The U.S. Securities and Exchange Commission has approved a spot Bitcoin exchange-traded fund from a major asset manager, the first such decision in more than a year. The move opens the door to a fresh wave of regulated crypto investment products in the United States, even as policymakers keep a closer watch on market risks and investor protection.

The approval comes as the European Union’s Markets in Crypto-Assets framework, known as MiCA, begins to take effect, setting stricter standards for crypto businesses across the bloc. Together, the two developments point to a more regulated environment for digital assets, with authorities in both markets trying to balance access to crypto with oversight.

Spot Bitcoin ETFs give investors exposure to Bitcoin without directly holding the token, a structure that has drawn strong demand from institutions and retail traders alike. Supporters say the products improve access and liquidity; critics warn they can still expose investors to sharp price swings and the broader instability of the crypto market.

The latest approval may also signal a more measured U.S. stance after years of dispute over crypto fund applications. For now, the decision adds momentum to a sector that continues to expand under tighter rules, both in Washington and in Europe.