Michael Sonnenshein, CEO of Grayscale Investments, believes that market participants’ negotiations with the US Securities and Exchange Commission (SEC) regarding the launch of a spot Bitcoin (BTC) ETF in the US are proceeding according to a scenario optimistic.
The CEO shared this opinion with Yahoo finance reporters and noted that SEC commissioners are working to clarify the details of market participants’ requests to launch a spot Bitcoin ETF.
Such actions by the Commission, according to Sonnenshein, demonstrate the regulator’s interest in resolving issues related to the possible launch of the instrument in the United States.
“We won against the SEC, overturned that order denying GBTC to be listed as a spot Bitcoin ETF. I think since then, the macro environment, because bitcoin means different things to different people, you’ve seen some investors flock to bitcoin, flock to gold, in an environment of rising rates as a hedge against the inflation for their portfolios.
Michael Sonnenshein, CEO of Grayscale Investments
In October, the United States Court of Appeals formally approved a ruling requiring the SEC to review Grayscale Investments’ application to convert GBTC into a spot ETF based on the premier cryptocurrency. The new document repeats the decision of the court of appeal. According to the judgment, the management company has proven that the proposed spot ETF is similar to the already approved Bitcoin futures exchange-traded funds.
In June, the asset manager sued the regulator for refusing to convert its flagship trust. The company returned the corresponding request in October 2021.
The post office Grayscale Investments CEO Hints at Optimistic Scenario for Spot Bitcoin ETF first appeared on Investorempires.com.
