Key takeawaysBitwise seeks to convert its crypto index fund to a crypto exchange-traded product (ETP).The 10 Crypto Index Fund (BITW) is one of Bitwises flagship products.Bitwises application comes amid the recent indication of Genslers resignation and a potential new SEC Chair.Bitwise Seeks To Convert Its Index Fund To Multi-Crypto ETPProminent asset manager Bitwise wants to convert its 10 Crypto Index Fund (BITW) into a multi-crypto ETP. In an announcement, Bitwise revealed that NYSE Acra filed for the SECs approval to list its BITW as an ETP on its exchange.Bitwises BITW is the first and largest crypto index fund worldwide, comprising several digital assets. The fund boasts about $1.3 billion in assets under management (AUM).The latest development represents Bitwises efforts to reposition its publicly traded trust as an ETP structure. This move will foster efficiency and transparency for Bitwise customers and investors.Also, the move aligns with the asset managers expansion goals after launching its spot Bitcoin ETF (BITB) and Ethereum ETF (ETHW).Similarly, Grayscale is pushing to convert its Digital Large Cap Fund into an ETF. Last month, NYSE Acra submitted Form 19b-4 to the SEC seeking authorization to trade Grayscales fund on the exchange.This application marks Grayscales third move to convert its fund into a crypto ETF. The company already has the Grayscale Bitcoin Trust ETF (GBTC) and the Grayscale Ethereum Trust (ETHE).Meanwhile, the SEC Chair Gary Gensler has reiterated his commitment to stricter regulatory oversight on crypto. Gensler mentioned that Bitcoin is the only crypto asset that doesnt fall in the class of securities. He pointed out that all assets are securities based on the present regulatory framework.Again, the SEC chair noted that the commission aims to protect investors through its crypto regulatory approaches.Gensler stated: Court after court has agreed with our actions to protect investors, pointing out that the SEC is empowered to implement these laws in the crypto sector.The Industry Anticipates Favourable Regulatory Shifts And Boom Via Trumps Pro-Crypto PoliciesThe crypto industry remains optimistic about favorable regulatory changes in Trumps regime. The market reacted positively, with significant price rallies a few days after Trumps victory.Moreover, Trump made exciting promises to the crypto industry if he emerged as the US president. While speaking at the 2024 Bitcoin conference, Trump promised to fire the present SEC Chair, Gensler, on his first day in office.Already, the industry is buzzing with calls for Genslers resignation since Trump won the election.Bloomberg senior ETF analyst Eric Balchunas reflected on the possibilities of shifts in sentiment within the industry. He noted that the market will record significant changes once a Trump SEC chair replaces Gensler.Balchunas believes the transition in the SEC leadership could facilitate more approvals of crypto ETFs in the industry.He stated: Its early to determine the odds. But the evolving regulatory environment makes it worth a try.Add Techreport to Your Google News Feed Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now! Subscribe now Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy. View all articles by Rida Fatima Our editorial processThe Tech Reporteditorial policyis centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written byreal authors.