SEC Approves Bitwise Spot Bitcoin and Ethereum ETF
The US Securities and Exchange Commission (SEC) approved Bitwise’s Bitcoin and Ethereum ETF to provide investors with the exposure of two cryptocurrencies. The approval was based on “acceleration” on Thursday, allowing the fund to track the spot Bitcoin (BTC) and Ethereum (ETH) based on its market value.
The approval marks a major change in the supervision pattern under the leadership of the Trump administration, because several companies have recently tried to include new encrypted products in SEC. Bitwise ETFs launched with the New York Stock Exchange (NYSE) aims to provide mainstream investors with opportunities to get Bitcoin and Ethereum. NYSE ARCA submitted the necessary documents for ETF in November 2024.
“Especially, the committee discovered that the proposal was consistent with Article 6 (B) (5) of the Trading Law. In addition to the other, the bill requested the rules of the exchange to” prevent fraud and manipulation the bill and practice “and “Generally speaking, protect investors and public interests,” The agency said.
It added: “The committee discovered that, like other ETP approved by the committee, the proposal was reasonably designed to promote fairly disclosing information. Please rest assured to protect the non -public information related to the material related to the trust fund investment portfolio and ensure the fair and orderly market of the stock. “
This approval was after a series of changes in SEC’s position in encrypted products, including the former SEC chairman Gary Gensler’s previous hesitation approved the Bitcoin ETF transaction, which occurred only after the court’s decision.
