Latest news with #Gilbertie
CNBC
30-07-2025
- Business
- CNBC
Why it appears Washington is becoming friendlier toward crypto ETFs under Trump
Attitudes on Capitol Hill toward exchange-traded funds and cryptocurrency may be changing. Teucrium CEO and CIO Sal Gilbertie told CNBC's "ETF Edge" regulators are becoming "more friendly" under President Donald Trump versus the Biden administration. "It's a completely different environment in Washington right now," Gilbertie said on Monday. "It's more welcoming towards innovation — especially in crypto… and that's a relief for us." Gilbertie's firm oversees the Teucrium 2x Long Daily XRP ETF (XXRP), which aims to return double the daily performance of the cryptocurrency XRP, according to the fund's website. As of Tuesday's close, the ETF is up 96% since its April 7 launch. Gilbertie said Teucrium's role in pitching funds has not changed, but the reception from regulators has. "The steps that we take to list the fund are the same, but there's no animosity anymore," Gilbertie said. "We're not feeling like they're antagonistic, that they're looking for a problem, that they're looking to actually go against whatever it is you're trying to do." With discussion of regulating newer market players, like ETFs and crypto, Gilbertie said investors need to be savvy and "understand what they're owning" as new products enter the playing field. "The U.S. markets are the safest markets in the world for a reason, because we have tight and very thorough regulations," he said. "But I think investors always need to be learning." The Teucrium 2x Long Daily XRP ETF is geared toward investors with a high risk tolerance. In a news release this month, the firm noted the ETF "carries distinct risks" due to its use of leverage and warned it may not be suitable for all investors. Investment Company Institute CEO Eric Pan is also encouraged by what he sees in Washington — particularly when it comes to the Securities and Exchange Commission engaging with industry players. He thinks cryptocurrency regulation discussions are in the early stages. "They're [regulators] very interested in hearing the views of groups like mine at the ICI. They want to talk to member firms. They want to understand what they're seeing in the marketplace," said Pan in the same interview, adding that this is a "really positive step." The process of rolling out crypto-related ETF products is not much different from ETFs containing traditional stocks, bonds and commodities, Pan said. In both cases, he said regulatory certainty is important to mitigate risk for firms and investors, but he also wants to see room for innovation. "We like the idea that, through competition, firms [and] our members can come up with new products, try them out, see if there's an interest in them," Pan said. "That's really what we've been advocating for, both on Capitol Hill and with the SEC." The excitement comes just weeks after President Trump signed the GENIUS Act, a law regulating stablecoins. Stablecoins are a type of cryptocurrency that's pegged to a fiat currency, like the U.S. dollar. The legislation marks a major legislative win for cryptocurrency and furthers Trump's goal to make the U.S. the "crypto capital of the world."
Int'l Business Times
24-04-2025
- Business
- Int'l Business Times
Teucrium CEO Praises $XRP Army, Says Altcoin Has 'True Use Case'
Gilbertie said the $XRP Army members are a "rightfully" a dedicated community He also criticized the Gensler SEC, calling it a "blocker" of new financial products He said Teucrium believes $XRP has much promise as a utility token XRP has been one of the most trending altcoins in recent months following Donald Trump's presidential victory and the succeeding applications for XRP exchange-traded funds (ETFs) that followed. According to Teucrium CEO Sal Gilbertie, the XRP Army has had a role to play in the positive developments. In a Wednesday interview with Bloomberg TV, Gilbertie, who leads the Vermont-based investment adviser, lauded the XRP community's dedication and also talked about his expectations around the company's new offering, the Teucrium 2x Long Daily XRP ETF. $XRP Army: A dedicated "cult" When asked about who the new XRP ETF is for, Gilbertie was quick to say it's for the XRP community, dubbed as the XRP Army on X. "I think the XRP community, they really are a bit of a cult. They are dedicated people, and rightfully so," he said of one of the most active crypto communities in the space over the years. Explaining further on Teucrium's reasoning for launching an XRP ETF, he noted that there was "pent-up demand to tap into XRP in a more traditional, Wall Street wrapper." He also noted how the product was designed for traders who have a short-term view of the crypto asset's price movement, primarily those who have a "one day view." He went on to say that he expects a mix of institutional and retail investors adopting the token, but he expects that "sophisticated" traders will be interested in the product. Gilbertie blasts old SEC Aside from highlighting the dedication of the XRP community, Gilbertie also criticized the previous leadership at the U.S. Securities and Exchange Commission (SEC), calling the regulator under former SEC Chair Gary Gensler a "blocker." "They acted literally as a blocker. The leadership in the SEC worked against the crypto industry," he said. He did acknowledge the new leadership's openness to testing new products. "The staff is really wonderful at the SEC," he said, adding how the new administration under then Acting Chair Mark Uyeda approved the fund swiftly because Teucrium "followed the rules." "It's the leadership that matters," he said, explaining further how the new SEC who now has its official Chair Paul Atkins at the helm, knew when to raise issues regarding Teucrium's requests but also knew when to accept the investment adviser's reciprocal pushback. Teucrium believes in $XRP's potential Gilbertie also discussed how Teucrium views the XRP token, which was the native cryptocurrency of the XRP Ledger. The company doesn't want to make any price predictions, but it does believe that XRP "is a coin that will have the most utility out there," and it has "a true use case." When the CEO of Teucrium says $XRP has real utility and calls it the coin with the most use don't argue. You just listen.
