- The US Securities and Exchange Commission has approved the launch of Bitcoin-based exchange-traded funds.
- Bitcoin reacted to the news with a fall.
The US Securities and Exchange Commission (SEC) has finally approved the launch of spot Bitcoin ETFs.
According to the document, the regulator approved applications to launch 11 similar products from BlackRock, Bitwise, Grayscale, Hashdex, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin.
Note that the page on which the document appeared on the SEC website stopped working for some time, but later access to it was restored.
Commission Chairman Gary Gensler noted that the decision on these Bitcoin-based products does not indicate regulatory approval of the very first cryptocurrency and crypto-assets in general:
“As I have said in the past […], the vast majority of crypto assets are investment contracts and, as such, they are subject to federal securities laws.”
At the time of writing, the price of Bitcoin reacted to the news by falling:
BTC/USDT hourly chart on the Binance exchange. Data: TradingView.Let us recall that the day before, a message appeared in the SEC account in X about the approval and launch of spot Bitcoin ETFs on national exchanges. However, later the head of the agency, Gary Gensler, said that the agency’s social network page was compromised and permission was not received from the regulator.
For more information about what Bitcoin ETFs are and why many market participants expected their approval, read our material:
Ivan Pavlovskyy