Finance managers and cryptocurrency investors finally let out collective sighs of relief as the US Securities and Exchange Commission (SEC) approved 11 bitcoin ETFs on Wednesday, 10 January. This long-anticipated green light comes after months of speculation, seesawing crypto prices, and a fake post on the SEC’s compromised X account a day before the news became official.
SEC signals the official green light for 11 bitcoin ETFs
This authorisation opens the doors for investing in the globally dominant cryptocurrency without having to own a single bitcoin. The approved filing contains ETFs from issuers such as BlackRock (BLK), ARK Invest (ARKK), VanEck, Fidelity, and Grayscale (GBTC), which received the go-ahead to uplist GBTC on the NYSE.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
Trading in these ETFs starts today. Financial experts believe they will become a fixed feature in pension plan investments, individual retirement accounts (IRAs), and retirement saving plans.
The SEC’s official announcement came roughly 24 hours after the fake X post stated approvals had already been granted. The SEC made it its mission to eradicate cryptocurrency investment risks, fraud, and corruption. In his official statement, Gary Gensler, SEC’s chair, recapped this stance:
I have often said that the Commission acts within the law and how the courts interpret the law. … the Commission disapproved more than 20 exchange rule filings for spot bitcoin ETPs. One of those filings, made by Grayscale, contemplated the conversion of the Grayscale Bitcoin Trust into an ETP.
This Grayscale filing denial ended up in court and the US Court of Appeals reverted the matter to the SEC. After contemplation, Gensler said in his statement:
I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares.
