Odaily News The U.S. Securities and Exchange Commission on Thursday partially approved an application for a new type of ETF that will track the two largest cryptocurrencies. The Bitwise Bitcoin and Ethereum ETF is a fund under Bitwise Asset Management that seeks to provide investors with balanced exposure to the two digital assets weighted by market capitalization. The structure of the fund will be similar to existing ETFs that directly hold Bitcoin or Ethereum. U.S. regulators approved a form called 19b-4 in a document, which is a step in the overall process of allowing the product to begin trading. Bitwise Fund's registration application S-1 still needs to be approved, and both steps need to be completed before trading can begin. Trump, who is considered cryptocurrency-friendly, was elected in the U.S. presidential election in November last year. After the election, Bitwise submitted application documents for the joint fund to regulators.
In this regard, Eric Balchunas, senior ETF analyst at Bloomberg, wrote an analysis on the X platform that the SEC’s move was expected, and even Gary Gensler would approve the Bitwise Bitcoin and Ethereum ETFs, but this move could be interpreted as the SEC speeding up the approval of cryptocurrency ETFs, and the next one might be the Litecoin ETF, and perhaps more information will be known soon.