On Wednesday local time, the U.S. ** Exchange Commission (SEC) approved a Bitcoin spot ETF for the first time in history, authorizing 11 ETFs to start listing and trading on Thursday.
The US SEC said it has approved the listing of spot bitcoin ETFs through an expedited mode. Approved spot Bitcoin ETF issuers include: Grayscale, Bitwise, Hashdex, iShares, Valkyrie, Ark 21Shares, Invesco Galaxy, Vaneck, Wisdomtre, Fidelity, and Franklin.
In addition, according to a notice posted on the CBOE** on the same day on Wednesday, spot bitcoin ETFs from multiple issuers are scheduled to begin trading on Thursday.
After the news of the approval of the Bitcoin spot ETF came out, the digital currency** was less than 1% to less than $46,000.
The approval of the Bitcoin spot ETF will allow investors to trade the digital currency in their traditional brokerage accounts, rather than on those startup platforms. Previously, the cryptocurrency industry has experienced a series of scandals and bankruptcies, and various startups have come under increasing scrutiny.
Crypto investors have been eagerly awaiting the eventual regulatory approval of the Bitcoin spot ETF, which will give mainstream investors more peace of mind about the digital currency. Analysts expect up to $4 billion in inflows on the first trading day after the approval of the Bitcoin spot ETF.
The approval of the US SEC is in fact a rare compromise. Bitcoin spot ETFs were proposed back in 2013, and for 10 years after that, the current chairman of the SEC, Gary Gensler, and his predecessor, Jay Clayton, refused to allow such products to be launched, citing Bitcoin's volatility, concerns about investor protection, the possibility of market manipulation, etc.
However, in June last year, BlackRock made a surprise application. In August last year, Grayscale Investments won a key lawsuit against the US SEC, in which a judge of the Washington D.C. Circuit Court of Appeals ruled that the SEC's decision to approve the Bitcoin ** ETF and reject Grayscale's decision to convert GBTC to a spot Bitcoin ETF was "arbitrary and capricious."
The above case sparked a big crypto boom as there was speculation that the US SEC would eventually have to compromise and give the green light to the growing call for spot Bitcoin ETFs.
On Tuesday, there was a farce surrounding the approval of a Bitcoin spot ETF.
At the end of the U.S. stock market on Tuesday, January 9, Eastern time, the SEC announced on the official account of Social **X (formerly known as Twitter) that it had approved all Bitcoin spot ETFs to be listed on the National Exchange of Trade, and also claimed that the approved ETFs will continue to be supervised to ensure that their compliance measures have always protected investors.
Soon after, SEC Chairman Gary Gensler posted through his personal X account that the SEC's official X account had been hacked and an unauthorized post had been made, and that the SEC had not approved the listing and trading of spot Bitcoin ETFs.
On Wednesday, the SEC said the FBI was investigating the hacking of the agency's X account.
Earlier that day, on the eve of the SEC's final ruling on the listing of Bitcoin spot ETFsPotential Bitcoin ETF issuers have further reduced fees to attract investorsHighlight the fierce competition in this field.
BlackRock cut fees for its iShares ETF by 5 basis points to 0., according to its latest filing with the US SEC on Wednesday25%, in addition to reducing the initial launch of the **, investors pay 012% instead of 020% rate.
Industry insiders believe that BlackRock's fee reduction can be described as a direct hit, because BlackRock's brand effect and distribution channels, their products are the most popular, this time they cut the price so quickly, and it is a blow to its competitors, that is, other ETF issuers.
Another document shows that the ark ARK of "Sister Wood" will be 0The 21% rate is listed, 4 basis points lower than its proposed rate on Tuesday.
BlackRock and ARK's fee cuts come after several other potential issuers of Bitcoin ETFs — Invesco, Valkyrie, Wisdomtree, and others — expressed a desire to lower fees on Tuesday. Bitwise is still the cheapest option at the moment, charging 020% rate.
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