The U.S. Securities and Exchange Commission (SEC) has officially granted approval for several spot Bitcoin exchange-traded funds (ETFs).
These ETFs will enable investors to gain exposure to Bitcoin without the complexities of direct ownership. Approved trusts include the Grayscale Bitcoin Trust, Bitwise Bitcoin ETF, and the Hashdex Bitcoin ETF, among others. As noted by ETF analyst James Seyffart, no one has been left behind by the regulator.
This decision follows a thorough review process that was meant to ensure these ETFs comply with the Exchange Act's rules and regulations applicable to national securities exchanges.
"After careful review, the Commission finds that the Proposals are consistent with the Exchange Act and rules and regulations thereunder applicable to a national securities exchange," the SEC stated.
The SEC has stressed the importance of these ETFs in aligning with standards designed to prevent fraudulent and manipulative acts and practices in order to safeguard investors and the public interest.
Alex DovbnyaThe approval of the spot ETFs is grounded in their confidence in the surveillance measures of the exchanges listing these products. They note a strong correlation between the CME Bitcoin futures and spot Bitcoin markets, which bolsters their ability to monitor for market manipulation and fraud.
The introduction of these ETFs is expected to provide a more accessible avenue for institutional and retail investors to invest in Bitcoin.
Despite this major regulatory milestone, Bitcoin's price has remained relatively stable. The flagship cryptocurrency is currently trading at $45,672.
Dan Burgin
Vladislav Sopov