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The SEC officially approved the listing of 11 Bitcoin Spot ETFs.
The U.S. Securities and Exchange Commission (SEC) today officially approved the listing and trading applications for 11 spot Bitcoin exchange-traded products (ETPs). The SEC chairman released a related statement on the official website, explaining the commission's decision-making process and considerations.
The statement pointed out that the committee has been evaluating the rule submissions of the national securities exchange in accordance with the Exchange Act and its related regulations. During the evaluation process, the committee maintains a neutral stance and does not express opinions on specific companies, investments, or the assets underlying ETPs.
The chairman emphasized that this approval is limited to ETPs holding non-security commodity Bitcoin. This does not mean that the committee will approve listing standards for other crypto asset securities, nor does it represent any opinion from the committee on the status of other crypto assets under federal securities law. He reiterated that most crypto assets are considered investment contracts and are governed by federal securities law.
The approved Bitcoin ETP will provide investors with some protective measures:
The issuer needs to provide complete, fair, and truthful product disclosures.
The product will be listed and traded on regulated national exchanges, which must establish rules to prevent fraud and manipulation.
The existing rules and standards will apply to the purchase and sale of ETPs, including relevant provisions for brokers and investment advisors.
SEC staff are currently reviewing multiple registration statements for spot Bitcoin ETPs to ensure a fair competitive environment.
The chairman pointed out that the SEC has rich experience in regulating spot non-securities commodity ETPs, which is very valuable for overseeing Bitcoin ETP trading. He also reminded investors that, unlike traditional metal ETPs, Bitcoin is primarily a speculative and volatile asset, and is also used for illegal activities.
Finally, the chairman emphasized that although the listing and trading of these products have been approved, the SEC has not recognized Bitcoin itself. He urged investors to remain vigilant about the risks associated with Bitcoin and related products.