Grayscale CEO believes that the approval of Bitcoin spot ETF by SEC is just around the corner
Michael Sonnenshein, the CEO of the cryptocurrency asset management giant Grayscale Investments LLC, believes that sooner or later, the United States Securities and Exchange Commission (SEC) will have to approve a Bitcoin spot ETF.
SEC has to approve a Bitcoin spot ETF: Grayscale
As per a recent report by CNBC, during the “ETF Edge” event, Sonnenshein displayed a hopeful attitude towards the approval of a Bitcoin spot ETF by stating that “It really is, in our opinion, a matter of when and not if.” He added:“From the SEC standpoint, there were several protections that 40 Act products have that 33 products don’t have, but never ever did those protections address the SEC’s concern over the underlying bitcoin market and the potential for fraud or manipulation.”The confidence follows the SEC's approval of the Teucrium Bitcoin Futures ETF application earlier this month. The fund was registered under the Securities Act of 1933, rather than the Investment Company Act of 1940, as other prospective bitcoin funds including Grayscale's Bitcoin Futures ETF have done. Sonnenshein noted the step by the SEC clearly invalidates the connection between the “bitcoin futures and the underlying bitcoin spot markets that give the futures contracts their value.”
Sonnenshein believes that if the SEC can’t find the two issues( futures ETF and spot ETF) similar, then it is “potentially grounds for an Administrative Procedure Act violation.”
Grayscale and the SEC
Grayscale is waiting to hear back from the SEC in early July 2021 on a decision that aims to transform its Grayscale Bitcoin Trust into a bitcoin ETF. However, the SEC has shown a totally strange attitude by delaying the decision on the same. It has also delayed a decision on applications by WisdomTree and One River Asset Management for a spot Bitcoin ETF.Interestingly, the crypto asset management giant, which is one of the loudest critics of SEC, has hinted at suing it if it turns down its application.
Bitwise Asset Management’s Matt Hougan also disagrees with SEC’s actions by saying that the SEC is citing manipulation concerns, “but its specific request was to demonstrate that regulated CME markets are of significant size.”
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