The Securities and Exchange Commission in the US finally approved the spot Bitcoin ETFs, sending a signal to cheer for the entire crypto community.
The last 24 hours became a joyous occasion for the crypto industry worldwide. The decision of a major US regulator was responsible for the cheers in the community. The regulator, the Securities and Exchange Commission (SEC) finally approved the spot Bitcoin ETFs. The move has created a landmark point in the history of crypto.
The entire crypto space had long awaited the ETFs, and its optimism had sent the crypto market soaring. As a result, the final crypto ETF approval order has ended all the speculation in the market.
The SEC published its chair, Gary Gensler’s, statement, which said, “..Commission staff is separately completing the review of registration statements for 10 spot Bitcoin ETPs simultaneously, which will help create a level playing field for issuers and promote fairness and competition, benefiting investors and the broader market.”
The regulator approved the applications of several investment firms for the crypto ETFs, including BlackRock, Fidelity, Grayscale, and others.
The crypto ETF approval order further mentioned details of the exchange-traded products, underlining the Commission’s views and findings. Meanwhile, Gensler’s statement also mentioned the regulator was still cautious about the crypto market and its future.
Other parts of his statement revealed the ETFs would trade in national securities exchanges. Moreover, sponsors of the ETFs would have to adhere to existing conduct and disclosure rules.
The crypto ETFs and their approvals are historic for the crypto industry since it is the first time a US regulator has officially recognized a crypto-related ETF. A long legal battle had earlier ensued between the SEC and Grayscale. The legal case turned in favor of Grayscale, marking a turning point for the industry. Analysts and experts have long affirmed the ETFs could only help the crypto market surge further, with a slew of new investors.
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