Michael Sonnenschein, CEO of crypto asset manager Grayscale Investments, bitcoin He explained how they would follow a roadmap if their application to convert their Trust into ETF was rejected by the SEC.
“We May Sue SEC If Bitcoin Spot ETF Application Is Denied”
Sonnenshein said that in such a scenario, the possibility of suing the SEC is on the table.
The famous CEO gave the message that “all options are on the table” in his statement at the Exchange ETF conference in Miami:
“When they look at two similar issues, they, as supervisory bodies, need to look at them with a similar view.”
Last year, the company applied to convert its Grayscale Bitcoin Trust (GBTC) product into an ETF. Launched in 2013, the investment product controls $25.6 billion in assets.
Sonnenshein said 800,000 US accounts have invested in GBTC, including individual investors, retirement accounts, mutual funds and ETFs:
“When you consider the opportunity the SEC has, you conclude that this agency needs to work for greater investor protection and to subordinate an already existing product to a legal framework that will provide greater protection to investors.”
The SEC is expected to make its decision on the matter in July. GBTC has been on a continuous downtrend in recent months. In addition, users have recently sent more than 3,000 letters to the SEC asking for this product to be converted into an ETF.
While many fund managers have applied to the SEC for a Bitcoin spot ETF, the authority has yet to approve any of them.
sonnenshein, BTC futures transactions cryptocurrency He said it represents a major milestone for the industry and the “next natural step” for the SEC to take is to approve a spot BTC ETF under the 1933 law.
*Not investment advice.