A new bitcoin futures ETF signals possible step forward in U.S. regulation

the market – its wrapper is. Unlike other bitcoin futures ETFs, it received approval under the Securities Act of 1933, which could possibly be used to get SEC approval for physical bitcoin ETFs.

"I would say to a savvy market participant who understands these two wrappers and the nuances within them and what it could mean from a regulatory approval standpoint, that is a fair view, that this could be a small step in that direction," Filmore said in an interview with The Block."But it really is about the wrapper. It's not about this product. It's about the wrapper being utilized for crypto exposure.

Filmore said Hashdex had intended to be a first mover for the futures ETF, but a long regulatory road led it to a delayed launch date. The Brazilian firm lodged its application under the '33 Act before the first bitcoin futures ETF,, listed in Oct. 2021. It elected to go the '33 route not out of novelty, but because it appeared to be the best wrapper for the product, mainly due to tax efficiency.

"I think there is a normalization of the asset class that all of us who have been involved in crypto for some years knew that was going to happen at some point," Souza said.

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