TechFlame reports that the US Securities and Exchange Commission (SEC) “accelerated approval” of the Bitwise Crypto Index Fund (BITW) conversion application on Tuesday, but then quickly halted it and announced that further review would be carried out. SEC Assistant Secretary Sherry R. Haywood said that under section 431 of the Commission's rules of practice, the approval will be suspended until further notice from the Commission. The Bitwise 10 crypto index fund is mainly composed of cryptocurrencies such as Bitcoin, Ethereum, XRP, Solana, and Polkadot, and is weighted by market capitalization. This situation is similar to how the SEC handled Grayscale digital large-cap funds earlier this month, approving them before suspending them. Analysts believe the SEC may be waiting to develop a uniform framework of standards for the listing of crypto ETFs to simplify the current 240-day approval process.