In a landmark decision, the U.S. Securities and Exchange Commission (SEC), under the leadership of Chair Gary Gensler, has approved the country’s first Bitcoin-tracking exchange-traded funds (ETFs). This move is a significant milestone for Bitcoin and the broader cryptocurrency sector.
The SEC has given the go-ahead to 11 ETF applications from major industry players such as BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck. The announcement was made on the SEC’s website. These products are expected to start trading as early as Thursday, sparking intense market competition.
With the SEC’s approval of Spot Bitcoin ETFs, trading could begin as soon as Thursday. This development is expected to significantly boost Bitcoin prices and other assets. The launch of the Spot ETF marks a crucial moment for the industry, as it is likely to broaden Bitcoin’s acceptance and potentially pave the way for increased exposure of other digital assets through similar investment offerings.
In a surprising turn of events, the SEC dramatically changed its stance just a day after a hacking incident involving its ‘SEC X’ Twitter account. The hacked account had falsely announced the approval of a Bitcoin ETF, a claim which the SEC quickly denied due to the account’s security breach. However, in an unexpected twist, the SEC officially announced the actual approval of the Bitcoin ETF the very next day.
This swift reversal not only highlights the volatile and unpredictable nature of the cryptocurrency market but also raises questions about the timing and communication strategies of regulatory bodies. The sequence of events, from the hack and its denial to the real approval, has created a stir in the financial world.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Gary Gensler |
| Companies | BlackRock, Invesco, U.S. Securities and Exchange Commission, VanEck, Fidelity, Ark Investments/21Shares |
| Currencies | Bitcoin |
| Securities | Invesco (IVZ.N), VanEck, Fidelity, Ark Investments/21Shares (ABTC.S), BlackRock (BLK.N) |
