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The U.S. Securities and Exchange Commission has given permission to NYSE Arca and Teucrium to issue a Bitcoin futures exchange-traded fund (ETF). The approval was announced Wednesday in a filing on the SEC’s website. Teucrium is the latest joiner of bitcoin futures ETF issuers.

“ Teucrium and NYSE Arca filed the application under the Securities Exchange Act of 1934, filing a 19b-4 form with the SEC. The already-approved bitcoin futures ETFs filed by other companies were under the Investment Company Act of 1940, which follows a slightly different regulatory pathway to approval.” Bloomberg analyst James Seyffart said on Twitter earlier this year.  

“An approval under the Securities Act of 1933, under which Teucrium's filing falls, may potentially open the door for a spot bitcoin ETF,” He added.

Proponents of crypto ETFs have argued that "like situations must be treated alike," he said, citing an argument from crypto company Grayscale, which filed to convert its Grayscale Bitcoin Fund (GBTC) to an ETF. (Grayscale is a subsidiary of CoinDesk parent company Digital Currency Group).

However, the SEC has been disapproving of most spot Bitcoin ETF applications. The watchdog cited concerns about market manipulation and the absence of a surveillance-sharing agreement between the market and the ETF issuer. 

ProShares, Valkyrie, and VanEck are among those approved to list and trade bitcoin futures ETFs in the U.S. so far. Valkyrie has also filed to launch a 33 Act bitcoin futures ETF. Its application is outstanding.