Grayscale CEO Michael Sonnenshein on CNBC’s “Squawk Box”
Grayscale Investments CEO Michael Sonnenshein appeared on CNBC’s “Squawk Box,” discussing aspects of the crypto market, including the potential impact of a spot Bitcoin ETF in the U.S. and lobbying efforts.
U.S.-Advised Market and Bitcoin ETF
Sonnenshein mentioned the $30 trillion U.S.-advised market, which he believes awaits an SEC-approved spot Bitcoin ETF, unlocking substantial investment into Bitcoin.
Lobbying Efforts in the Crypto Industry
Sonnenshein touched upon the ongoing lobbying efforts in the crypto industry, emphasizing the importance of educating regulators and creating a favorable environment for crypto.
Bitcoin’s Price Movement and Negative Perceptions
Sonnenshein discussed Bitcoin’s price movement and addressed concerns about negative perceptions of Bitcoin by influential figures, arguing that these personal opinions are distinct from the evolving needs of modern investors.
Role of the 2024 U.S. Elections
Coinbase highlighted the crucial role of the forthcoming U.S. elections in shaping the future of cryptocurrency and criticized the current regulatory approach to cryptocurrencies.
Grassroots Support and Super PAC
Coinbase pointed out the significant grassroots support within the crypto community and mentioned the Fairshake Super PAC and its affiliated groups, raising over $78 million to back crypto-supportive candidates.
Responsible Growth of the Crypto Industry
Coinbase emphasized the significant contributors to the Fairshake Super PAC, dedicated to the responsible growth of the crypto industry, and is urging the crypto community to engage actively in the political process.
Hot Take
The crypto industry is eagerly awaiting reforms that would facilitate the entry of new investors. The upcoming U.S. elections hold considerable importance for the industry, encouraging active political engagement from its growing community.
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