"SEC's Potential Approval of First Bitcoin ETF Could Shape Crypto History"

The Securities and Exchange Commission (SEC) is expected to approve the first "spot" bitcoin exchange-traded fund (ETF) by January 10, 2024, according to sources. This would mark a major step towards mainstream adoption of cryptocurrency in the US. Around a dozen companies, including BlackRock and Fidelity, have applied for a spot bitcoin ETF, which would provide retail investors with exposure to bitcoin at a lower cost. However, the SEC is insisting that applicants use cash to buy shares of the ETF, rather than the underlying asset, which could have tax implications for investors. The SEC's reluctance to allow brokers to trade spot bitcoin directly may be due to concerns about money laundering and market manipulation. The recent ruling by the D.C. Court of Appeals, which criticized the SEC's denial of Grayscale's application for a spot bitcoin ETF, is seen as a precedent that money managers will rely on if their applications are rejected.