The SEC has approved the first spot Bitcoin exchange traded funds (ETFs). The regulator granted permission to sponsors of ten ETFs, including BlackRock, Invesco and Fidelity, meaning they can start buying Bitcoin for their own ETFs. Although the SEC has approved the listing and trading of certain spot Bitcoin ETFs, chairman Gary Gensler said the securities watchdog has not approved or endorsed Bitcoin, describing it as “primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.” He warned that investors should “remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.”
