The SEC approved, then paused, Bitwise’s plan to convert its Bitwise 10 Crypto Index Fund into a spot ETF, causing uncertainty around crypto ETF standards. The fund holds 90% in BTC and ETH, manages $1.68B in assets, and rebalances monthly. Bitwise launched the fund in 2017 with a 2.5% expense ratio.

Grayscale’s Digital Large Cap Fund, which tracks BTC, ETH, XRP, SOL, and ADA, also received SEC approval before the agency reversed course, pausing the fund’s launch. The SEC’s hesitation likely stems from the need to establish consistent standards for crypto ETFs, especially for tokens like XRP and ADA.

The SEC’s ETF docket has been busy, with filings from Franklin Templeton, Fidelity, Invesco Galaxy, and others seeking to amend redemption mechanics for their Bitcoin and/or Ethereum ETFs. The SEC also reviewed the Canary Capital SUI ETF and extended the deadline on 21Shares’ SUI ETF application. 21Shares separately filed a proposal for an ETF tracking ONDO, the token for Ondo Finance’s real-world asset platform.

Read more at Yahoo Finance: SEC Approves, Immediately Pauses Bitwise’s Bid to Convert BITW Crypto Index Fund to ETF