The Securities and Exchange Commission (SEC) has approved a proposed rule change allowing the NYSE Arca to list and trade shares of the Bitwise Bitcoin and Ethereum ETF under a specific rule for Commodity-Based Trust Shares. This ETF will hold both bitcoin and ether based on their market capitalizations, aiming to provide exposure to these cryptocurrencies while covering operational expenses. The SEC's approval was granted on an accelerated basis after the exchange modified its proposal to ensure transparency and fair trading practices, aligning it with other similar exchange-traded products. The public is invited to submit comments on the proposal until February 26, 2025.
Simple Explanation
The government said yes to a plan that lets people buy a special kind of stock that owns both bitcoin and ether, so they can have a part of both big internet coins through a safe place. They want everyone to know that they can say what they think about this plan until the end of February.