CEO Michael Sonnenshien has indicated after spotting bitcoin ETF by SEC by being rejected that sooner or later, it has to accept it or will go for legal procedures
Have you noticed that numerous exchange-traded funds in the US are ETFs of bitcoin futures, and more are yet to come? For instance, earlier this month, the SEC approved Teucrium Bitcoin Futures ETF under the filing included the Securities of 1933. Other than this, other bitcoin futures ETFs were also approved over the last year that was approved under the Investment Company Act of 1940.
All these things are happening related to bitcoin futures ETF, but spot bitcoin ETF is still difficult to achieve. However, the crypto space is full of hope that this year the spot bitcoin ETF will arrive despite the uncertainty. While commenting on the development, Michael Sonneshensien, Grayscale Investments CEO, in his interview on 17th April, said that From the SEC’s point of view, several protections were there that 40 Act products have that while 33 products don’t have, but they never ever did these address for protections of the concerns of SEC over the elementary bitcoin market and the possibilities of manipulation or fraud.
He also said that the fact is they have evolved their thinking now and approved approx 33 Act products with Teucrium, really invalidating that argument, and it talks about the linkage between the underlying spot markets and bitcoin futures that give the value to future contracts.
Some content is here where previous ETF applications, unlike the ETF filed under the act mentioned above, that is, the Securities Act of 1933 and the Securities Exchange Act of 1934. Bitcoin Futures ETFs before these were filed under the Investment Company Act of 1940.
Following all these assertions, the executive puts his optimism for an application for incorporating a spot for bitcoin; Sonnenshien said that it is a matter of time when and not if there is a bitcoin spot ETF. Further, he added that the Security and Exchange Commission should look at the spot ETFs and futures ETFs through the same lens. If this did not happen, the security regulator agency would violate the Administrative Procedure Act Violation.
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Source: https://www.thecoinrepublic.com/2022/04/23/how-confident-is-the-grayscale-ceo-while-saying-sec-approving-btc-etf-is-just-a-matter-of-time/