SEC OKS BITWISE COMBINED BITCOIN, ETHEREUM ETF, make comparison with the Gensler regime
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SEC OKS BITWISE COMBINED BITCOIN, ETHEREUM ETF, make comparison with the Gensler regime

Key points

  • Bitwise has also applied for other crypto -etfs, including a proposal for a Dogecoin ETF
  • The development triggered comparisons between Sec under Gensler and Sec under an acting chair
  • Gensler waited for his last year in power to approve Tot Bitcoin ETFs early 2024

US Securities and Exchange Commission (SEC) has approved NYSE ARCA’s application for list and trade in Bitwises combined Bitcoin (BTC) and Ethereum (ETH) Exchanged Fund (ETF) on a “accelerated basis”, mark a large milestone in the trip for Cryptocurrency ETFS.

The Wall Street Agency, under Acting Chairman and Commissioner Mark Uyeda, mentioned Thursday that it found NYSE’s proposal to trade the combined BTC and ETH ETF was “in accordance with section 6 (b) (5) of the exchange law.”

Bitwise’s extension of their crypto ETF offers

Ahead of the latest developments around Bitwise’s combined Bitcoin and Ethereum ETF, the asset manager has submitted S-1 applications to Sec for other Cryptocurrency ETFs.

The latest proposal was for one Dogecoin (Dogge) ETFwhich provides exposure to the world’s largest Meme coin through market cases.

In November, the asset management company also handed to the state of Delaware for an Soana (sun) etfTakes the first step towards officially applying with Sec for the new product.

In October, Bitwise also became one of the first relocations that filed a device with Delaware for one XRP ETFWhich makes a transition to potentially bring to reality Ripple CEO Brad Garlinghouse earlier prediction that XRP ETFs and other crypto -etfs have become “inevitable” since Ethereum ETFs were approved last year.

New SEC leadership faster than predecessors?

News about the quick approval for Bitwise’s Bitcoin and Ethereum ETF favored comparisons on the current SEC leadership and its predecessors.

Bloomberg Senior ETF analyst Eric Balchunas noted how Sec approved NYSE’s applications in just 45 days without waiting for the usual 240-day wait to make a decision on such applications.

“I really want to interpret this as a sign that new Sec will be faster but no way to really know,” he said.

The prominent Krypto -influencer Kale Abrahamson, who goes past Kale Abe at X, said he believes that Sec under a new leader “will go faster”, unlike the former chairman Gary Gensler, who probably “only waited for the last second“To approve the crypto -etfs.

Noteworthy Gensler Sec approved the first US Tot Bitcoin and Ethereum ETFs last year. However, it took ten years before approvals were made in the middle of back and forth discussions by applying issuers and the former leaders of the finance regulator.

In addition, Gensler is often called a nemesis of the crypto gym, with many crypto and blockchain leaders who called him to his alleged regulatory and enforcement method that involved to draw moods and sudden wells.

It remains to be seen whether Sec, who is waiting for Donald Trump-nominated Paul Atkins to take over the presidency after the congress confirmation, will continue to go faster when it comes to approving the Krypto-ETF this year.

At the moment, crypto users recognize the changes that SEC is undergoing after its former leader’s departure.