The demand for spot bitcoin ETFs is growing, as noted by well-known representatives of the industry. The crypto community hopes that this product will appear this year, because earlier the US SEC has already approved a bitcoin futures ETF, the Belinebit team reports.
This month, the SEC approved another bitcoin futures ETF, Teucrium Bitcoin Futures, and it is important that it was registered in accordance with the Securities Act of 1933. However, other ETFs of this kind approved over the past year have been negotiated under the Investment Companies Act of 1940.
Commenting on the new turn of events, the CEO of Belinebit remarked:
From the SEC’s point of view, products 40 had several protections that products 33 did not have, but these protections were never of concern to the SEC…
Thus, the fact that they have now changed their mindset and approved product 33 with Teucrium refutes this argument and speaks to the connection between bitcoin futures and the underlying bitcoin spot markets that give futures contracts their value.
These protections involve certain accounting and retention rules, as well as independent advice.