Bitcoin ETF

Bitcoin

Gary

Spot

You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/sec-chairman-signals-progress-with-spot-bitcoin-etfs-despite-concerns" rel="noopener noreferrer nofollow">SEC Chairman Signals Progress with Spot Bitcoin ETFs Despite Concerns</a> 
Despite a downturn in <a href="https://en.bitcoinhaber.net/bitcoin-analysts-predict-price-increase-based-on-key-indicators" rel="noopener noreferrer nofollow">Bitcoin</a> prices, a recent Wall Street Journal report revealed that UBS is offering its clients Bitcoin ETFs. The move by UBS is seen as a precursor to a wider adoption by other asset managers, banks, and retirement systems, with significant market entries anticipated in this phase. SEC Chairman Gary Gensler shared insights on CNBC about the current state of Bitcoin ETFs.
The SEC commission, consisting of five members, had two opposing a spot Bitcoin ETF. However, Gensler’s affirmative vote, along with two other members who had reservations but did not dissent, was decisive. It’s worth noting that regulators did not exhibit such caution before the 2008 financial crisis when companies traded with high leverage.
Gensler pointed out that a court ruling in favor of Grayscale influenced the SEC’s positive stance on Wall Street’s spot Bitcoin ETF trading. He felt compelled to follow the new court decision, emphasizing respect for the rule of law and the judiciary as the most sustainable way forward.
Despite the progress, Gensler reiterated that the approval of Bitcoin ETFs does not equate to an endorsement of Bitcoin itself. The repeated clarification suggests the SEC’s intent to minimize the perception of legitimacy granted to Bitcoin through their approval.
According to Yahoo Finance, Grayscale’s GBTC reached a cumulative volume of $6 billion, with a trading volume of $2.3 billion, highlighting the growing interest in Bitcoin investment vehicles.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/sec-chairman-signals-progress-with-spot-bitcoin-etfs-despite-concerns" rel="noopener noreferrer nofollow">SEC Chairman Signals Progress with Spot Bitcoin ETFs Despite Concerns</a></h5>

SEC Chairman Signals Progress with Spot Bitcoin ETFs Despite Concerns

BH NEWS

Other articles published on Jan 12, 2024

A Popular Analyst Figures Out the Next Price Action for Ethereum: Says ETH Price May Reach These ...

Ethereum Surges Past Key Resistance, Analyst Foresees Rally to $3,500

South Korea’s Major Firms Halted Bitcoin ETFs Services!

Elon Musk Still Bullish on Dogecoin (DOGE)

Shiba Inu Loses Ground as Rebel Satoshi Gains, Approaching $0.025

Deciphering Bitcoin’s Future: Insights from Crypto Analyst Pentoshi

Join our free newsletter for daily crypto updates!