Finally, the long-awaited event by the Bitcoin community, everyone was waiting for this approval and the big positive results it will have on the market.
Of course, it is expected that the positive effect will begin to appear and cause successive waves of rise in the price of Bitcoin, but what concerns me more than the rise in price is the imposition of a fait accompli and recognition by the American government that is most hostile to Bitcoin.
This approval is an implicit recognition of Bitcoin by the US government. Bitcoin has become an integral part of the global economy and no one can ignore it anymore.
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.