SEC lays out path to coveted spot-bitcoin ETF, but…
- Date: 04-May-2022
- Source: CNBC
- Sector:Financial Markets
- Country:Middle East
SEC lays out path to coveted spot-bitcoin ETF, but…
Could the latest approval for a bitcoin futures product hold the key to what it would take for the SEC to approve a long-coveted spot-bitcoin ETF? Last month, the U.S. Securities and Exchange Commission gave the green light to fund firm Teucrium to issue a bitcoin futures exchange-traded product. Sal Gilbertie, CEO of Teucrium, pointed out a footnote in the regulator's approval letter to .   In reference to the potential for fraud and manipulation it reads: "If, however, an exchange proposing to list and trade a spot bitcoin [product] identifies⦠the regulated market with which it has a comprehensive surveillance-sharing agreement, the exchange could overcome the Commission's concernâ¦" Gilbertie explains, "They've clearly spelled out that if the crypto exchanges⦠institute those comprehensive surveillance agreements with the ETF listing exchanges, they will get a crypto spot ETF." But there-in lies the fundamental problem. Gilbertie concludes, "I don't think it's gonna happen because I don't see why those big crypto exchanges would want to when the whole industry is made up around a concept." Crypto firm Grayscale, one of the biggest proponents of a spot-bitcoin ETF and creator of the , recently threatened to sue to SEC over the issue.