Connect with us

Hi, what are you looking for?

Oracle of  Omaha Says – Investing and Stock NewsOracle of  Omaha Says – Investing and Stock News


Law firm Vedder Price announces first Bitcoin ETF registered under the Securities Act

Vedder Price, a global commercial law firm with offices in the United States, United Kingdom and Singapore, has launched a novel bitcoin exchange-traded fund (ETF) that’s unlike other existing Futures ETFs, according to a news release the firm shared with Invezz.

On Wednesday, Vedder Price revealed it had helped unveil Hashdex Bitcoin Futures ETF – the first futures-backed Bitcoin ETF exclusively registered and regulated under the US Securities Act of 1933. The registration puts the new ETF apart from other BTC futures ETFs whose registration and regulation is under the Investment Company Act of 1940, the law firm noted.

The Fund has obtained approval from the US Securities and Exchange Commission (SEC) and will list on the NYSE Arca after the securities agency accelerated its registration.

Fund’s approval could open path for spot ETF

Teucrium Trading, which specialises in offering investors a range of ETFs targeted at exposure to alternative markets including in commodities, sponsored the fund. Vedder Price, through Shareholder Tom Conner, helped secure the necessary regulatory approvals needed to launch the ETF – including from the National Futures Association.

Veder Price explained the process followed to achieve the SEC approval:

“The first necessary regulatory approval was obtaining stock exchange listing authority from the SEC. The SEC granted approval based in part on arguments that the bitcoin futures market has grown and matured to the extent that its surveillance agreement with the Fund’s listing exchange (NYSE Arca) can reasonably be expected to identify trading abuses.”

While the SEC is yet to approve of a spot Bitcoin ETF, Veder Price says the approval could have “broad industry implications.” Indeed, the firm envisages the potential for this ETFs approval to be a watershed moment not just for similar ETF applications, but also signals the possibility of a spot Bitcoin ETF.

Accordingly, fund sponsors contend that the approval of Hashdex Bitcoin Futures ETF “may open the door for a spot bitcoin ETF because a spot bitcoin ETF would be governed under the same rules as the Fund.”

The SEC has denied numerous spot Bitcoin ETFs, and as we reported in June, the chances for one have looked slim. Meanwhile, the watchdog has allowed a number of Futures-backed ones (including the ProShares Bitcoin Strategy ETF).

The post Law firm Vedder Price announces first Bitcoin ETF registered under the Securities Act appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Tele2 AB today announces a new partnership with security experts EBS to deliver a secure and managed IoT connectivity solution. Tele2 will support EBS...


    Anyone who has filled up the tank of their car this year will be aware of the rollercoaster ride that the price of oil...

    Latest News

    Sen. Patrick Leahy “was not feeling well” on Thursday and was admitted to the hospital overnight for observation, his office said in a statement....

    Latest News

    Joe Manchin is forcing Democrats into a brutal choice: Take a deal now to lower the costs of health care premiums and prescription drugs,...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023