The U.S. Securities and Exchange Commission (SEC) approved an all-Bitcoin spot ETF on January 10, 2024. After a long wait and endless debate, the SEC has officially approved the first regulated Bitcoin exchange-traded fund (ETF). Within hours of the false announcement, cryptocurrency markets saw tremendous volatility.
The SEC approved all 11 spot applications submitted by ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton.
The SEC reached this conclusion after carefully reviewing the documents. The study highlighted that the offer is consistent and follows the rules and regulations of the stock exchange and exchange laws.
Renowned cryptocurrency analyst Michael Van de Poppe expressed respect for the approval and expects trading to begin on January 11, 2024 on Nasdaq, CBOE and other platforms.
A document containing a detailed explanation of the approval has been posted on the official site. However, the document was later removed from the official website, leading to speculation that it may have been taken down.
SEC’s clarification
The 19-page document was visible on the website for a few minutes before being removed. SEC Chairman Gary Gensler released an official statement expressing his thoughts on the decision to approve the Spot Bitcoin ETF.
“We today approved the listing and trading of certain spot Bitcoin ETP shares, but did not endorse or endorse Bitcoin. “Investors should be cautious about the numerous risks associated with Bitcoin and products whose value is tied to cryptocurrencies.”
Gary Gensler Chairman
The cryptocurrency industry is set to reach a new milestone this year with the much-awaited SEC approval of Bitcoin applications. ETFs will attract more investors and increase the inflow of institutional investors in the cryptocurrency space.