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#Altcoin Season Coming?
#TopContentChallenge US approval for 9 altcoins: Green light for application
The US Securities and Exchange Commission (SEC) has approved the conversion of a basket fund consisting of 10 cryptocurrencies, including Bitcoin, Ethereum, XRP, and Solana, into a spot ETF. However, the fund's operations have been suspended following the request.
The U.S. Securities and Exchange Commission (SEC) has approved the asset management company's application to convert its cryptocurrency basket fund, the 10 Crypto Index Fund, into a spot exchange-traded fund (ETF).
The new spot ETF consists of 10 cryptocurrencies: Bitcoin (BTC), Ether (ETH), XRP (XRP), Solana (SOL), Cardano (ADA), Sui (SUI), Chainlink (LINK), Litecoin (LTC), Polkadot (DOT), and Avalanche (AVAX). The fund tracks a market-cap-weighted index, offering investors exposure to the top 10 cryptocurrencies through a single product.
The SEC's decision marks the second approval of a hybrid cryptocurrency-based ETF, following the approval on July 1st for the conversion of Grayscale's BTC, ETH, XRP, SOL, and ADA fund into a spot ETF.
"In the first minutes following the decision, no significant change was observed in the prices of the relevant cryptocurrencies. Analysts anticipate an increase in trading volumes in the medium term once the fund begins trading.
" However, the ETF's opening for trading has been suspended by the SEC, as was the case with the approval granted to Grayscale. Its conversion to an ETF was suspended at the request of one or more of the SEC commissioners. In other words, the fund will not yet be able to begin trading as an ETF," he said.