Grayscale Investments CEO Michael Sonnenshein believes that market participants’ negotiations with the US Securities and Exchange Commission (SEC) over the launch of a Bitcoin (BTC) spot ETF in the US are progressing according to an optimistic scenario.
The CEO shared this opinion with Yahoo Finance journalists and noted that SEC commissioners are working to clarify the details regarding requests from market participants to launch a spot Bitcoin ETF.
These actions by the Commission, according to Sonnenshein, indicate the regulator’s interest in resolving issues related to the possible launch of the instrument in the United States.
“We won against the SEC, vacated that order denying GBTC to include it as a spot Bitcoin ETF. I think since that time, 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 inflation for their portfolios.”
Michael Sonnenshein, CEO of Grayscale Investments
In October, the US Court of Appeals formally approved a decision requiring the SEC to reconsider Grayscale Investments’ request to convert GBTC into a spot ETF based on the first cryptocurrency. The new document repeats the appeal court’s decision. According to the ruling, the management company demonstrated that the proposed spot ETF is similar to already approved Bitcoin futures exchange-traded funds.
In June, the asset manager sued the regulator for refusing to convert its flagship trust. The company submitted the corresponding application back in October 2021.
