Approval of bitcoin (BTC) exchange-traded spot funds (ETFs) is one of America’s unfinished businesses in the crypto space. The Securities and Exchange Commission (SEC), the body in charge of approving or not approving these funds, has refused to do so on multiple occasions, but it could approve these instruments in 2023.
According to Bloomberg experts Eric Balchunas and James Seyffart explained in an article that the SEC would approve the amendment to the Exchange Law, including in this definition crypto platforms ” that are available to trade any type of value ” . By considering cryptocurrencies as securities, there would be no more hurdles to prevent spot ETF trading.
“Once cryptocurrency exchanges become compliant, the SEC’s primary reason for denying Bitcoin Spot ETFs would no longer be valid, which would likely pave the way for approval,” the specialists noted.
In the middle of last year, the regulator approved futures ETFs and, despite being an important step for crypto investors, it was criticized for resisting cash funds.
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In fact, the president of the SEC, Gary Gensler, received a letter from senators questioning his decisions.