SEC Approves Bitcoin ETF Proposals

The SEC for the first time approved exchange-traded funds that invest directly in Bitcoin. The commission authorized 11 funds to begin trading Thursday. Kailey Leinz and Sonali Basak have more.

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Ay uh let’s try this one more time uh what do we know what’s happening well we know that approval actually has happened this time around this is approval of two necessary filings that were necessary for these products to actually uh do what they intended to do one being the 19 B4

Filings that is the exchanges that will list these products the others the s1s many revisions uh that we’ve seen in recent days were to those S1 filings that also had to be approved by the SEC so that is what we know at this point of course this was a highly anticipated

Decision despite the events of yesterday the confusion around whether or not approval had happened at that point it turned out it did not but it is indeed happening now these spot Bitcoin products for the first time in ETF form being approved here in the US uh all 11

Of them remain I’m going to just jump in here and bring in shanali bassek who is uh of course uh covering crypto as well shenali what have you been hearing from the folks you’ve been talking to yeah it’s interesting because we’ve had the initial approvals and we have some big

Issuers already coming out with statements for example grayscale one of the biggest ones had said that they’re happy to confirm that the grayscale team has received the necessary regulatory approvals to list gbtc to the N ARCA and will share a press release shortly we expect these firms to start trading

Their ETFs tomorrow so tomorrow will be a large day for for these issuers all right we are getting uh that confirmation crossing the terminal the great scale Bitcoin trust has been approved here are a few others that have also been approved the bitwise Bitcoin ETF has been approved the hash Bitcoin

ETF has also been approved uh proposals from I shares Bitcoin trust has also been approved and the valkyrie Bitcoin fund has also been approved we can keep going through these they’re going to keep trickling in here Vanek and vesco so we’re starting to get the confirmation here of all the individual

Ones uh Chenal about the ones that have improved not much of a surprise right I mean we expected this to happen and the names that we’re seeing here right now are the ones that are going to be first out the gate all 11 and so remember the first mover Advantage is very important

Important when it comes to the ETF world when this happened in Futures you saw many assets flow to the first one out the gate now tomorrow what’s going to be interesting is that war on fees and remember the reason we talk about gbtc is they have that $30 billion fund what

Happens to those assets do they stay stable do they go down do they move up uh the choices people make from here in terms of where to go for their Bitcoin exposure will be fascinating but certainly let’s just take a moment here what a historic moment for the Bitcoin

Industry to have this approval after for so many years uh it was a tough 24 hours you and I have been sitting here and even when we first watch the first set of filings go up there are a lot of questions about uh you know how the SEC

Was going to do this a lot of people couldn’t access the filings right after it initially was posted it was posted and then came down uh certainly confusing 24 hours and even last half an hour but we’re here we’re here and we have the headlines are crossing the Bloomberg terminal Kelly lines this

Looks like you know a lot more organized this time around with all the individual headlines on the different ETFs that were filed with the SEC what do we know about how else the SEC is going to communicate with investors about this well they ve very clearly have

Everything laid out in this in this filing room in that or in Scarlet that is available on the SEC website right now I wouldn’t be surprised to see further statement out from um from the SEC in the form of potentially a press release or something uh from the chair

Gary Gensler himself just given how sensitive the communication on this now is especially so because of the events of yesterday making it very clear what information can be trusted uh and what cannot be also knowing that this is going to raise a lot of questions that Regulators may now be having uh to

Answer the idea that now that they have proved this spot product in particular now both Bitcoin Futures and Bitcoin spot ETFs will be trading does that mean that we could see the same for other tokens out there could we be seeing a spot ether ETF a spot xrp ETF those

Kinds uh of questions