US SEC approves bitcoin ETFs in watershed for crypto market

FILE PHOTO: FILE PHOTO: U.S. Securities and Exchange Commission logo and representations of cryptocurrency are seen in this illustration taken June 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

WASHINGTON/NEW YORK (Reuters) -The U.S. securities regulator on Wednesday approved the first U.S.-listed exchange traded funds (ETFs) to track bitcoin, in a watershed for the world's largest cryptocurrency and the broader crypto industry.

The Securities and Exchange Commission said it approved 11 applications, including from BlackRock, Ark Investments/21Shares, Fidelity, Invesco and VanEck, despite warnings from some officials and investor advocates that the products carried risks.