Finally, the SEC approved 11 Bitcoin spot ETFs but the SEC chairman is not happy

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Gary Gensler officially stated that the US Securities regulatory body is not in support of Bitcoin or Bitcoin-related financial activities.

On 10 Jan 2024, The United States Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETF applications, after two years of the approval of Bitcoin futures ETF products. 

The crypto community believes that it is a very big victory for the crypto sector in the US Jurisdiction because Bitcoin, the top crypto asset, is officially available for people to buy & sell via the stock market. 

Following this approval news, the trade price of Bitcoin (BTC) failed to show any fluctuation (up or down). 

The SEC chairman Gary Gensler officially stated that approval of the Bitcoin spot ETF applications by the SEC body doesn’t mean that the SEC will approve or endorse Bitcoin. 

Competition among ETF issuers 

Now the inflow of money in the Bitcoin market will take place at a very big level, in billions. All the ETF issuers are trying to attract Bitcoin spot ETF buyers via a low-fee method. 

Top fund manager BlackRock changed its trade fee from 0.25% to 0.12% for the first $5 billion in assets, or for twelve months. 

The majority of the fund managers tried to reduce trade fees, to attract investors in this initial phase. 

Already many experts confirmed that the impact of these Bitcoin ETFs will not be visible in the short term but for the next couple of years it will help to inject billions of funds into this market easily, &  that will help to push the trade price of Bitcoin easily to $200k. 

Amid the current bull sentiments in the crypto market, almost every crypto asset is stable but interestingly the trade price of Ethereum (ETH) surged rapidly.

The current trade price of Ethereum coin is $2,613 & this trade price is 9.6% higher over the last 24 hours trade price. 

Finally, the SEC approved 11 Bitcoin spot ETFs but the SEC chairman is not happy 1

Read also: Top financial guru predicts Bitcoin to hit $150k ahead Bitcoin spot ETF approval