Grayscale CEO Optimistic About Spot Bitcoin ETF Approval by SEC
The CEO of Grayscale Investments, Michael Sonnenshein, is optimistic about the ongoing negotiations between market participants and the U.S. Securities and Exchange Commission (SEC) regarding the launch of a spot Bitcoin (BTC) ETF in the United States. Sonnenshein believes that SEC commissioners are actively working to clarify details on applications for a spot Bitcoin ETF.
According to Sonnenshein, the actions taken by the SEC indicate their interest in resolving issues related to the potential launch of this instrument. He also mentioned that Grayscale Investments previously won a case against the SEC, which vacated the denial order for GBTC to uplist as a spot Bitcoin ETF.
U.S. Court Requires SEC to Reconsider Grayscale’s Application
In October, the U.S. Court of Appeals approved a decision requiring the SEC to reconsider Grayscale Investments’ application to convert GBTC into a spot ETF based on Bitcoin. The court ruling states that the proposed spot ETF is similar to already approved Bitcoin futures exchange-traded funds.
Grayscale Investments filed a lawsuit against the regulator in June after their application was initially rejected. The company had submitted their application in October 2021.
Hot Take: Potential Approval Could Boost Crypto Market
If the SEC approves a spot Bitcoin ETF, it could have significant implications for the crypto market. It would provide more accessibility and legitimacy for investors looking to gain exposure to Bitcoin through regulated financial products. This could lead to increased demand and potentially drive up the price of Bitcoin.
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