Passage under the Securities Act of 1933, under which Teucrium's filing falls, could open the door for a spot bitcoin ETF, Bloomberg analyst James Seyffart said on Twitter earlier this year. Proponents of cryptocurrency ETFs have argued that "similar situations should be treated in the same way," he said, citing an argument from cryptocurrency firm Grayscale, which requested the conversion of its Grayscale Bitcoin. Fund (GBTC) in ETFs (disclosure: Grayscale is a subsidiary of CoinDesk's parent company, Digital Currency Group).