The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, cast the decisive vote on Wednesday that led to the approval of 11 spot bitcoin exchange-traded funds (ETFs). The final vote was 3-2, with two commissioners in favor and two opposed, leaving Gensler to break the tie.
Vote Breakdown
SEC commissioners Hester Peirce and Mark Uyeda voted for approval, while Caroline Crenshaw and Jaime Lizárraga voted against. Bloomberg analyst James Seyffart noted on Thursday: "For those that missed this detail yesterday in the frenzy. Gensler was the deciding vote to get the bitcoin ETF over the line with a 3-2 vote."
The SEC approved the listing and trading of 11 spot bitcoin ETFs on NYSE Arca, Nasdaq, and Cboe BZX exchanges. Trading commenced on Thursday morning.
List of Approved Funds
The approved ETFs include: ARK 21shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), Franklin Bitcoin ETF (EZBC), Invesco Galaxy Bitcoin ETF (BTCO), VanEck Bitcoin Trust (HODL), Wisdomtree Bitcoin Fund (BTCW), Bitwise Bitcoin Trust (BITB), iShares Bitcoin Trust (IBIT), Valkyrie Bitcoin Fund (BRRR), Hashdex Bitcoin ETF (DEFI), and Grayscale Bitcoin Trust (GBTC).
Gensler's Warning
Despite voting in favor, Gensler issued a statement clarifying that the approval does not signify SEC endorsement of bitcoin. He continued to caution investors about the risks of crypto assets and reiterated his view that most crypto tokens are securities.
This landmark decision is seen as a major milestone for the cryptocurrency market, providing traditional investors with a regulated avenue to gain exposure to bitcoin through familiar ETF structures. Market participants expect increased institutional capital inflow into the crypto space following this approval.