Excitement grows over spot bitcoin ETF after SEC approval of another futures-based fund. godbole17 reports.
futures-based funds over a spot bitcoin ETF, mentioning the 1940 act as appropriate for approving bitcoin futures-based instruments.Bitcoin Futures ETF filed in 33Act structure. All previous BTC futures ETFs were in 40Act structure," Bloomberg's ETF analyst Henry Jim tweeted."Bottom line: This increases chances of a 'spot' bitcoin ETFs being approved as it would only be able to use the 33Act structure.
Sonnenshein argued that the SEC, while approving Teucrium's application under the 1933 Act, defined the underlying market as being restricted to the Chicago Mercantile Exchange -listed bitcoin futures. However, the CME futures are influenced by the unregulated spot market. So, the regulator can no longer deny spot-based ETFs, stating they are exposed to abuse.
However, some observers are skeptical because overseeing the spot market, still dominated by whales, or large investors, on offshore exchanges remains a challenge. "The SEC will continue to reject a spot ETF as their main reason is manipulation on unregulated spot crypto exchange that they cannot oversee," Laurent Kssis, managing director and head of Europe at crypto exchange-traded fund firm Hashdex, told CoinDesk in a Telegram chat. Kssis has long held a belief that regulators would stay away from spot-based products while the cash market is unregulated.
However, regulation may be coming soon and that could keep hopes of a spot-based ETF alive, perhaps helping the market absorb shocks from Fed's aggressive monetary policy tightening.
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