SEC Approves Valkyrie’s Bitcoin Futures ETF
6 May, 2022•1 min read•Regulation
The US Securities and Exchange Commission has approved yet another proposal for a futures Bitcoin ETF.
According to the official document, Valkyrie’s XBTO Bitcoin Futures Fund is the latest such product to have secured approval from the SEC.Valkyrie XBTO Bitcoin Futures Fund was first filed in August 2021, and its approval follows that of Teucrium. However, the launch date has not been disclosed yet.Unlike its Canadian, European, and Latin American counterparts, the US regulatory watchdog has refrained from approving any physically-backed ETF, citing that the Bitcoin market lacks surveillance and may be subject to manipulation.However, Bloomberg analyst James Seyffartspeculated that the approval of Teucrium, whose filing falls under the Securities Act of 1933, may potentially pave the way for a much-anticipated spot bitcoin ETF.In March, the SEC rejected two proposals – the NYDIG Bitcoin ETF and Global X Bitcoin Trust – to list and trade shares of spot Bitcoin exchange-traded funds.Earlier, the CEO of the world’s leading asset manager, Grayscale – Michael Sonnenshein – asserted that his company has “all the options on the table” when it comes to fighting for a Bitcoin ETF approval which may also include taking legal actions against the SEC.In a recent interview with Bitcoin proponent Anthony “Pomp” Pompliano, Sonnenshein said a spot Bitcoin ETF continues to be a matter of when, not a matter of if.
“It is tough to put a timeframe on it. We will continue to advocate on behalf of our investors until that approval comes through. In the five-six years that we have been dealing with the SEC and regulators more generally, a lot has changed. Let’s remember that, they have a tough job. It is tough as a regulator to develop really good regulations when the industry and the asset class underneath it, continues to change.”