Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
For the manager of Grayscale, the fact that the SEC The ETF an Exchange-traded Fund, an investment fund that users trade on exchanges and trading platforms. futures of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. submitted by Teucrium completely changes the picture, since the proposal is covered by the Securities Law of 1933 sets out a different path along which the next applications might follow.
The CEO of Grayscale InvestmentMichael Sonnenshein, assured that it is only “a matter of time” so that the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) finalmente de su visto bueno y apruebe de manera oficial el primer ETF Bitcoin en los mercados estadounidenses.
CEO of Grayscale is optimistic about an upcoming ETF Bitcoin
This is what Sonnenshein said in an interview for the program ETF Edge broadcasted on the channel CNBC, where the main executive of Grayscale is particularly optimistic because of the SEC recently approved the application for a ETF futures of Bitcoin a Teucrium a principios de este mes, la cual tiene la particularidad de que dicha propuesta se amparaba bajo la Securities Act of 1933 and not in the Investment Company Act of 1940 The latter has been used as a reference by most of the exchange-traded funds that have been rejected to date.
“From the SEC’s point of view, there were several protections that 40 Act products have that those covered under the 33 Act do not, but those assurances never addressed the regulator’s concerns about Bitcoin’s underlying market, as well as the potential for fraud or manipulation.”
Sonnenshein added that having given the green light to the proposal of Teucrium para un ETF futures of Bitcoin under the Law 33 invalidates the insecurities and allegations put forward by the SEC with respect to rejected proposals.
Therefore, the CEO of Grayscale indicated that doing it this way involves a separate board, accounting and custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. rules with significant differences, he added:
“It really is, in our view, a question of when and not if. If the SEC can’t view two similar issues, the futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. ETF and the spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. ETF, through the same lens, then, in fact, it’s potential grounds for a violation of the Administrative Procedure Act.”
Panorama in favor of Grayscale?
At the time, the fact that Teucrium received approval for its ETF futures of Bitcoin generated a lot of expectations among analysts and insiders, because although there have been no problems regarding this type of exchange-traded funds, this could be a path where all those proposals that seek to have a direct exposure to the main cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. could go.
At the time the analyst of Bloomberg, James Seyffart, indicated that this could be a good mechanism for a ETF Bitcoin in the U.S. will eventually see the light of day, as taking refuge under the Securities Act of 1933 establishes rules that could prove beneficial for cases such as those of Grayscale, which would be trying to convert his Grayscale Bitcoin Fund (GBTC) in a local exchange-traded fund.
As many already know, Grayscale has an ongoing application to the SEC to convert your GBTC in a ETF based entirely on Bitcoin, before which the regulator has until July to present an official verdict, which the company plans to appeal and/or sue in case it is negative.
While the bidding is still going on for a ETF based on Bitcoin , Teucrium appears next to ProShares, Valkyrie y a VanEck as the entities fully authorized to operate an exchange-traded fund linked to futuresBTC.
Let’s keep in mind that these are completely different products, since cryptocurrencies are not regulated regulation is when something is controlled by a specific set of rules. by the SEC, which has serious doubts about possible market an area or arena, online or offline, in which commercial dealings are conducted. manipulations and the extreme volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. seen in the price of the main exponents for a Bitcoin ETF.
- NASDAQ Survey Reveals Growing Interest in Crypto ETF among Financial Advisors
- SEC Officially Approves Bitcoin Futures ETF Application Filed by NYSE Arca and Teucrium
- SEC Officially Denies Bitcoin ETF Application Filed by ARK Invest investing is when you put money in a financial scheme with the intent of making a gain.
Source: Finbold , archive DiarioBitcoin
Version by Angel Di Matteo / DiarioBitcoin
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