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Teucrium's approved filing could be a favorable start to making bitcoin ETF instant trading acceptable in the future.
The U.S. Securities and Exchange Commission (SEC) has approved licenses for NYSE Arca and Teucrium to issue an exchange-traded fund, exchanging futures contracts that apply to Bitcoin. The SEC announced its approval on April 6, 2022. In a set of filings posted to its website, sec added Teucrium to its list of institutions that issued the Bitcoin Future ETF.
Notably, Teucrium and NYSE Arca relied on the Securities Exchange Act of 1934, which filed form19b-4 with the SEC. Bitcoin Future ETFs of other companies are approved due to submission under the Investment Companies Act of 1940, another regulatory manner for approval.
"The approval of Teucrium's filing under the Securities Act of 1933 could open the door to potential bitcoin ETF trading," Bloomberg analyst James Seyffart said earlier this year.
Supporters of the cryptocurrency ETF argue that "Similar cases must be treated equally" citing arguments from cryptocurrency firm Grayscale – a subsidiary of CoinDesk Digital Currency Group.
So far, the SEC has rejected all immediate Bitcoin ETF trading requests due to concerns about market manipulation and a lack of oversight consensus between the ETF issuer and the large-scale underlying asset trading market. However, this hasn't stopped companies from trying to issue Bitcoin ETFs to the market.
ProShares, Valkyrie and VanEck are the ones allowed to list and trade Bitcoin Futures ETFs in the United States. Valkyrie has also filed for the implementation of the Bitcoin Future ETF under Act 33.
