This week witnessed a historic development, as U.S. regulators approved all 11 spot BTC ETF filings. Afterward, Bitcoin retested the $49,000 level for the first time in 24 months. Meanwhile, USDC issuer Circle filed to go public in the U.S.

Developments around the spot BTC ETF

• This week, the crypto industry expected a decision from the Securities and Exchange Commission (SEC) on the multiple filings for spot BTC ETF products in the U.S. Several asset managers looking to launch the product filed amendments to include disclosures on fees for the products.

• As anticipation heightened, on Jan. 8, SEC chair Gary Gensler publicized a series of warnings on X, advising investors to be wary of the risks involved in exposure to cryptocurrency investments.

• These warnings carried a mixed undertone, interpreted differently by the crypto community. While some commentators believed it signaled an imminent approval of the ETFs, others asserted it could be a plan to reject the filings, citing risks in the industry.

Misleading SEC announcement

• On Jan. 9, the official X account of the U.S. SEC announced that the agency had approved the ETF products. Gensler’s account confirmed minutes later to debunk the disclosure, noting that the SEC’s account X suffered a hack.

• Amid the false disclosure, Bitcoin’s price surged and then recorded a sharp drop. The crypto market followed suit. As a result, lawyers disclosed plans to investigate a potential case of market manipulation. 

• Shortly after the development, some U.S. lawmakers wrote to the SEC, seeking a clear explanation of the events that led to the breach of its X account and the subsequent misleading announcement. 

• Gensler assured that there were no further breaches to the account. 

SEC approves all spot BTC ETF produ
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Author: Wahid Pessarlay

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