Grayscale CEO: The approval of Spot Bitcoin ETF is the next natural step for the Sec
Grayscale CEO: The approval of Spot Bitcoin ETF is the next natural step for the Sec

- Sonnenhein said Blockworks that it was "difficult to say what the Sec is waiting for"
- Meanwhile, the company plans to launch products that aim at other areas of cryptography
The crypto assets administrator Grayscale Investments adheres to consider a lawsuit against the Securities and Exchange Commission if the authority rejects its long-term proposal to convert its Bitcoin trust into an ETF.
CEO Michael Sonnenshein-based on previous comments-said on Tuesday at the Exchange ETF conference in Miami that in such a scenario "All options were on the table".

"If you consider two similar problems, as a regulatory authority you have to consider the two problems through a similar lens," said Sonnenhein.
The company applied for the conversion of its Grayscale Bitcoin Trust (GBTC) last year to an ETF. The investment vehicle introduced in 2013 has a fortune of $ 25.6 billion.
More than 800,000 US accounts invest in GBTC, said Sonnenshein and pointed out that it is held by individuals, pension accounts, investment funds and ETFs.
"If you think of the opportunity to think of [The Sec], it should really be a voice to further protect investors and to bring an already existing product into a stricter regulatory framework that offers investors more protection," said Sonnenhein.
The decision of the SEC for conversion is expected in July. In the past few months, GBTC has consistently acted with a discount and more than 3,000 letters submitted to the SEC, that works for the change.
Although a handful of funds have requested Bitcoin-Spot-ETFs in recent years, the SEC still has to approve them.
Sonnenshein tweeted last week that the arguments of the SEC were "considerably weakened" against a spot bitcoin ETF after they were submitted to the same law after the Securities Act of 1933 (’33 Act)-the same law.
Although the SEC had already approved several ETFs that invest in Bitcoin Futures-by the issuers Proshares, Valkyrie and Vaneck-they were submitted in accordance with the Investment Company Act from 1940 (’40 Act).
the CEO said that the Bitcoin futures ETFs from Blockworks were a "huge milestone" for the industry and that "the next natural step" would be to approved a spot-bitcoin ETF in accordance with the 33 Set.
"It would be difficult to say what the SEC is waiting for in detail, because only when the Teucrium approval did they actually realize that the futures contracts themselves are bound to the underlying spot markets themselves," said Sonnenhein in an interview on Tuesday. "So if you hanging up the underlying market, you have now changed your opinion."
Although the conversion of GBTC into an ETF has top priority for the company, Sonnenhein expects the company to launch further products to different subgroups of the cryptor room. He has not given any certain areas that Grayscale can concentrate on.
The asset manager put on his first ETF in February, which invests in companies that work on building the digital economy. It also put on a fund last month that enables investors to rely on the largest competitors of Ethereum in the Smart Contracts area.
. .
The contribution Grayscale CEO: Spot Bitcoin Etf Approval is 'The Next Natural Step' For Sec is not a financial advice.
Kommentare (0)