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SEC gives bitcoin ETFs the green light

After a false start Tuesday, the Securities and Exchange Commission gave its approval Wednesday for some investment companies to offer “spot bitcoin” exchange-traded funds.

The regulator’s highly anticipated move is expected to make bitcoin investing more accessible to Main Street investors, without requiring them to own the digital asset directly.

SEC Chair Gary Gensler made it clear in a statement that the agency remains wary. “While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” he wrote in a statement posted on the SEC’s website.

The SEC had a deadline of January 10 to offer a decision for just one of the 11 firms that applied to offer bitcoin ETFs. On Wednesday it offered approval to all of 11 of them.

Supervisor194 ,
@Supervisor194@lemmy.world avatar

“This is good for Bitcoin.”

Buffaloaf ,

“Giant casino installs video poker machines”

AnomalousBit ,

Great, let’s flush more gigawatts down the toilet and gigatons into the atmosphere for pointless fiat

bigMouthCommie ,
@bigMouthCommie@kolektiva.social avatar

the whole bitcoin network could be run on a cleverly configured raspberry pi. allowing people to trade it doesn't cause any more energy to be used.

AnomalousBit ,

Ifs and buts can suck my nuts

bigMouthCommie ,
@bigMouthCommie@kolektiva.social avatar

what I said is true.

AnomalousBit ,

We could create a donkey that shits out gold coins when we feed him Fruity Pebbles. Hypotheticals aren’t true.

bigMouthCommie ,
@bigMouthCommie@kolektiva.social avatar

no, you cant

bigMouthCommie ,
@bigMouthCommie@kolektiva.social avatar

alchemy isn't real, but blockchains are, and there is no reason you couldn't use the bitcoin code to start a new blockchain and run it on a raspberry pi. there is nothing in the code that dictates it take enormous power.

tyrant ,

Except for the reward and competition to do so

Coach ,

Thought we already had Bitcoin ETFs (i.e. BITO, BTF, BITS).

anonymouse ,

I think it was already allowed in Europe, but now in the US as well

Nerrad ,
@Nerrad@lemmy.world avatar

It seems anti-climactic after yesterday.

SaltySalamander ,
@SaltySalamander@kbin.social avatar

Pretty sure that was the point

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