Wu learned that the U.S. Securities and Exchange Commission (SEC) has issued an announcement (Release No. 34-103531) to expedite the approval of the rule change proposal submitted by NYSE Arca, allowing the Bitwise 10 Crypto Index Fund to be converted into an exchange-traded fund (ETF) under the revised NYSE Arca Rule 8.500-E and listed for trading on the exchange.

SEC Assistant Secretary Sherry R. Haywood subsequently announced the suspension of the authorization under Rule 431 of the Procedures, stating that the Commission will review the approval decision. This decision is similar to the situation earlier this month when the Grayscale Digital Large Cap Fund was accelerated for approval and then urgently halted. (The Block)