The SEC has approved the Bitwise 10 Crypto Index Fund (BITW) to trade on NYSE Arca, making it the second crypto index exchange-traded product in the U.S. BITW provides exposure to the ten largest cryptocurrencies and aims to attract institutional investment by operating within a regulated framework.

Caroline Crenshaw, the SEC's only Democratic commissioner and a critic of the crypto industry, is leaving the agency after over a decade. Her departure comes as the SEC shifts to a more crypto-friendly approach, including recent approvals of Bitcoin ETFs, which she opposed. This leaves the commission with only Republican members.