On Wednesday, the Securities and Exchange Commission granted approval to 11 applications for the introduction of exchange-traded funds (ETFs) linked to bitcoin. This decision followed an incident where an individual hacked the regulator’s account on X and falsely asserted that the decision had already been finalized.
The green light for bitcoin ETFs signifies a significant milestone for the cryptocurrency sector, providing a more accessible avenue for individuals to invest in digital assets. Notable financial institutions, including BlackRock and Fidelity, were among the approved entities poised to launch these new financial products, potentially commencing trading as early as Thursday. Gary Gensler, the Chair of the SEC and a critic of crypto-market irregularities, emphasized that the SEC’s approval did not constitute an endorsement of bitcoin, cautioning investors to exercise prudence.