CHICAGO, IL, Sept. 14, 2022 (GLOBE NEWSWIRE) — Vedder Price is pleased to announce the launch of a new bitcoin ETF registered and regulated exclusively under the Securities Act of 1933 (Securities Act). The Hashdex Bitcoin Futures ETF (Fund) differs from existing bitcoin futures ETFs, which are registered and regulated under the Investment Company Act of 1940 (Investment Company Act).
The fund is sponsored by Teucrium Trading. Teucrium offers a range of ETFs that focus on giving investors exposure to alternative markets, including agricultural commodity markets such as wheat and corn. Vedder Price, led by shareholder Tom Conner, helped Teucrium obtain the necessary regulatory approvals to launch the fund.
The first required regulatory approval was to obtain IPO 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 monitoring agreement with the fund’s listing exchange (NYSE Arca) can reasonably be expected to identify trading abuses.
The fund was the first of its kind to receive SEC listing approval. This listing approval has broad industry implications and signals that this type of ETF will continue to be approved by the SEC. In addition, ETF sponsors have argued that this approval could open the door for a spot bitcoin ETF because a spot bitcoin ETF would be governed under the same rules as the fund.
Vedder Price guided Teucrium through the SEC registration process, and the fund’s registration statement was expedited by the SEC on September 14, 2022. Vedder Price also assisted Teucrium in obtaining necessary approvals from the National Futures Association.
About Vedder Price:
Vedder Price is a thriving commercial law firm with eight offices in major global cities, including Chicago, New York, Washington, DC, London, San Francisco, Los Angeles, Singapore and Dallas. The firm offers a unique and sophisticated blend of finance, corporate, labor and employment and legal services, including market-leading practices in global transportation finance, middle market finance/M&A, executive compensation, class action litigation, investment services and more. Vedder Price has long-standing relationships with marking organizations, and many of the company’s customers have been with the company since it was founded in 1952. For more information, visit vedderprice.com.
# # #
