The SEC has given the green light for NYSE Arca to list and trade shares of a new ETF from Bitwise, which combines Bitcoin and Ethereum.
The approval, granted on an expedited basis, is in accordance with Section 6(b)(5) of the Exchange Act, which requires measures to prevent fraud and manipulation and protect investors’ interests and the public.
Bitwise’s ETF will hold both Bitcoin and Ethereum, as well as cash reserves, giving investors a diversified exposure.
The decision marks a change in the SEC’s approach to the crypto industry, following Gary Gensler’s departure and Donald Trump’s re-election. Last week, the SEC reversed a controversial accounting rule that had a significant impact on the recognition of cryptocurrencies.
