{"id":60570,"date":"2022-04-25T10:35:58","date_gmt":"2022-04-25T07:35:58","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=60570"},"modified":"2025-09-05T04:07:02","modified_gmt":"2025-09-05T01:07:02","slug":"grayscale-urges-sec-to-convert-the-bitcoin-trust-into-an-etf-after-teucriums-approval","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/grayscale-urges-sec-to-convert-the-bitcoin-trust-into-an-etf-after-teucriums-approval\/","title":{"rendered":"Grayscale urges SEC to convert the Bitcoin Trust into an ETF after Teucrium&#8217;s approval"},"content":{"rendered":"<p>Approval of Teucrium&#8217;s <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\">Bitcoin ETF<\/a> futures-based provides a basis for a similar decision on Grayscale&#8217;s application to convert <span data-descr=\"Grayscale Bitcoin Trust\" class=\"old_tooltip\">GBTC<\/span> into an exchange-traded fund. The company said this in a letter to <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>, The Block reports.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThere are no grounds for considering spot bitcoin products other than futures-based products based on them,\u201d<\/em> the document states.<\/p>\n<\/blockquote>\n<p>In early April, the SEC approved Teucrium&#8217;s product. It conforms to the Securities Exchange Act of 1934 just as Grayscale&#8217;s filing does.<\/p>\n<p>Earlier, SEC Chair Gary Gensler <a href=\"https:\/\/u1f987.com\/en\/news\/vaneck-files-for-bitcoin-strategy-etf\">said<\/a> that for possible approval of spot bitcoin ETFs, their underlying assets must be bitcoin futures on the <span data-descr=\"Chicago Mercantile Exchange\" class=\"old_tooltip\">CME<\/span>.<\/p>\n<p>Also he mentioned filings under the Investment Company Act of 1940. Subsequently, on that basis, the regulator allowed trading of futures-based Bitcoin ETFs from <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-futures-based-bitcoin-etfs-from-vaneck-and-valkyrie-investments\">VanEck, Valkyrie Investments<\/a>, and <a href=\"https:\/\/u1f987.com\/en\/news\/sec-quietly-approves-first-futures-based-bitcoin-etf\">ProShares<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe approval of Teucrium&#8217;s product confirms that the Investment Company Act of 1940 is not a basis for the Commission&#8217;s ruling. Any fraud or manipulation in the underlying market will affect both products \u2014 spot and futures Bitcoin ETFs \u2014 equally. The existence of these risks cannot be used as justification for denying approval of one product after approving the other,\u201d<\/em> Grayscale&#8217;s lawyers said.<\/p>\n<\/blockquote>\n<p>Grayscale <a href=\"https:\/\/u1f987.com\/en\/news\/dcg-chief-confirms-plans-to-convert-grayscales-bitcoin-trust-into-an-etf\">filed the application<\/a> to convert the Bitcoin Trust into an ETF in October 2021. In February 2022, the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/sec-delays-ruling-on-grayscales-bid-to-launch-a-spot-bitcoin-etf\">delayed its decision<\/a> until July 6.<\/p>\n<p>Earlier, the company <a href=\"https:\/\/u1f987.com\/en\/news\/grayscale-says-it-is-prepared-to-sue-the-sec-if-gbtc-is-not-converted-into-an-etf\">said it was prepared to sue<\/a> the regulator if GBTC&#8217;s conversion into a Bitcoin ETF was denied.<\/p>\n<p>A Nasdaq-commissioned survey conducted in April showed that 72% of financial advisers surveyed approved investments in a spot Bitcoin ETF.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Approval of Teucrium&#8217;s futures-based Bitcoin ETF provides a basis for a similar decision on Grayscale&#8217;s application to convert GBTC into an exchange-traded fund, the company said in a letter to the SEC, The Block reports.<\/p>\n","protected":false},"author":1,"featured_media":60571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[943,128,1211],"class_list":["post-60570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-grayscale-investments","tag-sec","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"6","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=60570"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60570\/revisions"}],"predecessor-version":[{"id":60572,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/60570\/revisions\/60572"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/60571"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=60570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=60570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=60570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}