SEC Approves First Bitcoin ETFs, Opening Crypto Markets to Mainstream Investors
• SEC approves first Bitcoin spot ETFs, allowing retail investors to gain exposure to Bitcoin through major asset managers like BlackRock and Fidelity
• Comes after years of rejections from the SEC and a recent court ruling forcing the agency to take a closer look at a Bitcoin ETF application
• SEC remains concerned about potential for manipulation in crypto markets but concluded regulated ETFs are better than retail investors trading on unregulated exchanges
• Approval comes after a series of embarrassing missteps by the SEC, including a hack of its Twitter account falsely announcing ETF approval
• Bitcoin price initially spiked on the fake Twitter announcement then sold off once SEC chair clarified the account had been compromised