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Uncertainty prevails as SEC withdraws approval for cryptocurrency ETF
In a shocking turn of events, the United States Securities and Exchange Commission (SEC) has withdrawn its approval for the Bitwise 10 Crypto Index Fund (BITW), just days after initially granting it. The unprecedented move has left the industry in disarray, with many experts questioning the motivations behind this decision.
The SEC’s initial approval was met with excitement by the cryptocurrency community, as it marked a significant step forward in the mainstream acceptance of digital currencies. However, the sudden withdrawal of approval has sparked widespread confusion and concern.
Industry insiders suggest that there may be an unknown dynamic at play here, as Caroline Crenshaw, a senior official at the SEC, has been vocal about her criticisms of cryptocurrencies. Some speculate that the agency is attempting to buy time to complete its planned review of general exchange rules by October 2025.
The Bitwise company currently manages approximately $5.79 billion in assets across 12 cryptocurrency ETFs, with the Bitcoin-focused ETF accounting for a staggering $4.79 billion and the Ethereum-based one managing $431 million.
Experts such as Scott Johnsson from Van Buren Capital and James Seyffart from Bloomberg Intelligence agree that there is some sort of unknown dynamic at play here. They believe that the SEC may have granted the approval quickly because it knew Caroline Crenshaw would intervene, given her strong stance against cryptocurrencies.
As a result, investors are left with more questions than answers, as the future of this ETF remains uncertain. The sudden withdrawal of approval has caused widespread disruption in the market, and many are calling for greater transparency from regulatory bodies like the SEC.
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Source: www.bitcoinbazis.hu
