The digital asset sector has taken a historic step: for the first time, US regulators have approved ETFs. And this may represent a turning point for the operability of the most famous cryptocurrency in the world.
He United States securities regulator, known under the nomenclature SEC for its acronym in English, has made official the change in the organization’s position regarding digital assets: giving the green light to Bitcoin ETFs. A historic decision, despite the fact that the markets were already discounting it, if we take into account that the position of the United States Securities and Exchange Commission, with its president Gary Gensler at the head, had always been against the presence of cryptocurrencies in the market US. But what exactly are ETFs and what does this change mean?
ETFs in Bitcoin, strategic
For the crypto community, the approval of ETFs was strategic for the development and acceptance of currency. These funds allow investors trade in Bitcoin through a much more simplified process, since they are in charge of purchasing and safeguarding the asset. That is, they allow you to invest in Bitcoin, without having to assume the complex purchase and custody process with which the crypto world has always been linked.
Based on futures contracts, these investment funds exhibit the Bitcoin values, favoring its operations through a regulated framework. Interested investors no longer have to trade cryptocurrencies, nor worry about having an account on an exchange to be able to operate. The role of the investor, therefore, lies exclusively in buy the shares of the same, as happens when buying any other share.
Entry into force
As we said in the introduction of this article, this is a decision that the market already discounted. A situation that explains the tranquility of the value of Bitcoin in this regard. Last August, the District of Columbia Court affirmed that ETFs should be considered a legal mechanism to operate, a decision framed in a legal dispute that pitted the well-known investment firm Grayscale against the SEC itself.
This new scenario outlined a new, and optimistic, paradigm after many years of opposition from the SEC towards everything that had to do with digital assets.
With the approval of ETFs, the United States Securities and Exchange Commission inaugurates a new scenario in the crypto world, expanding access to the most internationally known cryptocurrency in a market such as Wall Street. Starting today, the main players in the industry will be able to start trading with Bitcoinin what is supposed to be the beginning of a new cycle in the industry.
A decision not without controversy
As it could not be otherwise, the official publication The decision could not be without controversy. When there were still several hours left to communicate the SEC’s position, the agency’s X account was hacked, stating in advance that the commission had decided to approve Bitcoin ETFs. A situation that caused the value of the cryptocurrency to grow to $48,000 moments later.
Its president, the aforementioned Gary Gensler, was in charge of denying the communication shortly after. Claiming that the commission had been hacked by some specialized group. A paradigmatic situation that takes on even greater value if we take into account that one of the main functions that this organization has is that of avoid possible market manipulations. A situation that has provoked all kinds of criticism from prominent market agents.
In it own document in which the final resolution was made official, Gensler has had time to affirm that “While today we approve the listing and trading of certain spot shares of bitcoin-traded products, we do not approve or endorse bitcoin. Investors should be cautious of the myriad risks associated with bitcoin and products whose value is tied to cryptocurrencies.”, faithful to his classic posture.
After the news, Bitcoin has remained calm, trading around $46,000. While currencies like Ethereum, for their part, have risen 8% in anticipation of possible similar decisions that affect their operability.
