'Watershed moment' for crypto as SEC approves 11 spot bitcoin ETFs

Attention turns to UK's FCA

Eve Maddock-Jones
clock • 3 min read

The US financial watchdog has doubled back on its previous disapproval of passive bitcoin products and approved the application of 11 spot bitcoin ETFs for the first time.

The Securities and Exchange Commission said it approved applications from BlackRock, Grayscale,  Ark Investments/21Shares, Fidelity, Invesco and VanEck among others, despite the regulator's risk warnings of the asset. The move was long awaited by the cryptocurrency community, which has seen previous attempts to launch this style of product shot down by the regulator. In a statement, SEC chair Gary Gensler addressed the failed submission for 20 bitcoin trackers last year, which he said were likened to the now approved applications materially. However, he said that "based on these ci...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Alternatives