SEC approves all 11 spot Bitcoin ETFs in a seminal moment for crypto

The spot Bitcoin ETFs have been approved By the SEC for real this time so let's Look at why this is a Monumental moment For Bitcoin good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curbing Crypto and you're here so you do make Sure you click that follow button okay Grab yourself a coffee let's get into It needless to say today's episode will Be focused on that SEC approval of all 11 spot Bitcoin ETF applications we'll Discuss why this is such an important Moment for Bitcoin and crypto as a whole We'll look at the backlash over the Approvals from Gary gendler to Peter Schiff and finally we will discuss Whether this clears the path for ether ETFs in the near Future yesterday is not a day that will Be forgotten anytime soon the 10th of January 2024 is a day that will go down In history in crypto it's been a bumpy Few days and I implore you to go back And listen to yesterday's episode if you Want a comprehensive breakdown of the Madness but after the sec's X account Was compromised and a fake spot Bitcoin ETF approval was announced we got the Real official approval document just 24

Hours later so as of yesterday the SEC Has approved the 19 B4 applications from Arc 21 shares Invesco Galaxy van e Wisdom Tree Fidelity Valkyrie Black Rock Grayscale bitwise # and Franklin Templeton and yes that's right hash deex Is included in those approved 19 B4 Applications over the last few days There was a bit of a question mark next To them but they did indeed make the cut The official filing was available on the SEC website for only a few minutes Before it was replaced with an error 404 Message thankfully it did eventually Return under a new link so that is Finally that all 11 issuers have been Given the green light I spoke to Stu Cleland the head of news for coin Telegraph to get his views on Yesterday's events well like everything Crypto related when it came it came with A bang um OB had a hoax of Tuesday and Then last night we had a PDF appear on The SEC website only to disappear a few Minutes later but we were quick we saw It we saved it we screenshotted it and We got our news out we saw virtually no Market reaction it seems everything was Priced in and we had our whip saw of the Night before which was probably the Shorts and Longs being activated then What's nice to see today is some good Bullish movement in premarket so uh We're just holding out now for the New

York open and see where we are on this Very first day of spot Bitcoin ETF Tradings in the US so a big day it is Indeed a big day and it's a Monumental Moment for crypto and it occurred to me That perhaps it isn't obvious why that Is to everybody so here goes firstly it Is the epitome of mainstream adoption For a decade the SEC has resisted and Rejected a spot Bitcoin ETF and their Chair Gary gendler has been a staunch Opponent of crypto now we have the likes Of Black Rock the biggest asset manager In the world by assets under management And their kneed deep in Bitcoin and soon Perhaps ethereum too an extension of This mainstream adoption through Institutions is how accessible Bitcoin Becomes to the masses too difficulty Onboarding has been a persistent point Of friction in crypto since its Inception and although it has improved Many will feel more comfortable using an ETF to get at Bitcoin Investments Secondly and somewhat more cynically in A way this is going to see enormous Amounts of money flowing into Bitcoin And crypto as an industry the estimates On how much inflow we will see into the Spot Bitcoin ETFs very wildly The Standard chared Bank claims 50 to100 Billion in 2024 alone slightly more Reserved last year Alex Thorne head of Firmwide research at Galaxy told Laura

Shin on the Unchained podcast that he Predicts 144 billion in the first year Conversely Gabor gerb an adviser at Van EK believes the early stages of these Bitcoin ETFs might be a bit of a let Down but it will bring trillions of Dollars into the industry in the long Term so I put the question of the Significance of this moment to Alex Cohen who leads our editorial team Robert thank you for having me on so What I would like to say is that this Pop bcoin ETF is arguably one of the two Or three biggest news events that have Well ever happened in crypto it's a Particularly precious moment because it Comes on the back of the industry Surviving such a long bare Market uh so Many prominent crypto companies have Collapsed and in general the confidence In the sector is rather low has been Rather low and now we we get this Breakthrough which uh well despite the Fact that ETFs don't really follow the Original vision of Satoshi it's still Widely seen as a positive development And um yet another step toward greater Adoption of crypto and blockchain and That's what we want to see so the spot Bitcoin ETFs are great when we zoom out But what about the immediate Realistically what happens now I spoke To our news editor Felix to get his Thoughts hey Robert yeah thanks for

Having me on yes I have been keeping a Very close eye on the news today as for What's next we have seen that several S1 Filings from the issuers have become Effective today uh so basically what This means is that any issuer that has Both the 19 B4 filing and the S1 filing Approved should be able to start trading Pretty much within the day uh and just On that both bitwise and grayscale have Publicly announced that ETFs will begin Trading on Thursday us time and we are Hearing that from several other issuers As well yep it is all systems go today And we will see the gates open and the Initial indicators on whether the spot Bitcoin ETFs will be the most most Successful ETF product ever launched as Bitwise believe as Stu mentioned the Crypto Market as a whole didn't really React too violently so it's going to be Fascinating to see what happens when the Spot Bitcoin ETFs go Live you may remember that last week I Discussed the comment by James saart an ETF Analyst at Bloomberg which stated That the SEC is backed into a corner Here I think they have to approve well We got some more evidence on that after Yesterday's official approval although The filing was live on the SEC website Eventually the sec's account and Gary Gendler had both been painfully quiet Then gendler released an official

Statement on the sec's website in Essence he explained how it got to the Point where the SEC more or less had to Approve the applications off the back of Not adequately justifying in court why They rejected grayscales that of course Was the legal case that very much paved The way for these spot Bitcoin ETFs but Then over the next few paragraphs Gendler dropped some unambiguous Statements he wrote while we approved The listing and trading of certain bot Bitcoin ETP shares today we did not Approve or endorse Bitcoin gendler then Went on to compare metal etps such as Gold to the new Bitcoin etps stating That gold has utility and bitcoin's Utility is well let me just read you This though we're Merit neutral I'd note That the underlying Assets in the metal Etps have consumer and Industrial uses While in contrast Bitcoin is primarily a Speculative volatile asset that's also Used for illicit activity including Ransomware money laundering sanction Evasion and terrorist financing now it's Far from just gendler who is clearly Bitter about the spot Bitcoin ETF Approval Caroline krenshaw the SEC Commissioner and one of the two Commissioners to vote against the Approval the other was not gensa by the Way she said the global spot markets Underlying the Bitcoin etps are marred

By fraud and manipulation concentrated And without adequate oversight kensaw Added that she has concerns about Retirement accounts being invested in Bitcoin who can least afford to lose Their savings to the fraud and Manipulation that appears prevalent in The spot Bitcoin markets and will impact The ETP you may recall from an episode Earlier this week that the nonprofit Better markets and its CEO Dennis Kellerer wrote an open letter to the SEC Urging the etf's rejection and upon it Having no impact both the better markets X account and Kell's own X account had a Fair amount to say better markets Tweeted the sec's action today has Changed nothing about this worthless Financial product Bitcoin and crypto Still have no legitimate use Remain the Preferred Product of speculators Gamblers predators and criminals and Continue to be cesspools of fraud Manipulation and criminality Dennis Kellerer tweeted there really was no Bitcoin market for 12 years until $7 Trillion in monetary and fiscal stimulus In 20120 fueled historic speculation Divorced from reality in many sectors Then came the speculators fraudsters and Criminals I'm not going to dedicate much Time to picking apart these tweets I Covered a lot of it with the JP Morgan CEO Jamie im's comments to Senate so

Instead let me know what you think tweet Us on @ cointelegraph or Arc Bags now with both the full start and The official announcement of the spot Bitcoin ETFs we saw a cryptocurrency Grab massive gains and it wasn't Bitcoin It was ethereum why well some are Suggesting that we're seeing Traders Rotate out of Bitcoin and into ethereum In anticipation of an ether ETF next the Question is How likely is that the General consensus from those in in the No seems to be that bitcoin's ETF clears The pathway for ether ETFs previously Eric balanas you might have heard of him Maybe I think I've mentioned him a few Times the ETF guy at Bloomberg he told Cointelegraph that the ether spot is Tied to the hip of Bitcoin spot for sure It's going to go wherever it goes it's Basically like on a 15t rope following It balcon has also stated that he puts The chance of an ethereum spot ETF Approval at 70% by May the digital asset Lawyer Joe carair had an interesting Take on this too he wrote ethereum spot ETS will be approved but the SEC will Try to carefully craft a precedent that Permits them to retain some discretion In determining which digital asset ETFs Will be permitted to come to Market Essentially although he believes the Spot ether ETFs are coming down the Pipeline the SEC is going to want to

Figure out a way of not setting a Precedent where every major token can Have its own spot ETFs for now the Indicator of a nearly sure thing is Simply Black Rock after the spot Bitcoin ETF Black Rock has gone 576 ETF Approvals to just one rejection they Already filed for a spot ether ETF back In November and may is the sec's Deadline to approve or deny their Application so it's looking pretty Good okay that is it for today I promise From here in you will get broader Coverage not just ETFs but that news was Too big and too important not to break Down in depth but you're up to date now So consider yourself informed thank you For listening to the rising crypto Podcast by coin Telegraph if you're Enjoying these daily updates please make Sure you let us know by following Subscribing or leaving a review again I've seen some more five-star reviews Left and I want to say thank you for That it really does make a difference Okay have a great day let's do this Again [Music] Tomorrow

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