In a recent interview, Teucrium Trading's CEO Sal Gilbertie discussed how his firm interacted with crypto ETFs and why they support XRP.
Teucrium's Experience in the Crypto ETF Space
Sal Gilbertie shared that the SEC was initially hesitant and asked companies like Teucrium to withdraw their filings, citing low liquidity in the futures market. Despite the pressure, the Teucrium team continued to monitor market dynamics and eventually refiled when they believed liquidity had improved.
SEC Changes and Their Market Impact
Teucrium filed for a Bitcoin ETF under the 1933 Act, which provided a long approval timeline of 270 days. Later that same year, former SEC Chairman Gary Gensler changed the rules and allowed filings under the 1940 Act, which required a shorter approval timeline of 75 days. This shift enabled large firms like BlackRock and Fidelity to receive approvals more quickly, even though Teucrium had filed first. Sal described this sudden turn as "very disconcerting," as it cost his firm valuable market opportunities.
Support for XRP and ETF Creation
Sal Gilbertie noted that his firm has now filed for a leveraged XRP ETF called "Double XRP." While he does not consider himself a fan of cryptocurrencies like Ethereum or Solana, he supports Ripple's mission to modernize cross-border transactions and replace the outdated SWIFT system. He stated, "Anything that speeds up the system makes sense." Rather than compete with major players for a basic XRP ETF, Teucrium opted for a more specialized leveraged ETF, allowing them to stand out in a crowded market.
Teucrium Trading continues to be an active player in the crypto ETF market, even when facing challenges from regulators. Their support for XRP and filing for a specialized ETF illustrates the company's confidence in the future opportunities of this asset.
