Grayscale CEO Pleads Bitcoin Spot ETF as SEC Supports Third BTC Futures ETF

Institutional investors rejoice, there is another way to get involved with Bitcoin (BTC). The United States Securities and Exchange Commission (SEC) announced overnight approval of a fourth Bitcoin futures exchange-traded fund (ETF).
The Teucrium fund group is behind the recently approved Bitcoin Futures ETF. The ETF joins a growing number of approved futures ETFs and complements ProShares, Valkyrie and VanEck Bitcoin Futures ETFs.

To date, every bitcoin spot ETF has been disapproved, however, to an interested observer, the manner in which approval was granted could be a boon to expectant spot investors.
The action thickens on the way to $GBTC’s place #Bitcoin #ETF transformation…
— sunshine (@sunshine) April 7, 2022
In a tweet thread, Grayscale CEO Michael Sonnenshein once again promoted a bitcoin spot ETF. Ranked 71st on Cointelegraph’s Top 100 list, Sonnenshein manages the Grayscale Bitcoin Trust (GBTC) Trust, one of the top ways to buy Bitcoin in the traditional world.
Grayscale CEO Michael Sonnensheinin tweeted, “If the SEC is comfortable with a bitcoin futures ETF, they must be comfortable with a spot bitcoin ETF.”
His argument assumes that since “all bitcoin futures ETFs are created equal” and that the Teucrium falls under a 1933 law, not the 1940 law that the other three ETFs fall under, the argument for the Submission of a bitcoin spot ETF becomes “stronger”. ”
So if the SEC is satisfied with a #Bitcoin futures #ETF, they must also be comfortable with a spot bitcoin ETF. And they can no longer rightly invoke the ’40s law as a distinguishing feature.
— sunshine (@sunshine) April 7, 2022
Sonnenshein has been a proponent and protagonist for creating a bitcoin spot ETF for some time; The company shared plans to convert the GBTC Trust into an ETF in October 2021. With over $35 billion in assets under management, the GBTC Trust is the largest in the world of legacy finance – converting it to a cash ETF would be logical.
Eric Balchunas, a Bloomberg analyst, shares his view that this bodes well for Spot, meaning a bitcoin spot ETF.
JUST IN: SEC Approves Teucrium Bitcoin Futures ETF. Notable because it was filed under Act 33, which Genz said does not have enough copyright protection over Act 40. Perhaps this bodes well for Spot, although we still think exchanges will need Regs if he gives the green light. h/d @CoinDesk pic.twitter.com/SZMkuMrASc
— Eric Balchunas (@EricBalchunas) April 6, 2022
Related: SEC Denies ARK 21Shares Spot Bitcoin ETF Application
However, while investors are waiting with bated breath for a Bitcoin Spot ETF, analyst Doomberg suggests the issue may not relate to other actions, but to the fact that futures contracts are “settled in cash.”
SEC Chairman Gary Gensler may actually block cash ETFs because “as long as funds flow into cash ETFs faster than they are redeemed, the net effect will provide US dollar exit liquidity for those looking to cash out their bitcoin.”
Meanwhile, ProShares recently filed its Short Bitcoin Strategy ETF with the SEC. The bitcoin spot ETF saga continues.
https://cointelegraph.com/news/grayscale-ceo-pleads-bitcoin-spot-etf-as-sec-backs-third-btc-futures-etf Grayscale CEO Pleads Bitcoin Spot ETF as SEC Supports Third BTC Futures ETF