July 31. This delay follows the initial filing by NYSE Arca in November 2024 and the subsequent public comment period in December of the same year. The SEC first postponed the decision on January 14 and initiated proceedings on March 3 to evaluate the proposal.

The Bitwise 10 Crypto Index Fund, launched in November 2017, aims to provide investors with diversified exposure to the ten largest and most highly valued cryptocurrencies. The fund tracks the Bitwise 10 Large Cap Crypto Index, which selects these top ten assets based on criteria such as market capitalization, trade volume minimums, concentration limits, and regulatory compliance. As of May 27, 2025, the fund, valued at $1.4 billion, held ten major cryptocurrencies, with Bitcoin leading at nearly 78%, followed by Ethereum and XRP. Other assets included in the fund are Solana, Cardano, Sui, Chainlink, Avalanche, Litecoin, and Polkadot.

The SEC's decision to delay the approval of the Bitwise 10 Crypto Index Fund ETF is part of a broader pattern of delays in reviewing crypto ETF proposals. On the same day, the SEC also postponed decisions on two other crypto ETF proposals: Grayscale’s spot Cardano ETF and spot Avalanche ETF. These filings are part of Grayscale’s broader effort to expand its product offerings beyond Bitcoin and Ethereum. The SEC's approach to delaying decisions on crypto ETFs is consistent with its standard review process for innovative financial products, reflecting the agency's cautious stance on new and complex financial instruments.

The delay in the Bitwise 10 Crypto Index Fund ETF decision underscores the regulatory challenges faced by the cryptocurrency industry. The SEC's extended review period allows for a more thorough evaluation of the proposal, ensuring that it meets the necessary regulatory standards. This delay is not unexpected, given the SEC's history of cautious and deliberate reviews of new financial products, particularly those involving digital assets. The agency's approach aims to protect investors while fostering innovation in the financial markets.