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A much discussed Bitcoin (BTC) cash exchange-traded fund (ETFs) could finally see the light of day in the United States, after a new ETF filed under rules that would be used for a spot fund has just been released on the market.

The fund in question is Teucrium’s Hashdex Bitcoin Futures ETF with the appropriate ticker code DEFI, which began trading on the NYSE Arca exchange on Thursday, Bloomberg reported. And according to the report, the fund differs from all other Bitcoin ETFs that have launched so far in that it was filed under the Securities Act of 1933 – the same act it would be required to use to a Bitcoin spot ETF.

All other Bitcoin ETFs in the United States were filed under the Investment Company Act of 1940.

Cash crypto ETFs that are directly backed by digital assets have long been denied listing in the United States by the Securities and Exchange Commission (SEC), the financial regulator responsible for approving such listings. As a result, the crypto ETFs that exist so far in the US are all backed by bitcoin futures, not “physical” bitcoins.

At the moment, Bitcoin ETFs remain the only crypto-based ETFs that exist in the United States.

According to Bloomberg, the Investment Company Act of 1940 was the SEC’s preferred law for crypto ETFs to be filed, with SEC Chairman Gary Gensler citing greater investor protections under that law as the reason.

With the new fund filed and approved under the 1933 Act, however, questions arise as to whether the SEC has changed its stance toward crypto ETFs.

“The launch of this Teucrium product only strengthens the case for a spot Bitcoin ETF because it uses the exact same fund structure,” Nate Geraci, president of advisory firm The ETF Store told Bloomberg. , before adding that this “does not mean that the SEC will give up their tough stance.

“I’m still in the camp that a cash product just won’t get approved until the SEC has regulatory oversight of crypto exchanges,” he said.

When Teucrium’s new ETF was initially approved by the SEC in April this year, other analysts, including Bloomberg’s own ETF analyst Eric Balchunas, also noted how the approval was a step on the way to a bitcoin spot ETF.

The approval is a “good sign for spot” given that the application was “filed under Law 33, which [Gensler] said didn’t have enough [investor] protections against [the] 40 Act,” Balchunas said at the time.

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