The SEC, or U.S. Securities and Exchange Commission, has recently passed a resolution to allow investors to trade securities referencing the price of Bitcoin on general securities exchanges. This decision has been eagerly anticipated by Bitcoin investors for weeks.
Currently, there are 11 funds that have filed for the establishment of Bitcoin price referencing ETFs. These funds include BlackRock, Fidelity Investments, ARK Investment, Invesco, WisdomTree, and Grayscale. All of them are expected to start trading their funds on the primary exchange board as early as tomorrow.
Gary Gensler, the SEC chairman, emphasized that this approval only allows for the trading of securities referencing the spot price of Bitcoin and does not constitute an endorsement or support for Bitcoin itself. He also advised investors to be cautious of the high risks associated with both Bitcoin and other cryptocurrencies.
The latest trading price for Bitcoin is around $47,400, an increase from approximately $46,000 following the news of the SEC’s approval of Bitcoin-referencing securities.
TLDR: The SEC has approved the trading of securities referencing the spot price of Bitcoin on general securities exchanges. Several major funds are expected to begin trading Bitcoin-referencing ETFs soon. However, it’s important for investors to be aware of the high risks associated with Bitcoin and other cryptocurrencies. The current trading price for Bitcoin is approximately $47,400.
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