Bitcoin Spot ETF Approval Prevail In Vote
A recent report has revealed that the majority of the United States Securities and Exchange Commission (SEC) officials voted in favor of approving Bitcoin Spot Exchange-Traded Funds (ETFs). This decision has caused quite a stir in the crypto space. The SEC commissioners cast their votes on whether to approve or reject the applications for BTC spot ETFs.
Eleanor Terrett, a Fox Business Journalist and Producer, shared the voting results on X (formerly Twitter). According to Terrett, three out of the five SEC officials voted in favor of the spot ETFs, with the chairman being the first to vote for approval. Hester Peirce and Mark Uyeda were also in support of the ETFs, while Caroline Crenshaw and Jaime Lizárraga opposed them.
Background on BTC Spot ETFs
The SEC has previously rejected BTC spot ETFs, citing significant risks. However, after a legal setback with Grayscale last year, pressure mounted on the regulator. The court criticized the SEC’s denial of Grayscale’s proposal to convert its Bitcoin Trust into an ETF, calling it “arbitrary and capricious.” As a result, the court ordered the SEC to review the application.
SEC Chairman Gary Gensler believes that approval might be the best way forward. He stated, “I feel the most sustainable path forward is to approve the listing and trading of these spot Bitcoin ETP shares.”
Expectations Around BTC ETF Approval
The approval of Bitcoin spot ETFs is expected to attract institutional money into the BTC market. Analysts and experts anticipate that this influx of institutional investment will drive up BTC’s price to new heights. The Spot ETFs are set to launch on January 11.
Hot Take: Bitcoin Spot ETFs Gain Majority Approval from SEC Officials
In a surprising turn of events, the majority of SEC officials have voted in favor of approving Bitcoin Spot Exchange-Traded Funds (ETFs). This decision marks a significant shift in the SEC’s stance on BTC spot ETFs, which were previously rejected due to perceived risks. The approval of these ETFs is expected to have a profound impact on the crypto market, attracting institutional investors and potentially driving up the price of Bitcoin. With the launch of the Spot ETFs imminent, all eyes are on the crypto space to see how this development will unfold and shape the future of digital asset investments.
By
By
By
By