Bitcoin ETFs: What does the SEC’s approval mean for investors? – The National

Bitcoin ETFs: What does the SEC’s approval mean for investors? – The National

It has been more than a decade since the US Securities and Exchange Commission first rejected an application by Cameron and Tyler Winklevoss, the billionaire co-founders of cryptocurrency exchange Gemini, for a Bitcoin exchange-traded fund as it was too risky for investors.Exactly 3,845 days after that first application – and in a major victory for the cryptocurrency sector – the regulator on Wednesday finally approved the country’s first spot Bitcoin ETFs, clearing the way for trading to begin today on the New York Stock Exchange, Cboe Global Markets and the Nasdaq and making Bitcoin more accessible to retail traders.The price of Bitcoin initially jumped on the news, rising to $46,919.49 on Wednesday night. It has since pared those gains and was trading at $46,806.36 as of 3pm UAE time on Thursday.The SEC’s decision marks a historic chapter in the cryptocurrency sector, according to Richard Teng, chief executive of Binance, the world’s largest cryptocurrency exchange.“The approval illustrates a new level of acceptance, maturity and mainstreaming of the crypto market, providing the industry with more credibility and potential for further innovation,” Mr Teng says.“Bitcoin ETFs will provide easier access to the crypto market, attracting more investors and liquidity.”A US court ruling in