After 4th Futures ETF Approval, Grayscale CEO Urges SEC to Adopt Bitcoin Spot ETF

The US Securities and Exchange Commission (SEC) today announced the approval of a fourth Bitcoin Futures Trading Fund (ETF), managed by the fund group. thiochrome.

The ETF joins a growing number of approved ETF futures, adding to the products offered by ProShares, Valkyrie and VanEck.

Submit an application to the SEC for approval of the Teucrium ETF. Source: SEC.gov

On the contrary, so far, every request for approval of a Bitcoin (BTC) spot ETF has been rejected. However, you may put the approval Represent a ray of hope For investors interested in spot products.

The plot grows in the dynamics of turning GBTC #Bitcoin #ETF dollars into a spot…

In a Twitter thread, Michael Sonnenstein, CEO of Grayscale, once again urged approval of the Bitcoin spot ETF. Sonnenshein is ranked 71st on the list of the top 100 people in the crypto sector according to Cointelegraph. Grayscale Bitcoin BoxOne of the Major Bitcoin Buying Channels for Conventional Finance.

Sonnenshein tweeted that “If the SEC approves a bitcoin futures ETF, it must also approve a bitcoin spot ETF.”.

His argument states that “all bitcoin futures ETFs are considered equal” and that Teucrium’s product, like the other three ETFs, falls within 1933 Lawnot in 1940 law. Thus, in his opinion, The debate over instant Bitcoin ETF deposits is gaining ‘extra strength’.

The Securities and Exchange Commission (SEC) acknowledges this link in the Teucrium approval: “The Commission is not convinced that the CME bitcoin futures market “stands alone”; it has a “lack of correlation” with it, and is not “specifically materially affected” by Except for the bitcoin markets.

Therefore, if the SEC approves the #Bitcoin futures #ETF, it must also approve the Bitcoin spot ETF. They can no longer justify themselves by citing the law of the 1940s as a differentiating factor.

Sonnenshein has been a supporter and champion of approving a Bitcoin spot ETF for quite some time now. The company has shared plans to convert the GBTC Trust into an ETF in October 2021. With more than $35 billion in assets under management, the GBTC Trust is the largest commodity in conventional finance. Converting the product to a spot ETF So it would be an accessory.

Bloomberg analyst Eric Balchonas shares his opinion, saying the news is “a good sign of immediate ETF approval”.

Latest: SEC Approves ETF Teucrium Bitcoin Futures. It’s worth noting that it was introduced under Act 33, which Genz deemed insufficient protection for investors compared to Act 40. This is a good sign for spot products, although we still think exchanges need more regulation. To be able to agree with them. h/t @CoinDesk

However, while investors are eagerly waiting for the Bitcoin Spot ETF, analyst Domberg points out that the problem may not lie with different actions, but the fact that Futures contracts are ‘cash settled’.

Gary Gensler, Chairman of the Securities and Exchange Commission, may ban spot ETFs as long as “the funds are flowing into the spot ETFs faster than they are being recovered, causing a net effect that provides exit liquidity in USD for those seeking to cash out.” Bitcoin”.

Meanwhile, ProShares recently submitted it to the Securities and Exchange Commission ETF Bitcoin Short StrategyThe Bitcoin ETF saga continues.

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