In a new development surrounding the Bitcoin Spot Exchange-Traded Funds (ETFs) approval, a report has revealed that the majority of the United States Securities and Exchange Commission (SEC) officials voted in favor of the approval.
Bitcoin Spot ETF Approval Prevail In Vote
On Wednesday, January 10, the US regulatory agency approved the much-anticipated Bitcoin spot ETF, which has sent shockwaves all around the crypto space. This event took place after the SEC commissioners cast their votes on whether to approve or reject the several applications for BTC spot ETFs.
Eleanor Terrett, a Fox Business Journalist and Producer, took to X (formerly Twitter) to share the result of the voting exercise on the social media platform.
In her X post, Terrett highlighted a total number of five SEC commissioners involved in the voting exercise. These include the SEC chairman Gary Gensler, Hester Pierce, Mark Uyeda, and among others.
Terrett released a document that shows that three out of the five officials voted in favor of the spot ETFs, while two voted against the products. The result also revealed the US regulator’s chairman was the first to vote in favor of the approval.
In addition, SEC officials Hester Peirce and Mark Uyeda were also in support of the ETFs. Meanwhile, other commissioners such as Caroline Crenshaw and Jaime Lizárraga were against the products.
Before now, the SEC has rejected the introduction of the BTC spot ETFs, arguing that they entail significant risk. However, following a crushing legal setback with Grayscale last year, the watchdog found itself under tremendous pressure.
The asset firm sought to convert its Bitcoin Trust into an ETF, but the SEC denied the proposal, which the court criticized. The court deemed the SEC’s decision “arbitrary and capricious,” demanding that the regulator review the application before making a decision.
According to Gensler, since the court remanded the case to the commission, approval might be the way forward. “I feel the most sustainable path forward is to approve the listing and trading of these spot Bitcoin ETP shares,” he stated.
Expectations Around The BTC ETFs Approval
After much consideration and expectation regarding the launch of spot Bitcoin ETFs, the SEC has approved the Spot ETFs for trading, and they are expected to launch today, January 11.
So far, analysts and experts anticipate that the authorization of Bitcoin ETFs will cause a spike in institutional money entering the BTC market. As a result, the price of BTC might reach unprecedented heights once again.
BTC trading at $46,330 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Author: Godspower Owie