PANews reported on July 23 that according to The Block, the U.S. SEC's Division of Trading and Markets approved the "accelerated conversion" application of the Bitwise 10 Crypto Index ETF on Tuesday, but was subsequently stopped by SEC Assistant Secretary Sherry R. Haywood and announced that it would review the application. The Bitwise fund currently includes a market value-weighted investment portfolio of mainstream cryptocurrencies such as BTC, ETH, and XRP.

The suspension is similar to the SEC's handling of Grayscale Digital Large Cap Fund LLC's application for conversion to an ETF earlier this month. The SEC is considering developing unified listing standards for cryptocurrency ETFs to simplify the approval process. Analysts believe that the suspension may be due to internal regulatory disagreements or waiting for the introduction of a new framework.