Michael Sonnenshein said in an interview with reporters that he does not understand why the US regulator “does not want to protect Grayscale investors.”
In a recent podcast by Peter McCormack, Grayscale CEO stated that he believes the SEC violated administrative procedures as early as June 2022 by preventing GBTC from becoming a spot Bitcoin ETF.
Sonnenshine notes that when the SEC approved the first bitcoin ETFs, Grayscale took it as a signal that the Securities and Exchange Commission was changing its attitude towards bitcoin and the industry.
According to the businessman, if GBTC can be reorganized into a bitcoin ETF, then “a couple of billion dollars will immediately return to customer accounts, since GBTC is traded at a discount in the current conditions.”
Now Grayscale is challenging the June SEC decision. A possible positive verdict, which will cancel the initial decision of the commission, the company expects in the fall of 2023. Recall that earlier Michael Sonnenshine said that the SEC approach slows down the development of Bitcoin and the entire industry.
Source: Bits
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