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- Grayscale CEO Michael Sonnenshein remains optimistic about the imminent launch of Spot Bitcoin ETF (TSX:EBIT).
- Sonnenshein says that the Bitcoin ETF launch is a matter of when and not a matter of if.
- The SEC’s recent discussions with the exchange add to Sonnenshein’s optimistic beliefs.
Grayscale CEO Michael Sonnenshein has been optimistic about the imminent Spot Bitcoin ETF launch. In an interview with Fox Business, the Grayscale CEO reaffirmed his positive outlook on the introduction of Bitcoin ETFs, adding, “This is a matter of when, not a matter of if.”
Reportedly, the Securities and the Exchange Commission (SEC) has been involved in discussions with crypto platforms regarding the Bitcoin ETFs. Eric Balchunas, the Senior ETF Researcher at Bloomberg, analyzed these discussions as a positive development in the market. Similarly, Sonnenshein commented that the level of engagement with the regulators and the granular details of the ETF launch provided by the regulators add to his optimistic perspectives.
The CEO reiterated that the conversion of Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) is the firm’s ultimate goal and its “number one mission.” Sonnenshein has shared his optimistic beliefs on the matter in a couple of interviews previously, especially after the court’s green signal. In a previous interview, he stated,
An ETF was the ultimate goal for GBTC… An ETF format was what we always conceived of and that’s always what we intended to do even before we launched the product back in 2013.
Further, during the recent talk with Fox Business, Sonnenshein shed light on the regulatory system that would be implemented with the introduction of Bitcoin ETFs. He affirmed that the SEC would ensure that “appropriate investor protection is made available.”
Earlier this year, in a court ruling, the U.S. Court of Appeals Circuit Judge Neomi Rao questioned the SEC’s rejection of Gryascale’s ETF application, claiming that the regulator’s move was “arbitrary and capricious.” The court added that “the Commission failed to explain its different treatment of similar products” and ordered the SEC to re-evaluate the company’s application, marking a partial victory for Grayscale.
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