Grayscale Investments CEO predicted imminent spot bitcoin ETF approval in the US
In case of a negative decision, the company is ready to sue the SEC
19.04.2022 - 09:00
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What’s new? Grayscale Investments CEO Michael Sonnenschein has called the approval of a spot bitcoin ETF by the US Securities and Exchange Commission (SEC) a matter of time. He made such a statement in an interview for CNBC.
The full version of the interview
What theses did Sonnenschein give? According to the head of Grayscale Investments, the fact that the SEC considers applications for futures and spot ETFs separately is a violation of the Administrative Procedure Act. And the big question is not whether or not the SEC will approve a spot bitcoin ETF, but when exactly it will do so.
What had happened before? Grayscale Investments is awaiting a response on converting its bitcoin trust into an ETF from July 2021. The company is ready to sue the agency if it receives a refusal. The next decision date for the investment product is July 6, 2022.
In early April, the SEC approved an application to launch a bitcoin futures ETF from Teucrium. The new exchange-traded fund will begin trading on the New York Stock Exchange (NYSE) under the ticker BCFU. The SEC had previously approved applications to launch bitcoin futures ETFs from ProShares, VanEck, and Valkyrie Investments.
Grayscale Investments is an investment fund founded in 2013 as a subsidiary of Digital Currency Group. The company manages cryptocurrency assets for the benefit of its clients.
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