SEC Approves Spot Bitcoin Exchange-Traded Products

The Securities and Exchange Commission on Wednesday granted approval to several spot bitcoin exchange-traded products after a lengthy battle with cryptocurrency companies. The approval means institutions and the general public will now be able to invest in the popular cryptocurrency more easily.

Another type of exchange-traded product that tracks the price of bitcoin futures had already been previously approved by regulators, but these new exchange-traded products, which track the spot price of bitcoin itself, have not yet been made available.

It’s a major win for cryptocurrency companies, which have long sparred with the SEC on the legalities of cryptocurrencies and crypto trading. Still, SEC chair Gary Gensler said he remains cautious. “While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin,” he said in a statement.