U.S. SEC Approves Bitcoin Spot ETFs for Trade
The U.S. Securities and Exchange Commission (SEC) has given approval for the trading of Bitcoin spot ETFs in the United States. All 11 Bitcoin ETF applicants, including Grayscale, Bitwise, Hashdex, BlackRock, Valkyrie, Ark Invest/21Shares, Invesco/Galaxy, VanEck, WisdomTree, Fidelity, and Franklin Templeton, have been approved to trade on national securities exchanges like the NYSE, Nasdaq, and CBOE.
Spot Bitcoin ETFs Begin Trading
The CBOE had previously announced that multiple spot Bitcoin ETFs would begin trading at 9:30 am ET on Thursday. This includes funds from Ark, Fidelity, and Invesco. The SEC has rejected spot ETFs in the past due to concerns about the regulation of the underlying Bitcoin spot market. However, a court loss to Grayscale prompted the agency to reevaluate ETF applications.
SEC’s Approval Order
The SEC stated that the approved proposals are consistent with the Exchange Act and its rules and regulations applicable to national securities exchanges. The agency believes that these rules are sufficient to prevent fraudulent and manipulative acts and practices.
Hot Take: A New Era for Bitcoin ETFs
The approval of Bitcoin spot ETFs by the SEC marks a significant milestone in the cryptocurrency industry. With major players such as Grayscale and BlackRock entering the market, it is expected to attract more institutional investors who were previously hesitant due to regulatory concerns. This move could potentially boost the adoption of Bitcoin and contribute to its mainstream acceptance as a legitimate investment asset.
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