SEC approval of bitcoin ETFs big news for crypto industry and investors

The SEC‘s approval of the first spot bitcoin exchange-traded funds Wednesday will open up crypto investing to a wider audience while boosting the industry.

The Securities and Exchange Commission’s landmark decision came after years of waiting for cryptocurrency advocates and hope from large institutions like BlackRock and Fidelity that their applications would get approved. The development is good news for bitcoin and other digital assets, which have been surging in the past few months as the decision was pending.

Some experts and investors see the SEC decision as a watershed moment for the crypto market and only see the nascent industry as growing from here.

“This opens up huge possibilities and inflows from millions of people and even institutions,” Alex Konanykhin, the founder and CEO of Unicoin, told the Washington Examiner.
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