Bitwise’s application to transform its 10 Crypto Index Fund into an ETF was initially approved by the U.S. Securities and Exchange Commission’s (SEC) Division of Trading and Markets on July 22, 2025, through an accelerated process. However, the same day, Sherry R. Haywood, the Deputy Secretary of the SEC, announced a review of the decision under 17 CFR 201.431, effectively putting a hold on the approval. This reconsideration by the SEC has drawn comparisons to a similar suspension of approval for Grayscale’s fund. Bitwise’s BITW fund covers a range of cryptocurrencies, including Bitcoin 
$75,226, Ethereum 
$2,315, XRP, Solana 
$85, and Polkadot. Following these developments, neither Bitwise nor the SEC provided specific comments.
Fast-Track Approval Hits a Roadblock
In her letter, Haywood mentioned that the SEC intends to review the delegated authority action under Rule 431, keeping the July 22 order suspended until further notice. Consequently, the accelerated approval is practically ineffective. This decision coincides with ongoing discussions about the SEC’s preparation of a standard listing framework for cryptocurrency ETFs.
The SEC’s decision to suspend the approval process is reminiscent of the Grayscale Digital Large Cap Fund’s similar ETF conversion journey. Initially, that fund also received accelerated approval, only to have it suspended shortly thereafter. Grayscale maintained its determination to persevere through the process.
Expert Opinions on the Situation
Scott Johnsson of Van Buren Capital speculated that the approval might have been granted with knowledge of Democratic Commissioner Caroline Crenshaw’s likely objections or as part of a scheduled plan. In his view, both scenarios present investors with an undesirable situation. Bloomberg Intelligence’s James Seyffart agreed with Johnsson’s analysis, suggesting that the SEC is employing delay tactics until a comprehensive framework is established.
The new listing standard reportedly being developed by the SEC is expected to shorten the current process facilitated through the 19b-4 form, which can extend up to 240 days. The U.S. regulator is currently reviewing ETF applications for a broad range of cryptocurrencies, from Solana to Dogecoin 
$0.094132. Decisions regarding these ETF applications are anticipated by September-October.
