SEC Delays Hashdex Bitcoin & Ethereum ETF Decision

John Darbie
Photo: Finoracle.net

SEC Extends Decision Timeline on Hashdex ETF Proposal

Crypto investors eagerly awaiting the first exchange-traded fund (ETF) to hold a variety of spot cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), will need to wait a bit longer. The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision on Hashdex's ETF proposal, originally submitted in June.

Review Period Extended

On August 9, the SEC revealed that it extended the initial 45-day review period, pushing the decision date to September 30. This extension is intended to give the SEC more time to evaluate the complex proposal and its implications.

"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues therein," the SEC stated in a filing.

Potential Market Impact

If the Hashdex Nasdaq Crypto Index US ETF gains approval, it would allow investors to engage with both BTC and ETH in a single investment vehicle, potentially including more altcoins in the future. This fund could become the first diversified spot market crypto ETF on Wall Street, marking a significant development in the crypto investment landscape.

High Expectations in the Crypto World

The possibility for approval comes amidst high expectations, following the SEC's recent approvals of spot BTC ETFs and Ethereum products. The crypto community is hopeful for more ETFs covering cryptocurrencies like Solana and XRP to receive regulatory green lights.

Understanding ETFs

For those unfamiliar, an ETF is like a basket of investments that holds various assets. Think of it as a fruit basket (the ETF) containing apples (Bitcoin), oranges (Ethereum), and potentially more fruits (other altcoins). Investors buy shares of the basket instead of the individual fruits, spreading risk and simplifying their investment choices.

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John Darbie is a seasoned cryptocurrency analyst and writer with over 10 years of experience in the blockchain and digital assets industry. A graduate of MIT with a degree in Computer Science and Engineering, John specializes in blockchain technology, cryptocurrency markets, and decentralized finance (DeFi). His insights have been featured in leading publications such as CoinDesk, CryptoSlate, and Bitcoin Magazine. John’s articles are renowned for their thorough research, clear explanations, and practical insights, making them a reliable source of information for readers interested in cryptocurrency. He actively follows industry trends and developments, regularly participating in blockchain conferences and webinars. With a strong reputation for expertise, authoritativeness, and trustworthiness, John Darbie continues to provide high-quality content that helps individuals and businesses navigate the evolving world of digital assets.