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US approves first spot bitcoin ETF applications for 11 issuers
It’s been over a decade since the first application for a spot bitcoin ETF was filed. After a number of denials over the years, the U.S. Securities and
“The ETF is step one to bringing tried and true financial products and structures from Wall Street to digital assets that people understand,” Muneeb Ali, CEO of Trust Machines, told TechCrunch. The only crypto-based ETFs in the U.S. that were approved before today were tied to futures contracts with bitcoin and ethereum and are traded on the Chicago Mercantile Exchange. ETFs can also lend legitimacy to the space and increase adoption from investors who couldn’t access crypto assets beforehand, said John Wu, president of Ava Labs.
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