Last night the Securities and Exchange Commission (SEC) finally approved the first spot Bitcoin ETFs, giving a simultaneous nod to 11 applications.
SEC Chair Gary Gensler acknowledged the August 2023 Court of Appeals ruling, which stated that the SEC was wrong to block the Grayscale Bitcoin Trust from converting to an exchange traded fund (ETF). The judge described the denial as “arbitrary and capricious”.
Referring to the judgment, Chair Gensler wrote, “Based on these circumstances and those discussed more fully in the approval order, I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
