Breakthrough in the world of digital assets. The SEC, the US financial supervisory authority, has approved the marketing of investment products based on Bitcoin, known as exchange-traded funds (ETF).
The American Consob has given the green light to the 11 proposals that have arrived on its table, paving the way for trade as early as Thursday. Among the 11 investment houses involved, it is also present BlackRocki.e. the first fund in the world for assets under administration for a total amount of almost 10 trillion dollars.
The announcement signals a clear reversal of direction by the SEC which, for years, has resisted the crypto assets deeming them too risky and subject to fraud and market manipulation. ETFs, funds listed on Wall Street, will follow as faithfully as possible the performance of the first and most famous cryptocurrency in the world, whose value increased by almost 160% in 2023.
The authorization of these ETFs will allow institutional and retail investors to easily invest in this cryptocurrency through regulated savings products, without having to hold the Bitcoins directly. “The approval translates into greater supervision,” said the president of the American Consob, Gary Gensler, however urging investors to be cautious with crypto assets.
The change of direction
After resisting Bitcoin ETFs for years, the American Consob was backed into a corner by a federal appeals court, according to which the rejection in 2022 of the request presented by Grayscale was “arbitrary and capricious”. And so the SEC found itself taking the historic decision to open the crypto world to the general public.
The “fake” ad on X
Shortly after 4pm on Tuesday a post on the SEC’s X account announced that the Bitcoin ETF had been approved. However, the message was false: the American Consob account had in fact been hacked, throwing the world of Bitcoin into chaos. The incident fueled concerns about X’s security in Elon Musk’s management and seemed to embody the SEC’s biggest fears about the digital world.
A hacking while one of the most important decisions in the 15 years of Bitcoin’s life was awaited by an American Consob apparently skeptical of cryptocurrencies, it was in fact a mockery for the SEC and its president, who has always been worried about market manipulation and other forms of misconduct in the world of digital currencies. The investigation into the hacking is ongoing, with the FBI involved. According to preliminary investigations by
The price of the cryptocurrency
After the Sec has given the green light to the listing of the first ETF on Bitcoin, the price of the cryptocurrency remains calm on the online markets: at the start of the day in Europe Bitcoin is moving around 46 thousand dollars, in line with yesterday’s values.
The position of the ECB
“It is very unlikely that the ECB will ever buy Bitcoin” commented Isabel Schnabel, cmember of the Executive Committee of the ECB responding, via X, to those who ask when the monetary institution could purchase the cryptoasset.
“Bitcoin – added Schnabel in another message on the social network – is a speculative asset that does not have our criteria for foreign currency reserves”. The objective of managing the ECB’s foreign currency reserves is, in fact, to have liquidity, securities and returns.