Welcome to another Tech Tech Plus live stream.

Jan, good morning, Jan Veneck, of course, the CEO of the Neck, many ETFs, which our audience will know.

How are you?

I'm doing really well. Thank you, Deirdre.

Let's start. Let's dive right into it.

For our audience, why don't you explain the difference?

We've been talking about it a lot on air between a Bitcoin's future ETF and a spot ETF. Sure, yes. We sponsor a Bitcoin futures ETF,

which basically is what it implies. The ETF invests in Bitcoin futures.

And what investors need to know is that the shape of the futures curve will then affect their returns.

Now, in flatter-down markets, Bitcoin investors don't really need to care about that.

But in strong upward markets, the futures curve has traded at Contango, which basically means you're getting punished for investing in Bitcoin futures rather than Bitcoin spot.

Right. And I know it took some time to even get a futures ETF approved. And now we're sort of

seeing the same process for a spot ETF. I think there's

been six and now gray scales proposed spot ETF is being looked at. Why is this so difficult?

Why is the SEC willing to approve a futures, a Bitcoin ETF instead of a spot one?

Well, it's really because the whole world of crypto is unregulated right now from a federal

perspective.

Most of the regulation that's happening is happening at the state level, California, New York,

Wyoming.

And so the regulators are trying to figure out what kind of jurisdiction they have.

Certainly if something is clearly a security, it falls within the SEC's jurisdiction.

But Bitcoin is probably not a security by that definition. But there's a lot of discussion

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