SEC approved the Crypto ETF of Bitwaiz, then stopped it immediately

The US Securities and Exchange Commission approved and then immediately converted the conversion of the Crypto Index Fund of the bitwaise into an exchange-trended fund, pending it a review.

SEC Division of Trading and Markets granted On Tuesday, a “quick approval” of bitwaiz 10 crypto index conversion in an ETF, which means that the bitwaiz may request that the SEC declares an already effective registration compared to the regular timeline.

However, in a letter on the same day, SEC Assistant Secretary Sheri Hewood Said “The order is stalled until the commission otherwise orders,” and “commission representative will review the action.”

Bitwaiz Cryptocurrency Index Fund, Bitwaiz 10 Crypto Index Fund, which trades under Tikar Bitav, currently exposure to various cryptocurrency including Bitcoin (BTC) and Ether (ETH). The firm applied to convert it to ETF in November.

SEC and Bitwaiz did not immediately respond to the remarks request.

Status Darpan Greascale ETF Delay

Bloomberg ETF Analyst James Safart Said On Tuesday, in an X post that bitwaiz ETF “is halted by either one or several commissioners. Which means they cannot actually convert it into ETFs … Still.”

“This was not due to a decision until next week. So SEC went very quickly with this decision.”

Novadius Wealth Management President Nate Garaxi called it a “bizarre position”, and Said This Grancale Digital Large Cap ETF is similar to the delay, which was approved on 1 July and then stopped soon.

“IMO (in my opinion), both of these should be allowed to convert/upist ASAP,” Balchunas said.

“Funny Business” is running in SEC, says execution

Scott Johnson, General Partner at Investment Management Firm Van Bureauran Capital, Said In an X post on Tuesday that the bitwaiz ETF was “approved” under the Representative Authority and was estimated that the SEC believed that its only Democrat Commissioner, Caroline Creshow, would try to disrupt the approval process.

Alternatively, Johnson estimated that there may be a plan by The Pose SEC, now headed by Paul Atkins, to receive the 240-day statutory period for final approval.

“Both explanation is a fun business that should not actually be under Atkins.”

Bloomberg ETF Analyst Eric Balchunas Said He thinks that SEC may be stalling until the agency Crypto comes with a listing standard for ETFs.

Connected: SEC accepts Trump’s true social bitcoin and atherium ETF

He said, “I think they want to exclude their generic listing standards first, which is probably coming soon. Get comments. Apply time (for) October. This is my principle anyway,” he said.