SEC Approves Bitwise ETF, Then Immediately Reverses Decision Hours
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Anas Hassan
Crypto Journalist
Anas Hassan
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Anas is a crypto native journalist and SEO writer with over five years of writing experience covering blockchain, crypto, DeFi, and emerging tech.
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July 23, 2025
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The Securities and Exchange Commission (SEC) granted accelerated approval for Bitwise’s 10 Crypto Index ETF on July 22, only to reverse the decision hours later through a stay order.
The approved ETF would have tracked ten digital assets, including Bitcoin, Ethereum, XRP, Solana, Cardano, SUI, Avalanche, Litecoin, Polkadot, and others, with at least 85% of its allocation dedicated to previously approved components, such as Bitcoin and Ethereum.
A Pause or a No?.
NYSE Arca received permission to amend its rules for listing the multi-asset fund before the Commission intervened.
Assistant Secretary Sherry Haywood issued a stay notice under Rule 431, stating that the Commission would review the delegated action taken by the Division of Trading and Markets.
The reversal occurred despite the SEC finding the proposal consistent with Exchange Act requirements for preventing fraudulent practices and protecting investors.
The dramatic policy flip comes as 72 crypto-related ETF applications await regulatory approval from providers including Grayscale, CoinShares, Franklin Templeton, and VanEck.
Bloomberg Intelligence assigns 95% approval odds for Solana, XRP, and Litecoin ETFs this year, while existing Bitcoin and Ethereum ETFs continue...
https://cryptonews.com/news/sec-approves-bitwise-etf-then-immediately-reverses-decision-hours-later/
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