Spot Bitcoin ETFs Approved by SEC Chairman’s Decisive Vote
Prior to granting approval for spot bitcoin exchange-traded funds (ETFs), the U.S. Securities and Exchange Commission (SEC) held final votes on proposed rule changes by NYSE Arca, Nasdaq, and Cboe BZX to list and trade the funds.
While two SEC commissioners, Hester Peirce and Mark Uyeda, voted in favor of approval, Caroline Crenshaw and Jaime Lizárraga opposed it, resulting in a 2-2 deadlock. Gary Gensler, the SEC chairman, broke the tie by voting in favor of approving spot bitcoin ETFs. Bloomberg analyst James Seyffart stated, “Gensler was the deciding vote to get the bitcoin ETF over the line with a 3-2 vote.”
Following the voting session, the SEC granted approval to 11 spot bitcoin ETFs for listing and trading on NYSE Arca, Nasdaq, and Cboe BZX exchanges. The funds commenced trading on Thursday morning.
The approved spot bitcoin ETFs include ARK 21shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), Franklin Bitcoin ETF (EZBC), Invesco Galaxy Bitcoin ETF (BTCO), Vaneck Bitcoin Trust (HODL), Wisdomtree Bitcoin Fund (BTCW), Bitwise Bitcoin Trust (BITB), Ishares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), Hashdex Bitcoin ETF (DEFI), and Grayscale Bitcoin Trust (GBTC).
In spite of his vote in favor, Gensler clarified that the approval does not indicate endorsement or approval of bitcoin by the Commission. He followed up by cautioning investors about the risks associated with investing in crypto assets, expressing his view that most crypto tokens are securities.
Hot Take: SEC Chairman Gensler’s Vote is a Pivotal Moment for Bitcoin ETFs
The approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) marks a significant milestone for the cryptocurrency industry. With Chairman Gary Gensler’s decisive vote, the ETFs have gained the regulatory green light, opening doors for increased participation and investment opportunities.
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