Tron Founder Projects China Likely to Join Crypto ETF Race

Tron founder Justin Sun hailed the landmark decision by the US Securities and Exchange Commission (SEC) to approve 11 applications for spot Bitcoin exchange-traded funds (ETFs). Besides hailing the Wednesday approval, Sun predicts the likely entry of China in a move that will signal global crypto acceptance. 

The Tron founder labeled the Gary Gensler-led regulator’s approval of spot Bitcoin ETFs as a groundbreaking milestone for the crypto world. He expressed optimism following the SEC’s approval, ending the rejections. 

Tron Founder Labels Bitcoin ETF Approval by SEC Historic Milestone

Sun took to the X platform in a post hinting that the move by SEC may trigger broader crypto acceptance globally. He illustrated the likelihood of China entering the spot Bitcoin ETF arena.  

Market enthusiasts lauded the historic moment realized by the US following the approval of the spot Bitcoin ETFs. The optimism played out in 2023 when the anticipated approval fueled the crypto market rally, with Bitcoin price pumping by 160%. 

Justin Sun, a prominent digital asset figure, expressed gratitude for the Bitcoin ETF’s approval. He echoed the celebrations portrayed by the crypto community. Sun acknowledged the crypto market enthusiasts, informing them of the ETF approval day in his post on the X platform. 

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Tron predicted that Bitcoin ETF approval aligns with an ongoing crypto trend manifesting in increased adoption across the Asian markets. He took exception with China as likely to enter the crypto ETFs segment following approval in the US. 

Legislative Council Member Urges Hong Kong to Consider Crypto ETFs

The SEC’s decision has prompted a response beyond prediction and hailing the approval of Bitcoin ETFs. As Hong Kong’s Legislative Council member, Johnny Ng petitioned the Special Administrative Region (SAR) government to embrace the pioneer role and expand its scope into crypto ETFs.

Ng reiterated the essence of the swift implementation of spot Bitcoin ETFs. He indicated that such implementation should be urgent. 

Ng emphasized that the SAR government should prioritize comprehensive public education on matters regarding virtual assets. The politician urged the government to sensitize the public to the risks of criminal activities and increase awareness of opportunities.

Ng’s emphasis on the urgent response from the SAR government aligns with the call by global investors seeking global adoption of crypto ETFs, particularly following the Bitcoin ETF approval by the US securities watchdog. 

Investors worldwide are optimistic about other authorities replicating the move by the US to approve crypto ETFs. They consider that other countries are bound to integrate cryptocurrencies into mainstream finance. 

The optimism exhibited by investors worldwide portrays growing acknowledgment that crypto harbors a transformative potential on the global financial landscape. 

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