SEC Will Approve Spot Bitcoin ETF as a “Natural Step”, according to Grayscale CEO
SEC Will Approve Spot Bitcoin ETF as a “Natural Step”
Teucrium Bitcoin Futures Fund received SEC approval to start its Bitcoin ETF last week. While it appears to be a normal step by the Commission, a deeper investigation showed the oddity of this application.
The application was filed under the Securities Act of 1933 rather than the Investment Company Act of 1940, which Gary Gensler, the head of the Securities and Exchange Commission, prefers. Gensler told guests at a Financial Times conference that the Investment Company Act “provides significant investor protections” above the 1933 Act. The first U.S. Bitcoin ETF was approved in October 2021 after applications were promptly changed and brought under Gensler’s preference.
The acceptance of Teucrium’s 1933 application, according to James Seyffart, an analyst at Bloomberg Intelligence, shatters the SEC’s argument about investor protection and lays the framework for a bright future.
Grayscale CEO has stated that the approval of spot Bitcoin ETF is “the next natural step for SEC”.
Moreover, a Nasdaq survey has revealed that 72% of financial advisors would want to invest in crypto if a spot ETF were available. Notably, these financial advisors have more than $26T in their assets.
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews