Posted 12/20/2023, 8:13:00 PM
SEC Moves Toward Bitcoin ETF Approval, Opening Crypto to Mainstream Investors While Addressing Regulation Concerns
- SEC expected to approve first spot bitcoin ETF by Jan 10, marking major step toward mainstream crypto adoption in US
- Approval would give retail investors greater exposure to bitcoin through regulated money managers at less cost
- SEC insisting ETFs use unusual "cash creation" method, shifting trading burden from firms to banks like Goldman Sachs
- SEC concerned about bitcoin's potential for illegal uses like money laundering and market manipulation
- Major money managers like BlackRock aggressively lobbying SEC for bitcoin ETF approval, seeing it as a key business priority