Published: 29.03.2022
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1 minute.
According to Grayscale Investments CEO Michael Sonnenshine, the company is preparing for a legal battle against the US Securities and Exchange Commission (SEC).
In an interview with Bloomberg, Michael Sonnenshine said that one way to influence the SEC could be through litigation under the Administrative Procedure Act. True, only if the regulator continues to reject Grayscale’s applications for Bitcoin ETFs. The next due date for the application to launch the Grayscale Spot ETF is July 6th.
“We are considering all possible options. The Grayscale team has invested all of the company’s resources into converting our flagship GBTC fund into an ETF. It is very important for us that investors know that we are protecting them and will continue to protect them,” said CEO Grayscale.
Sonnenshine said that now there are investors in GBTC in each of the 50 US states. At the same time, about 800,000 more investors will invest their funds after the fund is converted into an ETF.
“When they announced the approval of the Bitcoin Futures ETF, it was great. But such products force investors to invest in futures, because there are no other opportunities. We believe that eventually the SEC will approve the launch of direct Bitcoin ETFs, it is only a matter of time,” Sonnenschein concluded.
Recall that Grayscale Investments applied to convert GBTC into Bitcoin ETF in October last year. The application was considered in February, but the regulator postponed the decision on it to July this year.
Source: Bits
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