The Securities and Exchange Commission (SEC) of the United States approved exchange-traded funds (ETFs) on Wednesday.

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The ability to follow the price of bitcoin is a major changer for the cryptocurrency sector, which has been striving to develop such a product for more than a decade.

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Since 2013, several asset managers have applied for bitcoin ETFs.

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They were rejected by the SEC because they would be vulnerable to market manipulation. 

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However, in August, a court ruled that the SEC erred in rejecting Grayscale Investments' bitcoin ETF proposal, compelling the agency to reconsider its position.

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The SEC authorised applications from ARK Investments, BlackRock (BLK.N), and Fidelity, among others, on Wednesday. 

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A spot bitcoin ETF is a huge win for the crypto business, strengthening the legitimacy of the cryptocurrency industry and bringing bitcoin farther into the mainstream.

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It also comes at a time when the crypto business is at odds with the SEC, which has been cracking down on the sector. 

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In this specific war, the industry may claim success.

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The first bitcoin futures ETF approved by the SEC in 2021 saw approximately $1 billion in shares traded on its first day.

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Some analysts predict a spot bitcoin ETF might earn three times that amount on its first day. According to some experts, this sum might rise to $55 billion in five years.

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