Grayscale CEO Believes Cryptocurrency is a Non-Partisan Issue
The CEO of Grayscale, Michael Sonnenshein, believes that cryptocurrency has become a non-partisan issue and policymakers now recognize its permanence. Sonnenshein expressed the company’s willingness to collaborate with the US Securities and Exchange Commission (SEC) to establish a spot Bitcoin exchange-traded fund (ETF). This statement came after Sonnenshein’s meeting with lawmakers in Washington DC.
Grayscale’s Legal Victory Against the SEC
In a recent legal victory, the US Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale, ordering the SEC to reconsider its rejection of Grayscale’s ETF application. The court stated that there was no justification for allowing Bitcoin futures-based ETFs while denying spot Bitcoin ETFs. It argued that fraud and manipulation risks exist in both markets and criticized the SEC for not explaining its differential treatment of similar products.
Sonnenshein highlighted Grayscale’s commitment to regulatory compliance and expressed eagerness for constructive dialogue with the SEC. Grayscale is one of over ten asset managers seeking approval for a spot Bitcoin ETF, including major financial firms like BlackRock, Fidelity, Invesco Galaxy, and Franklin Templeton.
Anticipating More Crypto Regulations
Sonnenshein expects lawmakers to continue building on recent crypto legislation as Congress returns to session. He believes that increased involvement in cryptocurrency matters is necessary given the growing support for cryptocurrencies among demographics that support lawmakers.
It is worth noting that both Republican and Democratic politicians have shown varying degrees of support for cryptocurrencies. Republicans like Florida Governor Ron DeSantis, entrepreneur Vivek Ramaswamy, and Senator Tim Scott have voiced their support through legislative initiatives or challenges against regulatory measures. Democrats, while more cautious, also have notable backers like Senator Kirsten Gillibrand of New York and Robert F. Kennedy Jr., who embraced cryptocurrency contributions during his presidential campaign.
Hot Take: Cryptocurrency Gains Non-Partisan Support
The increasing recognition of cryptocurrency as a non-partisan issue is a positive development for the industry. With Grayscale’s legal victory against the SEC and their willingness to collaborate, there is hope for the establishment of a spot Bitcoin ETF. As Congress returns to session, it is expected that discussions surrounding cryptocurrency regulations will continue to gain momentum.
By
By
By
By
By