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Dec 7, 2023
Grayscale CEO Optimistic on Spot Bitcoin ETF
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Grayscale Investments CEO Michael Sonnenshein is optimistic about ongoing negotiations between market participants and the U.S. Securities and Exchange Commission (SEC) regarding the potential launch of a spot Bitcoin ETF in the United States. Sonnenshein shared his positive outlook with Yahoo Finance reporters, highlighting that SEC commissioners are actively working to clarify details related to applications for a spot Bitcoin ETF. According to Sonnenshein, these actions demonstrate the regulator's interest in resolving issues surrounding the potential launch of such an instrument in the United States.
US Court Orders SEC Review of Grayscale's ETF Application
In October, the U.S. Court of Appeals officially approved a decision mandating the SEC to reconsider Grayscale Investments' application to convert GBTC into a spot ETF based on the leading cryptocurrency. The recent document reiterates the appellate court's decision, emphasizing that the management company demonstrated the proposed spot ETF's similarity to already approved Bitcoin futures exchange-traded funds. In June, Grayscale sued the SEC for denying the conversion of their flagship trust, having submitted the corresponding application in October 2021.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.