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Michael Sonnenshein, the CEO of the leading crypto asset manager, Grayscale Investments, believes the launch of ProShares’ Short Bitcoin Exchange-Traded Fund (ETF) could be a positive sign for the industry.
SEC Becoming More Comfortable With Bitcoin
According to shared tweet ; Sonnenshein noted that he believes the United States Securities and Exchange Commission (SEC) is gradually getting more comfortable with the leading cryptocurrency with the approval of new Bitcoin-linked investment products.
He mentioned sec’s rejection because of volatility and manipulation
Bitcoin is maturing
According to the Grayscale CEO, the approval of ProShares’ ETF product serves as a testament to Bitcoin’s maturity.
How could one interpret $BITI coming to market as anything other than further acknowledgment of Bitcoin’s maturity?… Bitcoin’s price discovery is supported by not only a healthy two-sided market that underpins multiple long products but also a derivatives market robust enough to offer short exposure to retail investors,
He said that
The Wait for a Spot Bitcoin ETF Approval Continues
SEC has rejected every attempt to introduce a spot-based Bitcoin ETF to the U.S. crypto market.
While the Commission has approved several Bitcoin ETF products in the country, none of them are spot-based.
Grayscale is currently fighting to convince the regulator to convert its flagship Bitcoin Trust into a spot ETF. The asset manager had even threatened to sue the Commission if its ETF was disapproved again.