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The U.S. Securities and Exchange Commission voted Wednesday to allow mainstream investors to buy and sell bitcoin as easily as stocks and mutual funds, a decision hailed by the industry as a game changer.
- The approval could prove to be a landmark event in the adoption of cryptocurrency by mainstream finance.
- The decision will likely lead to the conversion of the Grayscale Bitcoin Trust, which holds about $29 billion of the cryptocurrency, into an ETF.
- Traditional asset managers including BlackRock and Fidelity are also poised to launch bitcoin funds.
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The U.S. Securities and Exchange Commission on Wednesday approved rule changes to allow the creation of bitcoin exchange-traded funds in the U.S., a long-awaited move that will give regular investors access to the controversial and volatile cryptocurrency.
The decision will likely lead to the conversion of the Grayscale Bitcoin Trust, which holds about $29 billion of the cryptocurrency, into an ETF, as well as the launch of competing funds from mainstream issuers such as BlackRock’s iShares and Fidelity. The first funds are poised to begin trading Thursday.
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Rose Rambles... 