This is not yet recognition of Bitcoin by the US government. The first application for a spot ETF, filed with the SEC back in 2013 by the Winklevoss brothers, was rejected in 2017. Despite the passage of time, the SEC's views on the nature of digital assets have not changed at all. Here's the statement he made with yesterday's approval of exchange-traded funds:
“...Bitcoin is primarily a speculative, volatile asset that is also used for illegal activities, including ransomware, money laundering, sanctions evasion and terrorist financing. Today we approved the listing and trading of certain shares of the bitcoin spot ETP, but we did not approve bitcoin."
The general message of the statement is that the SEC would have continued to prevent the emergence of an investment product if not for the judges’ peculiar interpretation of the securities law. A further waiver was no longer possible following the appeals panel's decision in favor of Grayscale in a case involving the conversion of a trust fund into a spot ETF.
Yes, I know this completely, and I know that they did not accept Bitcoin as a currency, simply because Bitcoin, in its nature, violates the basic principle upon which all governments are based, I mean centralization and control.
Therefore, I said that this approval is an implicit recognition of Bitcoin, because they never accepted Bitcoin as a currency, but they were forced to recognize Bitcoin by virtue of a de facto policy. I mean, Bitcoin exists on the ground and people use it in secret and in public, and this can no longer be ignored any longer.