Spot Bitcoin ETFs approved
The SEC approved 11 spot Bitcoin ETFs on a single day. BlackRock, Fidelity, and others became de facto on-ramps to crypto for regulated investors. Approximately $45 billion flowed into the funds in the first year.
The approval came after a decade of rejections. A 2023 court ruling in Grayscale v. SEC effectively forced the Commission's hand. It was regulation by litigation, not by law, the pattern the US crypto framework has largely followed ever since.
07 · Crypto
Bitcoin launched in January 2009. As of 2026, the United States still has no comprehensive federal framework for digital assets — only a fragmented enforcement regime spanning the SEC, CFTC, Treasury, and a dozen state regulators. Billions have been lost, refunded, or quietly written off in the meantime.
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