The U.S. Securities and Exchange Commission (SEC) approved all the Bitcoin Spot ETFs on 10 January 2024. After a long wait and endless debates, the SEC officially approved the first regulated spot, Bitcoin Exchange-traded-funds (ETF), only a few hours after its false announcement, which resulted in the cryptocurrency market displaying massive volatility.
The SEC has approved all eleven (11) spot applications that were filed by ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton.
The SEC came to this conclusion after reviewing the documents carefully. The study highlighted the proposals are consistent and follow the rules and regulations of the Exchange Act with the securities exchange.
Michael Van de Poppe, a well-known crypto analyst, has expressed respect for the approval and expects trading to commence from 11th January 2024 on Nasdaq, CBOE, and other platforms.
A document was published on their official site which included a detailed description concerning the approval. However, the document was later removed from the official website, speculating a possible take down.
SEC’s Clarification
The 19-page document was available on the website for a few minutes, after which it was taken down. The SEC Chair, Gary Gensler, then issued an official statement expressing his thoughts on the Spot Bitcoin ETF approval decision.
“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.”
Chair Gary Gensler
With the approval of the most awaited Bitcoin application by the SEC, the crypto industry is set to achieve a new milestone this year as the ETF will attract a larger number of investors and will increase the inflow of institutional investors in the crypto space.
