In a significant development, the United States Securities and Exchange Commission (SEC) has approved Bitcoin Spot Exchange-Traded Funds (ETFs). The majority of SEC officials voted in favor of the approval, marking a pivotal moment in the crypto space.
The approval came on Wednesday, January 10, following a voting exercise by the SEC commissioners on the applications for BTC spot ETFs. The result of the vote was shared on X (formerly Twitter) by Eleanor Terrett, a Fox Business Journalist and Producer.
According to Terrett’s post, five SEC commissioners, including SEC chairman Gary Gensler, Hester Pierce, and Mark Uyeda, participated in the vote. The document released by Terrett revealed that three out of the five officials voted in favor of the spot ETFs, while two voted against. Notably, the US regulator’s chairman was the first to vote in favor of the approval.
SEC officials Hester Peirce and Mark Uyeda also supported the ETFs, while commissioners Caroline Crenshaw and Jaime Lizárraga opposed the products. Previously, the SEC had rejected the introduction of the BTC spot ETFs, citing significant risk. However, after a legal setback with Grayscale last year, the regulator found itself under pressure.
Grayscale, an asset firm, had proposed to convert its Bitcoin Trust into an ETF, but the SEC denied the proposal. The court criticized this decision, calling it “arbitrary and capricious” and demanded that the regulator review the application before making a decision. Gensler stated that since the court remanded the case to the commission, approval might be the way forward. He expressed his belief that the most sustainable path forward is to approve the listing and trading of these spot Bitcoin ETP shares.
Following the approval, the Spot ETFs are expected to launch on January 11. Analysts and experts anticipate that the authorization of Bitcoin ETFs will lead to a surge in institutional money entering the BTC market. This could potentially drive the price of BTC to unprecedented heights.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Mark Uyeda, Caroline Crenshaw, Eleanor Terrett, Jaime Lizárraga, Gary Gensler, Hester Pierce |
| Companies | Grayscale, United States Securities and Exchange Commission, X, Fox Business |
| Currencies | Bitcoin |
| Securities | None |
