by Hannah Lang and Suzanne McGee
WASHINGTON/NEW YORK (Reuters) – The U.S. Securities and Exchange Commission (SEC) said on Wednesday it approved the launch of bitcoin-backed exchange-traded funds (ETFs), a turning point for the leading cryptocurrency in the world and for the sector as a whole.
This announcement comes after the SEC announced the day before that its account on platform established.
The SEC approved bitcoin ETF applications submitted by, among others, BlackRock, Ark Investments and 21Shares, Fidelity, Invesco and VanEck, according to a note published on its website. Some products could be listed on the stock market as early as Thursday.
After a series of scandals, the move is expected to be a major boost for the cryptocurrency industry, with products allowing institutional and retail investors to benefit from exposure to bitcoin without directly owning it.
Bitcoin has soared more than 70% in recent months in anticipation of such SEC clearance.
(Reporting by Hannah Lang in Washington and Suzanne McGee in New York, with Chris Prentice, Douglas Gillison and Laura Matthews; Jean Terzian)
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