The CEO of crypto asset manager Grayscale, which is currently in the race to launch a Bitcoin (BTC) exchange fund, is optimistic that the United States will soon have “its” fund. Exchange Traded Fund (ETF) for Bitcoin. After all the years of strong resistance from the USA Securities and Exchange Commission (SEC) he is now finally expecting a breakthrough.
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Grayscale is confident that there will be a Bitcoin exchange fund
Michael Sonnenshein, CEO of Grayscale since January 2021, joined Yahoo Finance yesterday to discuss, among other things, the possible launch of a Bitcoin exchange fund.
This time everyone and everything is firmly convinced that the American regulator will give the green light. Since 2017, the SEC has been destroying filings, often citing concerns about market manipulation and fraud. This time the big boys like BlackRock and Fidelity are in the running and the SEC finally seems convinced.
Sonnenshein expressed optimism based on his company’s discussions with the SEC about the potential of a Bitcoin spot ETF. He said, among other things, the following:
“We are optimistic. We are in active discussions with the SEC. The questions we receive from them signal to us that they want to engage with this issue and that they are committed to making progress on this matter.”
Sonnenshein did not comment on a possible timeline for when he expects a final decision from the SEC. James Seyffart, ETF analyst at Bloomberg, is eyeing January 8th, 9th or 10th for possible mass listing. The final deadline for the joint application of ARK Invest and 21Shares is January 10th.
Grayscale’s Battle for the Bitcoin Exchange Fund
Grayscale has been trying to convert its Grayscale Bitcoin Trust (GBTC) into a spot ETF since October 2021. Last June, it was rejected by the SEC for a second time and Grayscale went to court.
In August this year, the judge ruled that the SEC’s decision could be considered arbitrary, forcing the financial regulator to reconsider the application. At the end of November, Grayscale submitted a new application.
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