SEC Approves Bitcoin ETFs (For Real, This Time)
The landmark regulatory move will open the door to broader investment in the cryptocurrency.
After a hilarious fake out yesterday, the US Securities and Exchange Commission (SEC) *officially* approved 11 Bitcoin ETFs, giving the crypto world a much needed win. The ETFs will make it easier for normal, non-web3 people to invest in the cryptocurrency, opening up the opportunity for broader interest in the digital asset.
On Wednesday, in a process that was thoroughly confusing and appropriately ass-backward, the SEC uploaded a document to its website announcing the approval of the first spot Bitcoin ETFs. However, the agency then inexplicably deleted the document, making it impossible for most media outlets to verify its decision. A few journalists and crypto stans took screenshots and videos of the document before it disappeared, publishing them to X to prove that the government had approved the funds. A statement from the SEC reported by Reuters confirmed that the ETFs had been approved.
The financial and crypto communities have been on pins and needles for weeks, waiting for the SEC to deliver its verdict. Many expected that the government would approve the ETF applications—largely because a bevy of major financial firms, including Fidelity and Blackrock, have filed to launch them. Now that the government has officially endorsed the funds, it is expected that there will be much competition to draw in investors.
The journey through that approval process presented many interesting bumps in the road, however. In addition to Wednesday’s weird document flub, the approval process was marred Tuesday by the hacking of the SEC’s X account. The acccount compromise allowed an unknown cybercriminal to post a bogus tweet that claimed (prematurely) that the ETFs had been approved. The tweet subsequently sent the price of Bitcoin on a minor rollercoaster ride and led to conspiratorial accusations by the crypto community—many of whom claimed they were victims of a government plot. The SEC and X now say they are both investigating the incident to try to understand what happened. . ."
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