The crypto industry on Wednesday hailed the SEC's decision to approve all spot Bitcoin (CRYPTO: BTC) exchange-traded fund applications, asserting that it signifies a major stride in bridging the gap between traditional financial markets and the evolving cryptocurrency sector.

As the financial community digests this momentous development, industry experts are elaborating on its far-reaching implications.

Sheila Warren, CEO of the Crypto Council for Innovation, views the introduction of a spot Bitcoin ETF as a transformative event, not just for the market dynamics but as a catalyst for regulatory evolution.

This move will make the revolutionary technology of crypto more accessible and shift public perception, showcasing Bitcoin as a legitimate element of diverse investment portfolios, she said. 

Rajeev Bamra, SVP of digital finance at Moody's, said the SEC's approval simplifies and secures Bitcoin investments, potentially attracting substantial institutional inflows.

He suggested that the development could lead to a more stable and liquid cryptocurrency market, contributing positively to the digital finance ecosystem.

Sergey Nazarov, co-founder of Chainlink (CRYPTO: LINK), highlighted that the approval clarifies the significant role traditional financial institutions are poised to play in the crypto markets.

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He recalled the impact of earlier initiatives like PayPal’s integration of cryptocurrencies and anticipates a similar influx of traditional top-tier financial firms into the crypto realm.

Dan Reecer from Wormhole noted the approval provides an excellent entry point for institutions into crypto, underlining the growing importance of protocols like Wormhole for safe assets and data transfer between chains.

Jonathan Steinberg, WisdomTree Founder and CEO, said: "While potential investors must carefully consider if the risk profile of a digital asset such as bitcoin has a place in their portfolio, we see this effectiveness as a major step in the industry evolution that we’re leading – where the blockchain is redefining the way we see finance today.”

Kuberan Marimuthu, founder and CEO of Cypher Wallet, said: "We have been seeing lots of regulatory challenges in this industry given that this technology is fundmentally changing lot of existing assumptions. Today's news is a step in the right direction. The Bitcoin ETF approval is an huge inflection point for digital assets as an asset class worldwide."

Paolo Ardoino, CEO of Tether (CRYPTO: USDT) and CTO of Bitfinex, said he welcomes the SEC's decision as a pivotal moment that underscores Bitcoin’s transformative impact and potential to empower a wide range of stakeholders, from emerging markets to institutional investors.

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