Grayscale’s Persistence with Stalling Tactics: A Closer Look
Grayscale, the renowned cryptocurrency agency, seems determined to persist with its stalling tactics. In a recent Twitter post, CEO Michael Sonnenshein expressed Grayscale’s unwavering commitment, stating that their legal team had submitted a comment letter on behalf of all Grayscale investors regarding GBTC’s 19b4 application to the SEC. Sonnenshein emphasized the agency’s anticipation of a productive dialogue with the SEC as they proceed with GBTC’s conversion.
Finance lawyer Scott Johnsson from Davis Polk weighed in on the matter, suggesting that the SEC is facing pressure to approve Grayscale’s application. He highlighted the need for the SEC to expedite the approval process instead of exploring alternative approaches, given the absence of valid grounds for denial thus far.
Bloomberg analyst James Seyffart offered a humorous summary of Grayscale’s letter, likening it to a casual message asking the SEC to get in touch.
Despite Grayscale’s confident letter, it is important to note that the court’s decision merely mandates the SEC to review its rejection, without guaranteeing approval. The crypto community and investors eagerly await the SEC’s next move in this high-stakes battle for a Bitcoin Spot ETF.
Hot Take: The outcome of Grayscale’s application to the SEC remains uncertain, but the crypto world is closely watching as this battle unfolds. With Bitcoin trading at $26,766, the stakes are high for both Grayscale and investors.
By
By
By
By