PANews reported on June 10 that according to the announcement of the U.S. Securities and Exchange Commission (SEC), the SEC has initiated procedures to decide whether to approve or reject the rule change application submitted by the NYSE Arca Exchange, which aims to list and trade the Bitwise Bitcoin and Ethereum ETF. The ETF trust fund plans to allocate assets based on the relative market value of Bitcoin and Ethereum (83% Bitcoin and 17% Ethereum when the application was submitted), and determine the net value daily based on the CME CF price benchmark. The SEC specifically pointed out that it will evaluate whether the ETF has a design to prevent fraud and manipulation, and the public can submit written comments within 21 days after the publication of the Federal Register and submit rebuttals within 35 days.