SEC approves Bitcoin Futures ETF, which were submitted in accordance with the '33 Act

SEC approves Bitcoin Futures ETF, which were submitted in accordance with the '33 Act

The Securities and Exchange Commission approved the Teucrium Bitcoin Futures ETF, which, according to CEO from Grayscale Investments, weakens the agency's argument to reject spot-bitcoin ETFs.

Fondsgruppe Teucrium Perhaps the best known for his Agrar-ETFS, First stored for his Bitcoin Futures Fund last May. The ETF was submitted in accordance with the Securities Act from 1933 (’33 Act)-the Ordinance, according to which Spot-Bitcoin ETFs are submitted.

The SEC approved a proposed change of control to the market launch of the product A submission from April 6 .

Although the SEC had already approved several ETFs that invest in Bitcoin Futures contracts-by the issuers Proshares, Valkyrie and Vaneck-they were submitted under the investment company Act from 1940, generally referred to as ’40 Act.

The chairman of the SEC, Gary Gensler, said last August that the agency would invest in Bitcoin Futures contracts on the Chicago Mercantile Exchange (CME) that were submitted according to the 40s Act, and referred to the "considerable investor protection" of the law.

A Teucrium spokesman refused to comment on when the product could come onto the market, but noted that the company was pleased with the decision of the SEC, if not surprised.

"We know the futures markets and are experienced veterans of the nuanced world of regulation, which are futures-based listed products," the representative told block works. "We are happy to be at the top of the product innovation again and look forward to having opened Bitcoin the door to enter the landscape of the 33s Act."

Michael Sonnenshein, CEO of Grayscale, said in a Twitter contribution that the SEC led the differences between the 40s law and the 33s law as a reason for the rejection of a spot bitcoin ETF, and referred to the recent decision of the agency for a proposed fund from ARK.

These arguments are now "considerably weakened," he added.

"If the SEC is satisfied with a Bitcoin futures ETF, it must also feel comfortable with a spot bitcoin ETF," wrote Sonnenhein on Wednesday. "And you can no longer rely on the 40s law as a distinguishing feature."

Grayscale tries to convert his Bitcoin Trust (GBTC) into an ETF-a process that is registered under the 33 law. The decision is expected in July, and the company has announced that it would consider legal steps against the SEC if it continues to refuse spot-bitcoin ETFs.

Bloomberg Intelligence Analyst James Seyffart said on Wednesday in a tweet that he believes that the Teucrium approval strengthens the arguments for a spot bitcoin ETF and strengthens the potential lawsuit of grayscale against the SEC when the GBTC conversion is refused.

Seyffart had previously identified the Teucrium application as possibly with effects on Bitcoin-Spot ETFs when registering. Last month he wrote in a Research Note that he would not expect the SEC to approve a spot bitcoin ETF before mid-2023.

Sumit Roy, crypto editor and analyst at ETF.com, Blockworks said at the beginning of this week that he predicted that a spot bitcoin ETF approval will remain "another way", no matter how the agency decided on the Teucrium proposal.

"We are happy," said the Teucrium spokesman, "and trust that the result of this submission will give an insight into the regulatory development of the cryptocurrency ecosystem."

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The SEC contribution approves Bitcoin-Futures-ETF, which was submitted under the 33 law, is not a financial advice.