In a move widely anticipated, and eagerly awaited, by the industry, the US Securities and Exchange Commission has approved the first US-listed exchange-traded funds (ETFs) to track bitcoin. Many in the sector are calling this a watershed moment for the crypto industry.
Some industry figures have been predicting this move by the SEC for some time. However, the sheer size and influence of the US market, combined with its reputation for being less than welcoming to the crypto-asset market, make this announcement significant. SEC chair Gary Gensler is considered a fierce critic of cryptocurrencies.
