The US financial watchdog has doubled back on its previous disapproval of passive bitcoin products and approved the application of 11 spot bitcoin ETFs for the first time.
The Securities and Exchange Commission said it approved applications from BlackRock, Grayscale, Ark Investments/21Shares, Fidelity, Invesco and VanEck among others, despite the regulator's risk warnings of the asset. The move was long awaited by the cryptocurrency community, which has seen previous attempts to launch this style of product shot down by the regulator. In a statement, SEC chair Gary Gensler addressed the failed submission for 20 bitcoin trackers last year, which he said were likened to the now approved applications materially. However, he said that "based on these ci...
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