The Securities and Exchange Comission announced the exchange traded funds less than 24 hours since denying a statement saying they've been approved. The ETFs are expected to accelerate bitcoin's adoption.The Securities and Exchange Commission (SEC) on Wednesday approved the first US-listed exchange traded funds (ETFs) to track bitcoin.

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The long-awaited move cleared the way for 11 ETFs to list on leading exchanges, including the New York Stock Exchange.

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The regulators made it clear the decision "did not approve or endorse bitcoin."

An ETF would have provided a way to invest in bitcoin without having to buy the cryptocurrency outright.

Less than 24 hours before the approval, the SEC described as "unauthorized" a social media statement announcing the ETFs approval. The price of bitcoin briefly spiked Tuesday after the announcement.

This is a developing story, more to follow...

rmt/lo (AFP, AP)

(The above story first appeared on LatestLY on Jan 11, 2024 04:20 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).