In a recent interview, Sal Gilbertie, CEO of Teucrium Trading, opened up about his firm’s experience in the crypto ETF space and why he’s backing XRP. He said that the SEC was initially hesitant.
They asked Teucrium and others to withdraw their filings, citing low liquidity in the futures market. Sal recalled that the government’s stance at the time forced firms like his to comply. Yet, he and his team continued to track the market closely. When they believed liquidity had improved, they refiled.
SEC Changes the Rules Midway
Teucrium filed its Bitcoin futures ETF under the 1933 Act, which came with a long 270-day approval timeline. Later that same year, former SEC ChairmanGary Gensler changed the rules and allowed filings under the 1940 Act, a quicker, 75-day process commonly used for mutual funds. Many large firms like BlackRock and Fidelity jumped in under this structure and got approvals faster, even though Teucrium had filed first.
Talking to Thinking Crypto, Sal described this sudden shift as “very disconcerting,” explaining how it cost his firm valuable market opportunities. Despite this, Teucrium’s approved filing played a key role in Grayscale’s legal battle against the SEC. Sal said that Teucrium’s approval was referenced in the lawsuit, which Grayscale ultimately won..
Why Teucrium Is Betting on XRP
Sal also shared why his firm has now filed for a leveraged XRP ETF, called “Double XRP.” While he doesn’t consider himself a fan of coins like Ethereum or Solana, he understands and supports the mission behind XRP. According to him, Ripple’s focus on modernizing cross-border payments and replacing the outdated SWIFT system is both practical and powerful.
He believes Ripple has consistently demonstrated professionalism and long-term strategy, particularly in improving the speed and efficiency of asset transfers. He said, “Anything that speeds up the system makes sense.”
Rather than compete head-to-head with big firms like BlackRock and Fidelity for a basic spot XRP ETF, Teucrium filed for a more specialized leveraged XRP ETF. This plays to their strength in derivatives and allows them to stand out in a crowded field.
