New Initiative For Bitcoin ETF Approval In The USA

New initiative has been made in the USA for spot Bitcoin ETF approval. Cryptocurrency investment giant Grayscale has stepped up the pressure.

Grayscale, which has been working to transform the 640 thousand BTC Bitcoin fund into a fund that will be traded on Wall Street exchanges since last year, has made a new attempt to get approval from the US Securities and Exchange Commission (SEC). Grayscale sent a letter to the SEC this week, arguing that the approval of the Teucrium Bitcoin futures ETF earlier this month invalidated the reasons put forward for the non-approval of the spot ETF, the Financial Times reported. NYSE Arca and Teucrium companies received SEC approval for Bitcoin futures ETF applications in the first week of April. The ETF in question was different from other futures ETFs approved to date. The most important point here is that the Teucrium ETF was prepared according to the Securities Act of 1933. Other Bitcoin futures ETFs accepted so far were included in the Investment Company Act of 1940. This law is in the position of a law that is subject to very different regulatory rules than the other. Experts commented that with the approval given to the Teucrium ETF, the possibility of acceptance of the spot Bitcoin ETF is strengthened. Grayscale pointed out this point in its letter, “We believe the approval of Teucrium reinforces the main point: There is no basis for treating a spot Bitcoin ETF any differently than a Bitcoin futures ETF when it comes to ETF approval.”