Grayscale CEO Michael Sonnenshein recently stated that he is optimistic about the upcoming launch of a spot Bitcoin ETF (exchange-traded fund).
Sonnenshein emphasized that the launch of a Bitcoin ETF is a matter of “when” rather than “if.” The SEC has had discussions with cryptocurrency platforms about this, and these discussions are seen as positive developments in the market. Grayscale aims to convert its Bitcoin Trust (GBTC) into an ETF, a conversion the company views as its ultimate goal and priority.
Sonnenshein also noted that the SEC will ensure that appropriate investor protection measures are implemented for the introduction of Bitcoin ETFs. In what was seen as a partial victory for Grayscale earlier this year, a U.S. Court of Appeals ruling challenged Grayscale's ETF application, finding the SEC's rejection was "arbitrary and arbitrary" and requiring the SEC to re-evaluate the company's application. . (coinedition)