The US SEC Approves Spot Bitcoin ETFs
The US Securities and Exchange Commission (SEC) has given its approval to several spot Bitcoin exchange-traded fund (ETF) applications. This decision comes after more than a decade since the initial filing for a crypto-based ETF. The newly approved ETFs will track the spot market price of Bitcoin and are being launched by Wall Street giants like BlackRock and native crypto firms. The approval of these products is expected to attract significant capital inflows into Bitcoin and is seen as a major milestone for the cryptocurrency market.
Ripple CEO Brad Garlinghouse expressed enthusiasm about the approval, stating that it further legitimizes crypto as an asset class. Grayscale, which played a key role in pushing for the approval of spot Bitcoin ETFs, was also credited by Coinbase CEO Brian Armstrong. In September, the US Court of Appeals ruled in favor of Grayscale, ordering the SEC to reopen its review process for spot Bitcoin ETFs. Former Microstrategy CEO Michael Saylor noted that there are still six confirmations needed from the SEC before an ETF transaction can be settled.
Spot Bitcoin ETFs Show Crypto is “Unstoppable”
Tron’s Justin Sun believes that the approval of spot Bitcoin ETFs in the US demonstrates that crypto is unstoppable. He predicts that Asian and Chinese markets will also embrace this opportunity in the near future, leading to global adoption of Bitcoin. Jonathan Steinberg, WisdomTree Founder and CEO, sees the approval of spot Bitcoin ETFs as a major step in the industry’s evolution. While potential investors should carefully consider the risk profile of digital assets like Bitcoin, Steinberg believes this development showcases how blockchain is redefining finance.
Hot Take: Crypto Executives Welcome Spot Bitcoin ETF Approval
The recent approval of spot Bitcoin ETFs by the US SEC has generated excitement among crypto executives. This decision is seen as a significant milestone for the cryptocurrency market, attracting potential capital inflows into Bitcoin. Ripple CEO Brad Garlinghouse hailed the approval as further legitimization of crypto as an asset class. Grayscale, which played a crucial role in pushing for the approval, was credited by Coinbase CEO Brian Armstrong. Tron’s Justin Sun believes that this development showcases the unstoppable nature of crypto and predicts wider adoption in Asian and Chinese markets. WisdomTree Founder and CEO Jonathan Steinberg sees the approval as a major step in industry evolution, highlighting the transformative power of blockchain in finance.
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