Grayscale CEO Calls for Simultaneous Approval of Spot Products to Level the Field
Grayscale CEO Michael Sonnenshein believes the Securities and Exchange Commission (SEC) needs to approve spot Bitcoin (BTC) exchange-traded funds (ETFs) simultaneously.
Sonnenshein expressed his views during a recent interview with Bloomberg TV, saying that the regulatory body should strive to establish a level playing field for all market participants.
“We’ve publicly been advocates of the fact that when the commission is ready to give the requisite approvals for spot products to come to market, that it should be done all at once—the issuers who are operationally ready to launch their products should come out the gate all at once.”
He also reaffirmed Grayscale’s readiness to list the Grayscale Bitcoin Trust (GBTC) as an ETF, while committing to lower the expense ratio, which currently stands at 2%, once it begins trading as an ETF.
Earlier this year, Grayscale achieved a significant victory against the SEC as it sought to convert its trust into an ETF.
However, industry analysts and observers are now speculating about which companies, among the more than 10 applicants vying to launch spot Bitcoin ETFs, will be granted regulatory approval first.
The timing of the approval carries significant weight, as it can provide a substantial advantage in terms of attracting investor interest and capital.
Sonnenshein expressed concern about potential repercussions if the SEC were to deny Grayscale the opportunity to launch its ETF simultaneously with other applicants.
“It would put them in a terrible spot if they were to disadvantage the hundreds of thousands of investors in GBTC thinking about other products coming to market before it.”
The race for a Bitcoin ETF has extended over a decade, and it may reach a
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