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The US regulator has approved exchange-traded funds (ETFs) that invest directly in Bitcoin, a landmark movement in the US financial market.

Sumit Gupta, Co-founder of CoinDCX, said, "The spot Bitcoin ETF is poised to streamline exposure for traditional players, paving the way for the influx of trillions in institutional capital. Leading institutions, including hedge funds, sovereign wealth funds, and registered investment advisors, are expected to play a pivotal role in propelling the unprecedented growth of ETFs."

The US Securities and Exchange Commission (SEC) has granted approval to major asset managers, including BlackRock and Fidelity, for the first-ever US-listed exchange-traded funds (ETFs) that track the price of bitcoin. These bitcoin ETFs allow mainstream financial institutions with trillions of dollars in assets under management to access the cryptocurrency asset class.

The US Securities and Exchange Commissions (SEC) decision on a Bitcoin ETF was overshadowed by a cybersecurity incident, as the SECs Twitter account was compromised and a fake post claiming approval for the ETF caused a brief surge in Bitcoins price.

A now-deleted post was published from the account stating that the regulator had approved a new investment product tracking the price of Bitcoin, or Bitcoin Exchange Traded Fund (ETF).

The five-member commission, in a 3-2 vote, said it would not propose new rules because it fundamentally disagreed that current regulations are "unworkable" for the crypto sphere, as Coinbase has argued. Coinbase later said it had filed a petition for review of the SECs decision in court.

Not long ago, AIFs were found to have helped shadow lenders evergreen their loan books. The questionable deals of global private equity firms have made stiffer rules more or less inevitable.

In a document filed in federal court in San Francisco on Thursday, the SEC defended its efforts to compel Musks testimony, saying agency officials are acting within their authority.

Bitcoin, the worlds largest cryptocurency, rose 10 percent to one-and-a-half-year highs, on the back of speculation surrounding a bitcoin exchange-traded fund (ETF)

Tesla Chief Elon Musk was reacting to new rules proposed by the US SEC in regards to tech use by fintech firms.