The approval of Teucrium’s bitcoin futures ETF is the basis for a similar decision on Grayscale’s application to convert GBTC into an exchange-traded fund, the company has stated this in a letter to the SEC. According to it:
“There is no reason to consider spot Bitcoin products differently than futures products based on it.”
The SEC approved earlier this month a product from Teucrium that complies with the provisions of the Securities and Exchange Act of 1934 in the same way as the statement from Grayscale.
The head of the Commission, Gary Gensler, had earlier said that for the possible approval of exchange-traded funds based on BTC, their underlying assets should be CME Bitcoin futures.
He also mentioned filing an application under the Investment Company Act of 1940.