In a historic move, the U.S. Securities and Exchange Commission (SEC) has approved a rule change that would allow the first spot Bitcoin exchange-traded funds (ETFs) to begin trading. The approval is a huge milestone in the cryptocurrency industry as it comes after nearly a decade of persistent efforts and numerous rejections from the SEC.

Initially, the rule change document appeared only briefly on the regulator’s website before disappearing, leading to further confusion following yesterday’s false alarm. However, the document was later added again, putting paranoid crypto minds at ease.

“After careful review, the [SEC] finds that the proposals are consistent with the Exchange Act and rules and regulations thereunder applicable to a national securities exchange,” the commission wrote in the approval notice.

In it, the SEC said that the rule changes will allow the NYSE Arca to list the Grayscale Bitcoin Trust, which is being converted to a spot Bitcoin ETF, and newly list the Bitwise Bitcoin ETF and Hashdex Bitcoin ETF; the Nasdaq will list BlackRock’s iShares Bitcoin Trust and the Valkyrie Bitcoin Fund; and Cboe’s BZX exchange will list ARK 21Shares Bitcoin ETF, the Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, the WisdomTree Bitcoin Fund, Fidelity Wise Origin Bitcoin Fund, and the Franklin Bitcoin ETF.

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Author: Stacy Elliott

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