Bitcoin ETF Approved by the SEC!

Bitcoin ETF Approved by the SEC!

bitcoin etf approved

The long-awaited announcement for investors has finally come through. The wait for the introduction of the Bitcoin Spot ETF on the American market has ended. After a series of refusals, the SEC in the USA has finally allowed the introduction of the first series of Bitcoin spot ETFs on the American financial market. According to a filing published on the SEC website on Wednesday, all 11 entities applying for the Bitcoin ETF have been granted approval to trade on major exchanges like the NYSE, Nasdaq, and CBOE. This list includes funds such as Grayscale, Bitwise, Hashdex, BlackRock, Valkyrie, Ark Invest/21Shares, Invesco/Galaxy, VanEck, WisdomTree, Fidelity, and Franklin Templeton. “Each of these proposals aims to trade shares in a trust fund that would wholly or partly own bitcoins,” stated the SEC. “This decision approves the applications at an expedited pace.” For years, the SEC rejected spot Bitcoin ETF applications, arguing that the base Bitcoin market was not adequately regulated, making it unsuitable for public markets. However, the SEC’s loss in the August lawsuit with Grayscale prompted the agency to reassess ETF applications. “The Commission concluded that the proposals are consistent with the applicable Exchange Act and the rules and regulations of national securities exchanges,” announced the agency in its approving order, adding that their regulations are sufficient to “counteract false and manipulative acts and practices.”

Ethereum the Biggest Winner of the BTC ETF?

Since the SEC’s announcement of the Bitcoin ETF approval, Ethereum has been noticeably rising, speculated by many to be next in line for an ETF announcement. Ether has seen an increase of over 10% in the last 24 hours and over 19% in the last 7 days.

 

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