The SEC announced a temporary delay in the approval of the Bitwise 10 Crypto Index Fund, possibly due to the fund's significant exposure to altcoins following its approval.

On July 23rd, as per an official announcement, the U.S. Securities and Exchange Commission (SEC) has given the green light for the conversion of the Bitwise 10 Crypto Index Fund into an ETF. This ETF encompasses assets such as BTC, ETH, XRP, SOL, ADA, SUI, LINK, AVAX, LTC, and DOT. Nevertheless, it was also mentioned that "the authorization action will be re-examined, and the approval order will be temporarily suspended pending further decision by the SEC." Previously, a similar product - the Grayscale Digital Large Cap Fund (GDLC), which tracks BTC, ETH, XRP, SOL, and ADA, had also received preliminary approval from the SEC. However, subsequently, the agency changed its stance and halted the launch of the fund. It is said that the SEC's hesitation might stem from the need to establish consistent standards for cryptocurrency ETFs, especially for tokens like XRP and ADA that do not yet have standalone ETFs.