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The CEO of Grayscale has an optimistic view as he thinks that it’s not a matter of if a Bitcoin ETF is approved; it’s a matter of When?
In an interview on Tuesday with Bloomberg, Michale Sonnenshein, CEO of Grayscale, indicated that the firm is preparing to get into a legal fight against the United States Securities and Exchange Commission if it rejects the Bitcoin Spot Exchange-traded funds of Grayscale.
During the interview, Michale asked if he would consider the lawsuit option under the Administrative Procedure Act if the financial regulator denies its bitcoin spots ETF. The CEO responded that he thinks all the options are in front of us on the table, highlighting the importance of advocating continuously. The date for a decision, either approval or denial, was delayed to February from initially filed in October 2021, but it has been delayed until July 2022.
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Grayscale CEO mentioned that the team had put the firm’s full resources into converting their flagship fund GBTC into an ETF. He said it’s important for the firm that their investors know they have and will advocate continuously for them.
In October 2021, Grayscale announced its planning to convert its flagship bitcoin trust to Bitcoin settles ETF. In December 2021, SEC delayed the decision to approve or deny the product citing the need for a more extended period to consider the changes that were proposed and repeated the same action in February again.
Later, when the SEC opened the changes that Grayscale proposed to public feedback, which later received the feedback showing 95% of respondents supporting the conversion as per the analysis in February.
Even Grayscale firm has also dedicated a section of its official website to encouraging investors to submit their comments to the SEC.
Michael Sonnenschein said that today there are investors of GBTC in all 50 states, and there are more than 800,000 accounts in the US who are eagerly waiting to see it converted into an ETF. Michael said that it was a very exciting announcement that people would have a Bitcoin Futures ETF in the market. Still, it’s unfortunate that investors have been forced toward the bitcoin futures products as they are the only ones existing.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
