The approval of Teucrium’s Bitcoin Futures ETF is the basis for a similar decision regarding Grayscale’s conversion application. GBTC an exchange-traded fund. The company made the announcement in a letter. SECHe writes a block.

“[…] There is no reason to consider spot bitcoin products any different from bitcoin-based futures products.”says document.

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 manner as the statement from Grayscale.

Earlier, Commission chairman Gary Gensler said that for possible approval of the first cryptocurrency-backed exchange-traded funds, its core assets should be bitcoin futures. CME.

He also talked about filing under the Investment Companies Act 1940. Later, the regulator allowed trading in Bitcoin ETF futures from VanEck, Valkyrie Investments, and ProShares.

“Teucrium’s product approval confirms that the 1940 Act was not the basis for the Commission’s decision. Any fraud or manipulation in the underlying market will affect both products equally. [cпотовый и фьючерсный биткоин-ETF]. The existence of these risks cannot be used as a justification for the disapproval of one product after the approval of the other.”— Saved by lawyers in grayscale.

Recall that Grayscale submitted an application to convert a bitcoin trust into an ETF in October 2021. In February 2022, the SEC delayed its decision to July 6.

Earlier, the company announced that it is ready to sue the department if it refuses to convert GBTC into an initial cryptocurrency-backed exchange-traded fund.

A survey on behalf of the Nasdaq in April showed that 72% of surveyed financial advisors approve of investing in a spot bitcoin ETF.