Grayscale Investments CEO Optimistic About Spot Bitcoin ETF
According to Grayscale Investments CEO Michael Sonnenshein, his firm has had positive conversations with the Securities and Exchange Commission (SEC) regarding the potential for a spot bitcoin exchange-traded fund (ETF). Sonnenshein expressed optimism during an interview with Yahoo Finance, stating that the SEC is eager to engage on this issue and make progress. However, no specific timelines have been shared at this point.
In August, Grayscale secured a court win after suing the SEC for rejecting its plan to convert its flagship GBTC fund into a spot bitcoin ETF. The court ruled that the SEC must re-review Grayscale’s bid. This decision could potentially tip the scales in favor of other firms, such as BlackRock and Fidelity, who have also filed for spot bitcoin ETFs.
Sonnenshein’s Response to Jamie Dimon’s Comments
Sonnenshein was asked about JPMorgan CEO Jamie Dimon’s recent comments expressing opposition to cryptocurrencies and stating that he would shut down crypto if he were the government. Sonnenshein acknowledged that every executive has their own opinions on new technologies. However, he emphasized that cryptocurrency is here to stay and investor interest in this asset class is growing. He also noted that legacy institutions like banks are already adapting their business models to account for these new technologies.
It’s worth mentioning that JPMorgan itself has ventured into crypto by introducing programmable payments through JPM Coin last month.
Hot Take: Grayscale CEO Optimistic About Spot Bitcoin ETF Despite Regulatory Challenges
Grayscale Investments CEO Michael Sonnenshein remains optimistic about the potential for a spot bitcoin exchange-traded fund (ETF) despite regulatory hurdles. He revealed that the firm has been actively engaging with the Securities and Exchange Commission (SEC) and believes that the questions they are receiving indicate a willingness to make progress on this issue. While no timelines have been shared, Grayscale’s recent court win in its bid for a spot bitcoin ETF could influence the SEC’s decision in favor of other firms seeking approval. Sonnenshein also responded to JPMorgan CEO Jamie Dimon’s negative comments about crypto, highlighting the growing interest and adoption of cryptocurrencies by legacy institutions.
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