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The CEO of Grayscale, Micheal Sonnenshein, has spoken to investors that he is prepared for a spot bitcoin exchange-traded fund (ETF) in spite of what the Securities and Exchange Commission (SEC) says. Grayscale’s application to change its Grayscale Bitcoin Trust to a spot ETF is close to the end of a 240-day waiting period on the desk of the SEC, where it has withered since November 2021.
Putting this in mind, the CEO contemplated on the progress made towards giving American investors a well-known strategy to trade bitcoin, including mass-marketing campaigns, a microsite committed to educating and offering a voice to ordinary citizens, and meetings with respected academics. Almost 11,500 bodies, with investors and trade associations, submitted letters to the SEC in favor of Grayscale to support spot bitcoin ETF.
Emphasising the progress on regulatory approvals for bitcoin futures ETFs under the Securities Act of 1933 and the Investment Company Act of 1940 and currently the approval of a short Bitcoin Futures ETF by ProShares, according to Sonnenshein, the bitcoin market is growing and building up the argument for a spot ETF.
The company earlier argued that approving a bitcoin futures ETF from ETF provider Teucrium under the 1933 Act files in the presence of SEC Chairman Gary Gensler’s claim that the 1940 Act offers better investor protections and is a standard platform. Amy Lynch, the president of a regulatory consultancy, Frontline Compliance, stated that till when the funds’ pricing, liquidity, custody, and valuation are crystal clear, the SEC Chairman, Gary Gensler, may not change his mind.