SEC approves Bitcoin 11 ETFs

Good news coming up as U.S. Securities and Exchange Commission (SEC) has approved 11 spot Bitcoin Exchange -Traded Funds (ETFs).Despite cautions from certain officials and advocates for investors about the potential risk involved with the products. A significant milestone has been achieved in the integration of cryptocurrency into the financial market.

The approved ETFs are BlackRock, VanEck,
Bitwise, Fidelity, Franklin Templeton, Valkyrie, hashdex, ARK 21Shares, Grayscale, WisdomTree and Invesco Galaxy.

The approval documents from the U.S. Securities and Exchange Commission (SEC) are also accessible to all the interested parties for better understanding of policy posture and scaffold within which these ETFs have been approved.

According to the official statement released by the Chair Gary Gensler on January 10, 2024 “SEC has approved the listing and trading of multiple spot Bit-coin ETFs and this decision marks the historic moment for Bitcoin and greatet cryptocurrency sector.”

Previously Grayscale’s proposal for converting their Bit-coin trust into an ETP was turned down by the U.S. Securities and Exchange Commission (SEC). The recent ruling by the U.S. Court of Appeals for the District of Columbia also stated that the SEC has failed to justify its rejection of Grayscale’s proposal. The SEC will continue to enforce strict observance of regulatory guidelines. Gensler also emphasized that the holder of crypto assets should remain aware of the risks associated with Bitcoin and its linked products.

Todays decision by the SEC brings new opportunities for the investors to participate in Bitcoin market.However,with all the investment they are well aware of the potential reward and risk.

SEC Commissioner Hester Pierce, recognized as “Crypto Mom” for her enduring support of cryptocurrencies, issued her statement regarding Wednesday’s actions.

“I’m delighted that we are at the end of this saga. I know there is still pieces of it to go but this is a big milestone”. Peirce sharply points out that the SEC’s prior inaction “forced retail investors into less efficient routes for accessing Bitcoin in the securities markets. Rather than admitting fault SEC attempts to rationalize its sudden change of heart.”

In her words, “We wasted a decade neglecting our duties. If we had applied the standards used for other commodity-based ETPs, we could have approved these products years ago. However, we persisted in our resistance until a court called our bluff.”

She added “It is the time of celebration for the american investors to express their thoughts by buying and selling spot Bitcoin ETPs.

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