Odaily Planet Daily News: The US Securities and Exchange Commission partially approved the application for a new ETF on Thursday local time, which will track the two largest cryptocurrencies. The Bitwise Bitcoin and Ethereum ETFs are funds under Bitwise Asset Management, seeking to provide investors with balanced exposure weighted by market value to these two digital assets. The structure of the fund will be similar to existing ETFs that directly hold Bitcoin or Ethereum. The US regulatory agency has approved a form called 19b-4 in a document, which is a step in the entire process of allowing the product to begin trading. The registration application S-1 for Bitwise Fund still requires approval, and both steps need to be completed before trading can begin. In the November US presidential election last year, Trump, who was considered friendly to cryptocurrencies, was elected. After the election, Bitwise submitted an application for a joint fund to regulatory agencies.
Regarding this, Eric Balchunas, a senior ETF analyst at Bloomberg, analyzed on X platform that the US Securities and Exchange Commission's move was expected, and even Gary Gensler would approve the Bitwise Bitcoin and Ethereum ETFs. However, this move may be interpreted as the US Securities and Exchange Commission accelerating the approval process for cryptocurrency ETFs, and the next one may be the Litecoin ETF, which may soon know more information.