KEY POINTS
- Bitwise has also filed for other crypto ETFs, including a proposal for a Dogecoin ETF
- The development triggered comparisons between the SEC under Gensler and the SEC under an Acting Chair
- Gensler waited for his last year in power to approve spot Bitcoin ETFs early in 2024
The U.S. Securities and Exchange Commission (SEC) has approved NYSE Arca’s filing to list and trade shares of Bitwise’s combined Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF) on an “accelerated basis,” marking a major milestone in the journey of cryptocurrency ETFs.
The Wall Street regulator, under Acting Chair and Commissioner Mark Uyeda, said Thursday that it found NYSE’s proposal to trade the combined BTC and ETH ETF was “consistent with Section 6(b)(5) of the Exchange Act.”
Bitwise’s Expansion of its Crypto ETF Offerings
Ahead of the latest development around Bitwise’s combined Bitcoin and Ethereum ETF, the asset manager has been submitting S-1 filings with the SEC for other cryptocurrency ETFs.
Its latest proposal was for a Dogecoin (DOGE) ETF, which provides exposure to the world’s largest meme coin by market cap.
In November, the asset management firm also filed with the State of Delaware for a Solana (SOL) ETF, taking the first step toward officially applying with the SEC for the new product.
In October, Bitwise also became one of the first movers to file an entity with Delaware for an XRP ETF, making a move to potentially bring to reality Ripple CEO Brad Garlinghouse’s previous prediction that XRP ETFs and other crypto ETFs have become “inevitable” since Ethereum ETFs were approved last year.
New SEC Leadership Faster Than Predecessor?
News of the expedited approval for Bitwise’s Bitcoin and Ethereum ETF fueled comparisons about the current SEC leadership and its predecessor.
Bloomberg senior ETF analyst Eric Balchunas noted how the SEC approved NYSE’s filings in just 45 days without waiting for the usual 240-day wait to make a decision on such filings.
News but expected. Even Gensler’s SEC would approve these. That said, they approved in 45 days vs waiting 240 days. I really want to interpret this as a sign the new SEC will be faster but no way to know really. Litecoin on deck, know more soon https://t.co/xqlXusHuyN
— Eric Balchunas (@EricBalchunas) January 31, 2025
“I really want to interpret this as a sign that new SEC will be faster but no way to know really,” he said.
Prominent crypto influencer Kale Abrahamson, who goes by Kale Abe on X, said he believes the SEC under a new leader “will go faster,” unlike former Chair Gary Gensler, who supposedly “just waited till the last second” to approve crypto ETFs.
Notably, the Gensler SEC did approve the first U.S. spot Bitcoin and Ethereum ETFs last year. However, it took 10 years before the approvals were made amid back-and-forth discussions with applying issuers and the previous leaders of the financial regulator.
Also, Gensler is often called a nemesis of the crypto space, with many crypto and blockchain leaders calling him out for his alleged regulatory overreach and enforcement-first approach that involved dragging lawsuits and sudden Wells notices.
It remains to be seen whether the SEC, which is waiting for Donald Trump-nominated Paul Atkins to take over the chairmanship after Congress confirmation, will continue to move faster in approving crypto ETFs this year.
For now, crypto users are recognizing the changes that the SEC is going through following the departure of its former leader.
