After a head-spinning and bizarre chain of events, U.S. financial regulators have formally approved new bitcoin exchange-traded funds. The move is being heralded as a landmark moment in the history of cryptocurrency and its acceptance into mainstream financial markets.
In its approval announced on Wednesday, the Securities and Exchange Commission (SEC) expressed its long-standing discomfort with cryptocurrencies.
“While we approved the listing and trading of certain spot bitcoin ETP [exchange-traded product] shares today, 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,” wrote the agency.
Exchange-traded funds pool assets
