The U.S. Securities and Exchange Commission (SEC) approved the listing of Bitcoin spot exchange-traded funds (ETFs) on the 10th (local time).
In a statement released that day, the SEC announced the approval of 11 Bitcoin spot ETFs, including Grayscale, Bitwise, and Hashdex. This official approval decision was disclosed just one day after a commotion caused by fake approval news posted on the SEC's X (formerly Twitter) account. As a result, institutional and individual investors will be able to invest in Bitcoin spot ETFs starting from the 11th without directly holding Bitcoin. ETFs are products that list index funds on exchanges, allowing them to be bought and sold like stocks, enabling continuous trading.
Gary Gensler, SEC Chairman, explained in the statement that this approval took into account court rulings. He referred to cases where the federal appeals court found the SEC's failure to approve the ETF proposed by Grayscale Investments lacked adequate explanation, stating, "I believe the most sustainable path is to approve the listing and trading of these Bitcoin spot ETFs."
He also said, "The Commission will evaluate whether it is designed to protect investors and the public interest, and whether it complies with the Securities Exchange Act and its regulations," adding, "Today's action will include specific protective measures for investors."
In particular, Chairman Gensler emphasized that Bitcoin is a highly volatile speculative asset also used for illegal activities such as ransomware, money laundering, sanctions evasion, and terrorist financing. He noted, "Today's Commission action is limited to ETFs holding Bitcoin," and clarified, "This is by no means a signal of intent to approve listing standards for cryptocurrency asset securities." Furthermore, he urged, "This is not an approval of Bitcoin itself. Investors should exercise caution regarding the risks associated with products linked to Bitcoin and other cryptocurrencies."
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