Grayscale CEO Michael Sonnenshein said in an interview that the US SEC should approve multiple Bitcoin spot ETFs at the same time. If the agency does not allow GBTC conversions while approving other spot Bitcoin ETFs, investors in GBTC will be extremely disadvantaged.
He said: “I think the SEC should and does want to create a level playing field. We have always advocated publicly that when the SEC is ready to approve the launch of spot products, it should immediately approve the launch of all operationally ready issuers. Sonnenshein added that Grayscale is ready to launch GBTC and reiterated its commitment to reducing its fees once GBTC starts trading as an ETF. The trust's current expense ratio is 2%. (Bloomberg)