Teucrium’s Bitcoin Futures ETF approval is the basis for a similar decision on Grayscale’s application to convert GBTC to exchange fund, the company has stated this in a letter to the SEC.
“[…] there is no reason to consider spot bitcoin products otherwise, than futures products based on it”, the document says.
In early April, the SEC approved a product from Teucrium. It complies with the provisions of the Securities and Exchange Act of 1934 in the same way as the statement from Grayscale.
Earlier, the head of the Commission, Gary Gensler, said that for the possible approval of exchange-traded funds based on the first cryptocurrency, their underlying assets must be Bitcoin -CME futures.
He has also mentioned filing under the Investment Company Act of 1940. Subsequently, on its basis, the regulator allowed trading in Bitcoin ETF futures from VanEck, Valkyrie Investments, and ProShares.
