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U.S. SEC Approves Bitwise’s Bitcoin-Ethereum ETF – What’s Next?
The United States Securities and Exchange Commission (SEC) has taken a crucial step by approving Bitwise’s combined Bitcoin and Ethereum ETF, paving the way for public trading of the product. This groundbreaking decision marks a significant milestone in the cryptocurrency space as regulators take steps towards greater mainstream acceptance.
The approval is contingent upon the successful filing of the S-1 form (registration statement), which would allow for public trading. The news comes as Bitwise’s accelerated approval coincides with that of other filings, including those by Hashdex and Franklin Templeton.
Industry experts have expressed varying views on the implications of this development. Bloomberg ETF analyst James Seyffart notes that the rapid approval of these filings could signal a change in the regulatory landscape, stating, “I really want to interpret this as a sign the new SEC will be faster but no way to know really.” Eric Balchunas, another Bloomberg ETF analyst, also weighed in on the matter, stating that Bitwise’s approval came at an unprecedented 45 days, a stark contrast to previous approvals which took around 240 days.
The approval is seen by some as a precursor to more extensive index-based and actively managed spot crypto ETFs. Nate Geraci, president of ETF Store, views this development as the first step towards achieving this goal.
It remains to be seen whether other previously delayed filings, including Grayscale Digital Large Cap and Bitwise 10 Crypto Index, will receive accelerated approval at their respective deadlines in early February and March.
Seyffart has indicated that recent S-1 movements suggest that the combined ETFs could begin trading soon, stating, “There was movement with Hashdex yesterday and today. There were updates filed with relation to their S-1 and 19b-4. This indicates to me that these products are likely to list in the very near future.”
As the cryptocurrency space continues to evolve, this development could have far-reaching implications for investors and the broader industry. As the market waits with bated breath for further updates on this matter, it remains essential to stay informed about any potential breakthroughs or setbacks as they arise.
The U.S. SEC has taken a significant step forward in approving Bitwise’s combined Bitcoin-Ethereum ETF, an action that could have far-reaching consequences for both investors and the industry at large.
Source: ambcrypto.com
