2 years ago
The U.S. Securities and Exchange Commission has allowed NYSE Arca and Teucrium to contented a bitcoin futures exchange-traded fund.
The SEC announced the approval Wednesday successful a filing connected its website, adding Teucrium to a big of different bitcoin futures ETF issuers. Notably, Teucrium and NYSE Arca filed the exertion nether the Securities Exchange Act of 1934, filing a 19b-4 signifier with the SEC. The already-approved bitcoin futures ETFs were filed nether the Investment Company Act of 1940, which follows a somewhat antithetic regulatory pathway to approval.
An support nether the Securities Act of 1933, which Teucrium's filing falls under, whitethorn perchance unfastened the doorway for a spot bitcoin ETF, Bloomberg expert James Seyffart said on Twitter earlier this year. Proponents of crypto ETFs person argued that "like situations indispensable beryllium treated alike," helium said, citing an statement from crypto institution Grayscale, which filed to person its Grayscale Bitcoin Fund (GBTC) to an ETF (disclosure: Grayscale is simply a subsidiary of CoinDesk genitor institution Digital Currency Group).
The SEC has to day disapproved astir spot bitcoin ETF applications, citing concerns astir marketplace manipulation and a deficiency of a surveillance-sharing agreement betwixt an ETF issuer and a sizable marketplace that trades the underlying asset. That has not stopped assorted companies from trying to bring a bitcoin ETF to market.
Valkyrie has besides filed to motorboat a 33 Act bitcoin futures ETF. Its exertion remains outstanding.
ProShares, Valkyrie and VanEck are among those approved to database and commercialized bitcoin futures ETFs successful the U.S. truthful far.
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Nikhilesh De is CoinDesk's managing exertion for planetary argumentation and regulation. He owns marginal amounts of bitcoin and ether.
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