Now, Bitcoin dons legal tag in US via ETP

Still On The Fence

• Dozen spot Bitcoin ETFs available to investors
• Such as those from Grayscale, Fidelity and BlackRock
• SEC denied all attempts to create a Bitcoin ETF for last 10 yrs
• The decision in no way signal approving listing standards

San Francisco: The US Securities and Exchange Commission (SEC) has finally approved a number of spot Bitcoin exchange-traded product (ETP) shares. And with the decision, the world’s largest cryptocurrency has joined the global financial system.

The decision will make around a dozen spot Bitcoin ETFs available to investors, such as those from Grayscale, Fidelity and BlackRock.

“While we approved the listing and trading of certain spot bitcoin ETP shares, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” SEC Chair Gary Gensler said in a statement late on Wednesday. For the last 10 years, the SEC denied all attempts to create a Bitcoin ETF. Gensler said that the decision should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities.

“Nor does the approval signal anything about the Commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws,” Gensler informed.