The SEC Approves Spot Bitcoin Exchange-traded Funds

Despite a delay on Tuesday, the SEC has now given approval for some investment companies to offer spot Bitcoin exchange-traded funds.

This decision is anticipated to make Bitcoin investment more accessible to Main Street investors without them having to own the digital currency directly.

SEC Chair Gary Gensler released a statement on the agency’s website expressing caution and emphasizing that the approval of trading does not equate to an endorsement of Bitcoin.

On January 10, the SEC had a deadline to decide on one firm’s application, but has since approved all 11 of them.

Bitcoin, with a market cap of around $900 billion, has had a tumultuous journey with price fluctuation since its inception 15 years ago.

The false news of SEC approval was circulated on Twitter, but the platform later claimed that the SEC’s account had been compromised. Following the official announcement on Wednesday, the price of Bitcoin saw a small increase.