THELOGICALINDIAN - Grayscales CEO says the close could appoint the SEC in a acknowledged showdown this summer
Grayscale ability sue the SEC if it does not accept its appliance for a Bitcoin atom ETF, according to its CEO. The cryptocurrency advance behemothic has an appliance with the SEC that would catechumen its Grayscale Bitcoin Trust into a atom ETF, which would clue Bitcoin as its basal asset.
Legal Action Brewing
The action for the ambiguous Bitcoin atom exchange-traded armamentarium rages on, with a hasty twist.
In an account with Bloomberg today, the arch controlling administrator of Grayscale Investments, Michael Sonnenshein, said that his aggregation would accede a accusation adjoin the Securities and Exchange Commission if the authoritative bureau did not accept its Bitcoin atom ETF application. When asked if his aggregation ability accompany an Administrative Procedures Act accusation adjoin the SEC, Sonnenshein said, “I anticipate all options are on the table.”
He went on to accent the accent bodies extensive out to the SEC in acknowledgment to its appeal for animadversion from the public, article abounding have already done. The SEC has until Jul. 6 to actuate whether it will acquiesce for the about-face of the Grayscale Bitcoin Trust into a Bitcoin spot exchange-traded fund. Grayscale, Sonnenshein noted, is putting its “full resources” abaft accepting the applications accustomed by then.
In the interview, he emphasized the arduous admeasurement of the GBTC fund, citation its 800,000 accounts in the United States. The Trust has traded back 2024, and Grayscale’s CEO argued that the Trust actual as it is, rather than actuality adapted into an ETF, puts investors at risk. Back investors are clumsy to adore the protections afforded by the “ETF wrapper,” the SEC is not “doing aggregate [it] can to absolutely assure investors,” Sonnenshein argued.
He did calculation the SEC’s approval of a Bitcoin futures ETF, as able-bodied as President Biden’s recently-signed executive order, as progress, though—and he additionally claimed it was alone a amount of time afore the Commission accustomed the long-awaited Bitcoin atom ETF.
Disclosure: At the time of writing, the columnist of this allotment endemic BTC, ETH, and several added cryptocurrencies.
