SEC Approves Teucrium’s Bitcoin Futures ETF

Bitcoin Futures ETF has been approved again

The Securities and Exchange Commission of the United States has approved the issuance of bitcoin futures ETFs by NYSE Arca and Teucrium.

The SEC announced the approval on its website on Wednesday, adding Teucrium to a long list of bitcoin futures ETF issuers.

Notably, Teucrium and NYSE Arca filed the application under the Securities Exchange Act of 1934, filing a 19b-4 form with the SEC. The already-approved bitcoin futures ETFs filed by other companies were under the Investment Company Act of 1940, which follows a slightly different regulatory pathway to approval.

An approval under the Securities Act of 1933, under which Teucrium’s filing falls, may potentially open the door for a spot bitcoin ETF, Bloomberg analyst James Seyffart said on Twitter earlier this year. Proponents of crypto ETFs have argued that “like situations must be treated alike,” he said, citing an argument from crypto company Grayscale, which filed to convert its Grayscale Bitcoin Fund (GBTC) to an ETF.

According to separate filings dated March 10, the Securities and Exchange Commission (SEC) has rejected NYDIG and Global X’s applications to list spot Bitcoin ETFs. In addition, Bitcoin spot ETFs from ProShares, Valkyrie, and VanEck have also been rejected by SEC.

The SEC has rejected all applications for spot bitcoin ETFs, citing market manipulation concerns and the lack of a surveillance-sharing agreement between an ETF issuer and a large market that trades the underlying asset. That hasn’t stopped a number of companies from attempting to launch a bitcoin ETF.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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