Grayscale is arguing that the SEC's approval so-called Teucrium Bitcoin Futures Fund lays the basis for approving Grayscale's ETF.
Asset manager Grayscale has made a new appeal to the Securities Exchange Commission to upgrade its Grayscale Bitcoin Trust into an exchange-traded fund .
"We believe the Teucrium order confirms the fundamental point made in our November 29, 2021 letter in support of the above-referenced proposal: when it comes to approving ETPs, there is no basis for treating spot Bitcoin products differently from Bitcoin futures products," the letter said. Still, the approval of the Teucrium product is striking given it was approved under the Securities Exchange Act of 1934 — as opposed to the Investment Act of 1940. The '34 Act is the same framework under which would Grayscale would launch its ETF.In Grayscale's view, the agency would be acting arbitrary and capricious if it approves a futures-based fund under the '34 Act and not a spot-one.
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