Grayscale’s CEO Discussed ETF Application with SEC! Here are the Details!

Grayscale’s CEO, Michael Sonnenshein, expressed optimism regarding ongoing discussions with the US Securities and Exchange Commission (SEC) regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF).

Grayscale CEO Optimistic About Talks With SEC on Spot Bitcoin ETF

Sonnenshein shared his views on the positive relationship between Grayscale and the SEC in an interview with Yahoo Finance on Wednesday.

“We’re feeling optimistic. The questions we’re getting from them tell us they want to engage with this issue and are eager to make progress on it,” he said.

Despite his positive outlook, Sonnenshein did not give a specific timeline for possible developments.

Grayscale had actively sought approval for its spot Bitcoin ETF and achieved a significant legal victory in August. Three judges ruled in favor of Grayscale, directing the SEC to re-examine the company’s spot Bitcoin ETF offering.

This decision follows Grayscale’s lawsuit against the SEC after its plan to convert its flagship Grayscale Bitcoin Trust (GBTC) fund was rejected.

SEC Chairman Gary Gensler touched on the court’s decision at a hearing held in the Senate Banking Committee in September and stated that the institution was still reviewing the decision.

Many companies, including BlackRock and Fidelity, have applied for spot bitcoin ETFs.

Observers suggest that the Grayscale court decision could affect the SEC’s stance. But Gensler is openly critical of cryptocurrencies, citing concerns about fraud and manipulation.

*This is not investment advice.