Investing News | Jan 11, 2024
The U.S. Securities and Exchange Commission (SEC) has approved the launch of various spot Bitcoin Exchange-Traded Funds (ETFs) applications
As widely reported, the SEC has approved applications for 11 issuers, including major players like BlackRock and Grayscale. The approval of spot Bitcoin ETFs, a process that began in 2013 which tracks the current price of Bitcoin, is expected to open new flows of investment from wealth managers and everyday traders.
See: SEC Hack and Bitcoin ETF Approval Insights
Previously, the SEC had rejected applications for spot Bitcoin ETFs, citing market immaturity and potential manipulation risks. However, the recent approval indicates a change in perception, acknowledging the growing maturity and stability of the crypto market. A watershed moment for crypto.
“Order granting accelerated approval” it’s over. Thank God. pic.twitter.com/qCozlxzSBX
— Eric Balchunas (@EricBalchunas) January 10, 2024
SEC Chair, Gary Gensler, Releases Statement
Outlook
Following the SEC’s approval of Bitcoin ETFs, the price of Ether, the cryptocurrency linked to Ethereum, spiked to its highest level since May 2022. This surge is driven by investor optimism that an ETF for Ether might also be approved.
See: OSC: 2023 Canadian Crypto Survey Insights
However, SEC Chair Gary Gensler has cautioned that the approval of Bitcoin ETFs does not necessarily indicate a similar readiness for other crypto asset securities. Commentators are divided over whether an Ether ETF will be approved in 2024, with some expressing skepticism due to the ongoing debate over whether cryptocurrencies like Ethereum are classified as securities or commodities. As the market responds to this development, it remains to be seen how other cryptocurrencies like Ether will be impacted and whether they too will see similar ETF approvals in the future.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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- Source: https://ncfacanada.org/sec-greenlights-bitcoin-etfs-is-ethereum-next/
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