Bitcoin ETFs Get SEC’s Blessing in Milestone for Crypto Accessibility
The expected move comes a day after the regulator’s X account was hijacked, briefly rocking the markets with a fake notice that the ETFs had been approved.
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The U.S. Securities and Exchange Commission cleared the way for the first Bitcoin ETFs to be brought to market in a widely anticipated move on Wednesday that advocates hope will get more Americans to invest in the cryptocurrency. The federal regulator announced it had approved the applications of 11 major financial firms to offer ETFs, or exchange-traded funds, that hold Bitcoin to the public. Trading on the products could begin as soon as Thursday. The announcement followed a brief uproar in the market on Tuesday caused by a tweet from the official SEC account that the funds had been approved. The SEC quickly deleted the post and said its account had been “compromised,” drawing fire from Republican lawmakers who decried the agency’s “colossal error.” On Wednesday, the SEC said that the FBI is investigating the apparent hack.
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