Warren Buffet

Teucrium Files Bitcoin ETF Application With SEC

Teucrium, a prominent ETF provider, has submitted an application with the United States financial regulator seeking a go-ahead for BTC futures Exchange-traded Fund. The company’s filing suggests that the firm is looking to provide an affordable means to gain valuable exposure to the BTC market.

If the American SEC gives the go-ahead, not only would its ETF trade on the NYSE Arca, but it would also be able to track the Bitcoin futures contracts. Unlike the other ETFs on the market, Teucrium claims that its fund is fully physically backed by the digital token.

Given the fact that the American SEC has been reluctant to give a green signal to the ETF applications in recent months, it is likely that the commission will take months to finalize their review. Besides that, the recent comments from the regulator’s top officials also don’t provide too much hope.

On the other hand, the recent surge in the applications and the growing interest in the Exchange-traded Fund indicates the investors’ confidence. In recent months, there has been growing mainstream adaptation of digital assets, and the US seems to be leading it.

Plus, the governments around the world are also warming up to the new technology, some coming up with their state-backed digital currency alternatives.

Regulators and Government Still Reluctant About ETFs

So far, the ETFs in the US and North American has not been successful as the governments are concerned about its potential market manipulation and the highly volatile nature of the asset. 

In recent months, several top officials have expressed their concerns, including President Joe Biden’s Secretary of Finance, stating that the protection of investors remains a major concern for the government. Besides that, Gary Gansler, the SEC’s new chairman, echoed Janet Yellen’s remarks.

The American regulators are only turning their attention towards creating a framework for the crypto assets and their related services. Meanwhile, experts suggest that the governments are likely to take some time.

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