Sonnenshein argued that the SEC, whereas approving Teucrium’s software beneath the 1933 Act, outlined the underlying market as being restricted to the Chicago Mercantile Change (CME)-listed bitcoin futures. Nevertheless, the CME futures are influenced by the unregulated spot market. So, the regulator can not deny spot-based ETFs, stating they’re uncovered to abuse. Grayscale’s mother or father firm Digital Foreign money Group can also be the proprietor of CoinDesk, which is run as an unbiased subsidiary with an editorial firewall. Grayscale has utilized to transform its Bitcoin Belief right into a spot-based ETF.