The U.S. Securities and Exchange Commission has halted the conversion of Bitwise’s 10 Crypto Index Fund into an exchange-traded fund (ETF), which would provide investors with exposure to XRP and some other major altcoins.
This happened just hours after the SEC's Division of Trading and Markets granted initial approval.
ETF analyst Nate Geraci has described the sudden reversal as "bizarre," noting that the same scenario had played out with the Grayscale Digital Large Cap ETF (GDLC).
In both cases, SEC staff approved the conversion of the products before suddenly hitting the pause button for an unknown reason. For now, the product is undergoing further review.
The recent developments are rather surprising considering that the new SEC administration has adopted an explicitly pro-crypto stance.
It was previously reported that spot XRP ETFs might be stuck in regulatory limbo due to the SEC working on a new universal listing framework. Spot-based altcoin ETFs are likely to be approved in late 2025, according to various analysts.
Meanwhile, U.S. investors can already gain exposure to leveraged and futures-based XRP and Solana (SOL) ETFs.
Polymarket bettors are still confident that a spot XRP ETF will eventually get greenlit as soon as this year. The odds of the SEC's approval currently stand at 85%.
Bitwise also filed for a spot XRP ETF last October. The final SEC decision deadline for this product is set for Oct. 20.
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