The future of virtual currencies is looking bright.
On Tuesday, the Commodity Futures Trading Commission (CFTC) announced that it has approved virtual currencies for trading on the New York Stock Exchange (NYSE).
The decision comes after a lengthy regulatory process.
CFTC Chairwoman Mary Jo White said the agency has approved digital currencies like Bitcoin and Ethereum to be traded on the exchange.
“The CFTC has long been clear that virtual currencies have value and should be treated as such,” White said in a statement.
“These rules are designed to ensure that virtual currency users and businesses alike will have access to reliable, low-cost, secure, transparent and secure virtual currency options.”
The CFTC said it is “in the process of reviewing” the virtual currency regulation.
The decision was also welcomed by the Bitcoin Foundation, which represents more than 10,000 Bitcoin businesses and is seeking to establish an advisory council to advise the CFTC on virtual currency regulations.
“This is great news for Bitcoin businesses around the world, as the CFTS approval allows for Bitcoin to be added to its list of ‘undervalued’ securities, which can lead to significant regulatory uncertainty for Bitcoin-related businesses and the Bitcoin economy,” said the Bitcoin foundation.
“For years, we’ve been calling on regulators to act on virtual currencies, but the CFTP decision will help ensure that Bitcoin can be traded in the United States as quickly as possible.”
The Bitcoin Foundation added that the CFTR has not been shy about its support of virtual currency businesses.
“Bitcoin has become a major component of the Bitcoin ecosystem, and the CFTF has worked hard to ensure the safe, secure and secure use of Bitcoin,” the Bitcoin group said in its statement.