Grayscale CEO challenges SEC's denial of application
Michael Sonnenshein, CEO of Grayscale Investments, stated in a recent interview that he «can't imagine» why the United States Securities and Exchange Commission (SEC) «wouldn't want» to protect Grayscale investors and return the true asset value to them.
Sonnenshein made this statement in response to a question regarding why the SEC «wouldn't want» to protect Grayscale investors.
Sonnenshein explained that the SEC «violated the administrative procedures act» by denying approval for the Grayscale Bitcoin Trust (GBTC) to be a spot Bitcoin (BTC) exchange-traded fund (ETF), in June 2022, during an interview that took place on February 25 on What Bitcoin Did, a popular podcast that is hosted by Peter McCormack.
The podcast is called What Bitcoin Did. He stated that this act ensures that the regulator does not show «favoritism» or act «arbitrarily,» adding that the SEC acted «arbitrarily» by approving Bitcoin Futures ETFs while rejecting «GBTC's conversion.» He explained that this act ensures that the regulator does not show «favoritism» or act «arbitrarily.» Grayscale Investments saw the SEC's approval of the first Bitcoin exchange-traded funds (ETFs) as «a indication» that the SEC was «changing its approach about Bitcoin,» according to Sonnenshein's observation.
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