From Morningstar:

In a watershed moment for cryptocurrencies, the US SEC has approved 11 Bitcoin spot ETFs, ending a decade-long battle and opening the doors for a new class of investors to gain exposure to the digital currency. The approval comes after an unauthorized tweet prompted SEC Chair Gary Gensler to clarify the decision was compromised.

The SEC’s approval of several spot bitcoin exchange-traded funds paves the way for trading to begin as early as today. Despite the news, Bitcoin’s price remained mostly flat around $46,742, rebounding briefly after the false tweet, according to CoinDesk data.

The approved ETFs include Grayscale Bitcoin Trust, Bitwise Bitcoin ETF, Valakrie Bitcoin Fund, and others, marking the end of a series of failed attempts by ETF sponsors due to concerns about unregulated markets and market manipulation.

Following a federal judge’s ruling last August, the SEC’s reasons for denying Grayscale Investments’ application to list a bitcoin ETF were deemed “arbitrary and capricious,” leading to today’s decision.

SEC Chair Gary Gensler cites a change in circumstances for the commission reversing its stance, stating that “circumstances have changed”, and that the agency’s prior rationale for disapproving the ETF was no longer sufficient.

The approval of the Bitcoin spot ETFs is seen as a pivotal moment for institutional demand for Bitcoin and the overall growth of the cryptocurrency market. However, uncertainties remain about the accessibility of similar ETFs for UK retail investors due to the extreme volatility and difficulties in valuing crypto-assets flagged by the UK’s FCA.

In the UK, Jason Hollands, Managing Director at DIY investing platform Bestinvest, expressed doubt about the availability of Bitcoin or other cryptocurrency ETFs to retail investors any time soon due to regulatory requirements and the aim to increase consumer protection under the FCA’s Consumer Duty principle.



Read more: SEC Approves Spot Bitcoin ETFs for Trading