The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on Bitwise’s proposed multi-asset spot crypto ETF, further extending regulatory uncertainty surrounding crypto investment products in the United States.
In an official notice, the SEC announced a new deadline of July 31, 2025, to either approve or reject Bitwise’s application to convert its Bitwise 10 Crypto Index Fund into a spot exchange-traded fund (ETF).
This delay marks yet another obstacle for Bitwise, which has been pushing for greater institutional access to a diversified basket of leading digital assets, including Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), and Solana (SOL).
A Diversified Crypto Offering Facing Regulatory Gridlock
Originally launched in November 2017, the Bitwise 10 Crypto Index Fund currently manages $1.44 billion in assets, making it one of the largest diversified crypto index products available to U.S. investors.
While Bitcoin comprises approximately 77% of the portfolio, Ethereum represents nearly 12%, with the remaining allocations spread across high-cap altcoins like XRP, Cardano, Solana, and others.
Bitwise’s goal is to convert this private fund into a publicly traded ETF, offering traditional investors exposure to a curated selection of the top-performing crypto assets, without requiring direct wallet management or custody.
However, the lack of regulatory clarity has hindered progress. The SEC has yet to approve any spot ETF tied to an altcoin, even as Bitcoin and Ethereum-based futures products have successfully launched under the same regulatory body.
SEC Pattern of Delays Continues
This latest delay follows a familiar pattern. Over the past 18 months, the SEC has pushed back timelines on multiple applications filed by major firms, including Franklin Templeton, 21Shares, Canary Capital, and Bitwise, particularly those that mention exposure to assets like XRP and ADA.
The delay comes despite increasing pressure from industry participants and legal experts who argue that the Grayscale v. SEC court ruling, which favored the conversion of the Grayscale Bitcoin Trust into a spot ETF, should set a precedent for approving more comprehensive crypto investment products.
Some analysts point out that the SEC is likely being extra cautious with applications involving non-Bitcoin assets, largely due to its ongoing litigation with Ripple over XRP’s classification.
Although a partial legal victory for Ripple last year ruled that XRP is not a security when sold on secondary markets, the SEC has remained hesitant to formally acknowledge the asset’s status.
A Larger Regulatory Puzzle
The delay in Bitwise’s multi-crypto ETF proposal underscores the broader regulatory paralysis in the U.S. digital asset space.
Unlike jurisdictions such as Canada, Germany, and Switzerland, which have embraced multi-asset and altcoin-based ETFs, the U.S. continues to trail behind due to regulatory fragmentation.
In contrast, Canadian regulators approved the Purpose Bitcoin ETF and Ether ETF years ago, while Europe is seeing growing traction for exchange-traded products (ETPs) that track XRP, Polkadot, and other altcoins.
Meanwhile, data from decentralized prediction markets such as Polymarket indicates a rising belief among crypto traders that approval for spot ETFs—especially those involving assets like XRP—could come before the end of 2025, particularly if political and regulatory winds shift in favor of digital assets following the U.S. presidential election.
Conclusion: Market Watches for July as Pivotal Moment
With Bitwise’s July 31 deadline fast approaching, investors and institutions are watching closely for any shift in the SEC’s stance.
Approval of a multi-crypto ETF would mark a watershed moment for digital assets, unlocking a wave of regulated capital flows into altcoins and legitimizing a broader swath of the crypto market in the eyes of traditional finance.
Until then, uncertainty remains the prevailing theme. For now, the SEC has opted to delay rather than decide, leaving Bitcoin, Ethereum, XRP, ADA, and other major tokens on the sidelines of the regulated ETF arena.
