WASHINGTON, D.C., Jan. 10, 2024 — The Chamber of Digital Commerce congratulates the Bitcoin community on the approval of eleven spot bitcoin ETFs applications for U.S. public markets. Marking a historic victory for the industry, The Chamber and its members take pride in their dedicated advocacy, playing a crucial role in supporting this achievement. 

ETFs have consistently ranked among the most popular investment vehicles, and today’s approval empowers issuers to provide investors with transparent, liquid, and cost-effective exposure to bitcoin. Through this approval, the SEC is greatly expanding the opportunities for retail investors to buy and hold bitcoin, the highest-performing investment asset in the world for eleven of the past fourteen years.  

As Perianne Boring, Founder and CEO of the Chamber of Digital Commerce, noted, “Retail investors seeking exposure to bitcoin now have much easier and more direct access to the asset through many of the top financial institutions. They now have a very simple and straightforward way to allocate a percentage of their investments into bitcoin, and the peace of mind that comes from holding it in their existing investment portfolios. This alone is a transformational event for hundreds of millions of investors and the bitcoin community.”    

Over the years, The Chamber has championed this approval through several key strategies:  

• Research: Their report, “The Crypto Conundrum: Why Won’t the SEC Approve a Bitcoin ETF,” laid the groundwork for their advocacy efforts. It provided a detailed analysis of the investing community’s pursuit of a spot bitcoin ETF and the SEC’s increasingly unjustifiable refusal to approve it.  
• Advocacy: The Chamber’s report reached all 535 Members of Congress, collaborating with members to educate Congress on the SEC’s discriminatory treatment of digital asset funds. They had held multiple briefings for the Senate Banking and House Financial Services Committees, urging them to exercise their oversight function over the SEC.  
• Oversight: Due to The Chamber’s advocacy efforts, Congress challenged the SEC’s handling of spot bitcoin ETF applications in six Congressional hearings. 
• Litigation: The Chamber of Digital Commerce joined other industry trade organizations to submit an amicus brief in the Grayscale v. SEC case, where the Court ruled the SEC acted in an arbitrary and capricious manner in denying Grayscale’s application. The Chamber’s research played an important role in this legal victory, which has undoubtedly helped compel the SEC to approve spot bitcoin ETFs.  

Boring concluded on an optimistic note, “This green light opens new doors for U.S. investors, paving the way for increased adoption. While we have many challenges ahead, we’re looking forward to a future marked by expanded opportunities and a thriving ecosystem.” 

The Chamber of Digital Commerce wants to congratulate its members whose applications were approved today – Bitwise Asset Management (BITB), Fidelity Asset Management (FBTC), Invesco (BTCO), and Wisdom Tree (BTCW), as well as all other approved issuers.  The Chamber also congratulates its law firm members who supported these issuers in their efforts – Chapman and Cutler, Clifford Chance, and Perkins Coie – as well as State Street, who is also providing important services around these approved products. 

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About the Chamber of Digital Commerce: 

The Chamber of Digital Commerce is the original and preeminent trade association dedicated to digital assets. Our mission is to ensure that the United States remains the leading hub for bitcoin, digital assets, and blockchain technology. We educate and assist policymakers and regulatory bodies, while advocating for industry. Our goal is to develop a legal landscape that fosters innovation, job growth, and attracts investment.