The U.S. Securities and Exchange Commission (SEC) quickly approved Bitwise's application for a Bitcoin and Ethereum ETF, completing the process in just 45 days.
Swift SEC Approval
The SEC approved NYSE Arca's ETF listing application on January 30, only 45 days after the paperwork was filed. This process usually takes 240 days. The SEC noted the expedited approval, as the ETF is similar to previously approved products.
ETF Agreement Features
The new ETF will invest in Bitcoin and Ethereum based on their market capitalization, while maintaining some cash reserves. The SEC stated the fund meets the standards set for similar products.
Expert Predictions
Analysts expect future applications to be approved at an accelerated pace as well. Bloomberg's James Seyffart noted that the swift certification was predictable due to similar prior applications. Eric Balchunas highlighted the unusually short 45-day period, seeing hope for quicker future SEC decisions.
The SEC's decision affirms further development in the cryptocurrency ETF market and indicates the agency's readiness for accelerated application processing in the future.
