The Securities and Exchange Commission reluctantly approved the first exchange-traded funds that hold bitcoin Wednesday, saying that it is still deeply skeptical about cryptocurrencies and that it "did not approve or endorse bitcoin" in its decision. The SEC said it is finishing the approval of 10 exchange-traded funds for bitcoin even though it only faced a deadline for one application, the AP reports. The agency said this action would give the market enough competition and provide a "level playing field" for the new entrants.
An exchange traded fund, or ETF, is an easy way to invest in something or a group of things, like gold, junk bonds, or bitcoin, without having to buy the things themselves. Cryptocurrency advocates hope the development thrusts the once niche and nerdy corner of the internet even further into the financial mainstream. The regulatory greenlight has been anticipated for several months, and the price of bitcoin has jumped about 70% since October. In a twist perhaps appropriate for the unpredictable crypto industry, a fake tweet Tuesday from the Securities and Exchange Commission's account on X stated that trading of bitcoin ETFs had been approved, but the agency had not issued any approval.
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