Ark Invest CEO Cathie Wood has responded to a hacker who posted an endorsement for a Spot Bitcoin ETF on “The Claman Countdown.”
After years of hitting a wall, the Securities and Exchange Commission has finally approved a physical Bitcoin exchange-traded fund, making the cryptocurrency more accessible to Main Street investors, Commissioner Gary Gensler said in a statement Wednesday. Announced.
“Today, the Commission approved the listing and trading of a number of spot Bitcoin Exchange Traded Product (ETP) stocks,” he wrote, while also detailing a number of investor protections.
“These products will be listed and traded on registered national stock exchanges. Such regulated exchanges are required to have rules to prevent fraud and manipulation. We will be monitoring closely to ensure those rules are enforced,” he added.
SEC Chairman Gensler’s Statement on Spot Bitcoin ETFS
The move is seen as a game-changer for crypto investors after many companies have repeatedly failed in their attempts to get the green light over the past few years.
About 11 ETFs have been filed with the SEC, including BlackRock, Grayscale, Wisdom Tree and Cathie Wood's Ark Invest.
“The democratization we started to provide our clients with democratic access to innovation has resulted in democratic access to innovation, both in the public market and in pure innovation funds. And now, With our venture into private markets, Bitcoin is an extension of that, democratization, access. We think it's on its way to becoming one of the most important assets in history.” Wood said in an interview on Craman Countdown ahead of the SEC's announcement.
Featured: Valkyrie CIO Steven McClurg talks about Spot Bitcoin ETF
Valkyrie CIO Steven McClurg reacts to companies waiting for spot Bitcoin ETF ruling on 'The Claman Countdown'.
The official announcement comes after Gensler's X account was “compromised” on Tuesday, falsely announcing an endorsement that was quickly retracted. Regulators are currently working with authorities, including the FBI, to determine the root cause of the violations.
SEC Fooled, X Account Hacked, Spot Bitcoin ETFS Disapproved
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler testifies before the Senate Banking, Housing and Urban Affairs Committee during an oversight hearing on September 15, 2022 at the Capitol in Washington, USA. (Reuters/Evelyn Hochstein/Reuters Photo)
Bitcoin rose to the $47,000 level but then fell back, rising 153% in 2023 before rising nearly 11% this year. John Todaro, a senior research analyst at Needham & Company, who expected SEC approval, told FOX Business in December that he expected price fluctuations. If this is higher, more retail investors could be on the sidelines.
Live Cryptocurrency Prices: Here
Bitcoin rebounds early
“Once Bitcoin gets above $50,000, which is a psychological point for many retail investors, I think we'll start to see a wave of some of that money coming back,” he said.
Bitcoin traded at an all-time high of $67,802.30 in November 2021, but has since sunk into the $16,000 to $17,000 range, leaving many on fire.
After the SEC announcement, Etherem rose more than 10% to above $2,500 levels as investors focused more on crypto ETFS.
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