Breaking: SEC Overrides Staff, Approves NYSE Arca Listing of Bitwise 10 Crypto Index ETF

WASHINGTON — The Securities and Exchange Commission has set aside an action taken by delegated authority and issued a full Commission-level order approving NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Bitwise 10 Crypto Index ETF, according to an order published in the Federal Register on November 21, 2025. The proposal was approved as modified by Amendment No. 1.

The procedural posture is the notable part. Most self-regulatory organization rule filings under Section 19(b) of the Securities Exchange Act of 1934 are disposed of by the Division of Trading and Markets acting under authority delegated by the Commission. Here, the Commission pulled the matter back from delegated authority and ruled itself — the same mechanism that produced Commission-level orders in earlier spot crypto exchange-traded product proceedings following Grayscale Investments, LLC v. SEC (D.C. Cir. 2023).

The product at issue is a multi-asset index vehicle rather than a single-asset spot fund. Prior Commission approvals of spot bitcoin and spot ether exchange-traded products addressed one reference asset at a time; an index product tracking a basket of the ten largest crypto assets by market capitalization raises listing-standard questions across a wider set of constituents.

Implications: A Commission-level approval carries more precedential weight than a staff order issued under delegated authority and is harder to characterize as a one-off. For US issuers, the order signals that diversified crypto index ETPs are a viable listing path on a national securities exchange, and it gives registered investment advisers and broker-dealers a listed, exchange-traded route to multi-asset crypto exposure for US clients. Competing sponsors with index-based filings before NYSE Arca, Nasdaq, and Cboe BZX now have a cited approval order to build on.

What’s next: Watch for the fund’s effective registration statement and launch timing, and for follow-on index ETP filings from rival sponsors invoking this order. Rex will follow with analysis of the Commission’s stated basis for approval and its effect on pending exchange listing standards.

This content is for informational purposes only and does not constitute legal advice. Consult with a qualified US attorney for guidance specific to your situation.