As of Wednesday, the Securities and Exchange Commission (SEC) has finally given crypto investors what it has been waiting for by approving 11 issuers that applied for the long-sought spot Bitcoin ETFs. Parties approved included businesses such as Grayscale, Ark Investment, BlackRock, VanEck, Wisdom Tree, Fidelity, Invesco Franklin, Hashdex and Valkyrie. Grayscale, the world’s leading crypto asset manager, was approved for listing its Grayscale Bitcoin Trust (GBTC) on the New York Stock Exchange (NYSE), becoming what it is calling “the world’s largest Bitcoin ETF” with over $28.5 billion in BTC under management.
Trading of the Bitcoin ETFs started on Thursday morning, bringing excitement to investors based on the idea that an ETF will bring in a Web2 investment crowd and significant involvement by institutional investors.
The crypto world seems to have pinned its hopes on Bitcoin (CRYPTO: BTC), the world’s leading decentralized digital currency, anticipating that it will reach new heights in value, carrying altcoins with it on its rise to the top.
High hopes for spot BTC ETFs gave the leading coin a boost around the new year, surging 164% at the end of 2023 and starting the new year at its highest level in nearly two years with a valuation above $45,0000.
BTC prices dipped 10% last week based on speculation by Matrixport that the applications would not be approved.
The Regulatory Shuffle Has Stepped On Crypto’s Toes
The question of ETFs is just another step in the uneasy dance between the SEC and the crypto industry, and 2023 was an eventful year full of regulation by way of litigation. The SEC reported in November that it had filed 784 enforcement actions, obtained orders for nearly $5 billion and distributed almost $1 billion to harmed investors.
Benzinga interviewed Jesper Toft, founder and CEO of Global Stability Unit (GSU) Protocol, concerning the SEC’s sometimes unfriendly behavior toward crypto and the policies that will create global winners and losers in Web3 and beyond.
What does the SEC’s approval of spot Bitcoin ETF applications mean for the crypto world?
The SEC’s approval of the Bitcoin ETF is a massive victory for the crypto ecosystem.
What is your POV on SEC legal actions and delays in 2023?
In 2023, it looked like the SEC was panicking and suing everybody to the left…
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