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The Securities and Exchange Commission (SEC) has announced the accelerated approval of 11 spot Bitcoin exchange-traded funds (ETFs), according to a document that was previously available on the SEC's website, but is currently not due to a 404 error.
The document specifically describes 11 spot proposals Bitcoin ETFs from various entities including Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin.
After a thorough evaluation, the Commission found that these proposals are consistent with the regulations established by the Exchange Act for a national securities exchange, as stated in the document.
The document highlights the recognition that fraudulent activity or manipulation affecting the Bitcoin spot markets could have a similar impact on BTC futures prices.
A Grayscale spokesperson expressed satisfaction, stating:
I am pleased to confirm that the Grayscale team has secured the necessary regulatory approvals for the migration of GBTC to NYSE Arca. We will release a statement soon with further details.
Bloomberg ETF analyst James Seyfarth noted:
It appears that the Bitcoin ETF approval order was posted on the SEC website, but the link is currently down. However, the information in the document appears to be accurate.
Bitcoin ETFs Likely Approved by the SEC
It certainly looks like that # Bitcoin ETF Approval order had hit the SEC website but the link is no longer working. That said, this document looks accurate to me.https://t.co/NhJueWNPJ0 pic.twitter.com/W0ipnlg3j1
—James Seyffart (@JSeyff) January 10, 2024