Chairman Patrick McHenry of House Financial Services Committee Commends SEC’s Green Light for Bitcoin ETFs
In an unexpected move, House Republicans expressed rare approval for the U.S. Securities and Exchange Commission (SEC) on Wednesday evening after the agency’s leaders voted in favor of a slate of Bitcoin exchange-traded funds (ETFs).
House Financial Services Committee Chairman Patrick McHenry, R-N.C., and Digital Assets Subcommittee Head French Hill, R-Ark., released a joint statement, hailing the SEC’s decision as a “historic milestone” for the cryptocurrency industry. The Representatives acknowledged the importance of regulatory clarity for digital assets while praising the SEC’s departure from its previous approach of “regulation by enforcement.”
In the joint statement, issued on [X day], McHenry and Hill wrote, “We are pleased that investors and our markets will finally be afforded greater access to this generational technology.”
— Financial Services GOP (@FinancialCmte) January 10, 2024
Shortly after 4 pm ET on Tuesday, an “unauthorized” party gained access to the SEC’s account and posted a false statement claiming the approval of Bitcoin ETFs, according to an official SEC statement. The misleading post had a notable impact on the market, with Bitcoin’s value rising from just below $46,000 to around $47,000 by Wednesday afternoon.
The SEC promptly addressed the situation, clarifying that the announcement was false and reiterating the need for accurate and official information dissemination. Ethereum’s ether (ETH), the second-largest cryptocurrency by market capitalization, experienced an 11% surge, surpassing $2,500 for the first time in 20 months. The attention now turns to U.S. applications for Ethereum ETFs.
While the false announcement momentarily influenced the market, the broader focus remains on the SEC’s green light for Bitcoin ETFs. The move is seen as a significant step toward mainstream acceptance of cryptocurrencies, providing investors and markets with increased exposure to this evolving technology.
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