According to breaking information, the SEC will allow Bitcoin Spot ETFs to be traded in the US market.
In the statement made by the SEC official X account, the good news of the approval of Bitcoin ETFs was shared as follows:
“Today, the SEC approved Bitcoin ETFs to list on all registered national securities exchanges.
“Approved Bitcoin ETFs will be subject to ongoing oversight and compliance measures to ensure ongoing investor protection.”
Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges.
The approved Bitcoin ETFs will be subject to ongoing surveillance and compliance measures to ensure continued investor protection. pic.twitter.com/oJinqv0wcR
— U.S. Securities and Exchange Commission (@SECGov) January 9, 2024
Purchasing ETFs through highly regulated and reliable money management firms like BlackRock or Fidelity could encourage a broader pool of investors for Bitcoin to add it to their portfolios.
Over the past decade, the SEC has rejected many attempts to launch these products, citing fears of manipulation in the cryptocurrency market and issuers’ inability to protect investors.
The SEC approved the first Bitcoin futures ETF in October 2021, raising hopes for quick approval of related investment vehicle spot BTC ETFs, but a quick approval still did not materialize. Since then, numerous money managers have filed for approval, with two of the most prominent, BlackRock and Grayscale Investments, receiving a large amount of coverage in the news.
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