Bitcoin ETFs Gain SEC Approval for Eleven Spot Listings

Franklin Templeton celebrates bitcoin ETFs approvals with a profile picture change, and the historic news is elusive on the SEC homepage.

In light of a sequence of occurrences that have engendered disapproval among cryptocurrency advocates, including Securities and Exchange Commission (SEC) commissioner Hester Peirce, the SEC has authorized eleven spot Bitcoin ETFs. 

Cryptocurrency speculators, eagerly anticipating the historic declaration released on Wednesday, reacted positively to it beyond all expectations. Approval of petitions was granted by the Securities and Exchange Commission to Blackrock, ARK, and WisdomTree, among others. 

Reportedly, the SEC commissioners conducted a vote in which three commissioners voted in favor and two commissioners voted against. Gary Gensler, chairman of the Securities and Exchange Commission; Mark Uyeda; and Hester Peirce, an advocate for bitcoin, all expressed their unexpected support.

Strong evidence suggests that Commissioners Crenshaw and Lizárraga cast their votes in opposition to the exchange-traded funds for spot bitcoin.Commissioner Peirce delivered a scathing critique of the protracted and convoluted process the SEC had to endure to “grudgingly” approve these Bitcoin ETFs following the approval. 

According to Peirce’s writings, he was quoted as saying, “To accomplish our task, we wasted a decade of opportunities.” The ruling rendered today does not undo the manifold damages that resulted from the differential treatment of spot bitcoin products. 

The commissioner stated that the SEC’s “arbitrary and capricious treatment” would “continue to undermine [its] reputation well beyond the cryptocurrency industry.”

Peirce asserts that the “disproportionate” quantity of resources redirected to these applications has diminished the efficiency of other SEC programs and, more importantly, has caused a “manufactured frenzy” concerning exchange-traded funds that track spot bitcoin. 

Indeed, the Securities and Exchange Commission has faced allegations of partiality regarding the postponement of specific licenses. According to Peirce, the Securities and Exchange Commission offers a feeble justification for its reversal of position rather than acknowledging its error.

Peirce further argues that these decisions were merely the result of judicial coercion.

Several people have appreciated Peirce’s resolute response to the SEC’s clearance. The Securities and Exchange Commission has unquestionably created the appearance of extreme disarray, as demonstrated by a peculiar “hack” that led to the premature publication of approvals and by the deletion and reupload of yesterday’s release. 

Cryptocurrency devotees promptly identified and rectified these errors. Aside from the anticipated celebrations, X (formerly known as Twitter) reacted angrily to the SEC’s tumultuous proceedings, uncertainty, and mistakes that accompanied this momentous ruling. 

Free Cryptocurrency Memes that Identify Bitcoin ETFs Approvals

The chair of Gensler’s announcement explicitly stated that “although we authorized the trading and listing of specific spot bitcoin ETP shares today, we did not endorse or promote bitcoin.” 

A prudent stance is crucial for investors concerning the manifold risks associated with Bitcoin and other assets whose value is pegged to cryptocurrencies. Specific individuals within the cryptocurrency community have described this clarification as having a “salty tone.”

Specific individuals engaged in jests regarding the prospect that Senator Elizabeth Warren, a longtime critic of the dangers linked to Bitcoin, might have an unsettling discussion with Gensler.

Warren, rather than endorsing eleven-spot Bitcoin ETFs, has espoused the implementation of more rigorous regulations. Following the disclosure, several prominent individuals within the financial industry conveyed their elation.

Franklin Templeton, an organization specializing in asset management and bearing Benjamin Franklin’s likeness as its emblem, recently altered its X profile picture to depict what seems to be a senior Franklin sporting laser eyes.

Approval was granted to several of the firm’s ETFs, including the Franklin Bitcoin ETFs (EZBC). The determination has led to a 3.6% surge in the value of Bitcoin, which is currently valued at $47,120 (as of the time of this publication).

The location of the historic news remains unattainable on the SEC homepage.  The determination has led to a 3.6% surge in the value of Bitcoin, which is currently valued at $47,120 (as of the time of this publication).

The location of the historic news remains unattainable on the SEC homepage.