Grayscale CEO says he's feeling optimistic following conversations with the SEC about a spot bitcoin ETF
Quick Take Grayscale Investments CEO Michael Sonnenshein said timelines have not been shared. “We have been actively engaging with the SEC,” he said. “”We’re feeling optimistic.”
Grayscale Investments CEO Michael Sonnenshein said he is feeling optimistic about conversations his firm has had with the Securities and Exchange Commission about the potential for a spot bitcoin exchange-traded fund.
"We're feeling optimistic," Sonnenshein said on Wednesday on Yahoo Finance. "We have been actively engaging with the SEC. The questions that we're getting from them signal to us that they want to engage on this issue, that they're eager to make progress on this issue."
Timelines have not been shared, Sonnenshein added.
Grayscale has been vying for a spot bitcoin ETF and secured a court win in August after three judges ruled that the SEC has to re-review Grayscale's bid for a spot bitcoin ETF after the asset management firm sued the agency last year following the rejection of its plan for the conversion of its flagship G BTC -0.72% fund.
SEC Chair Gary Gensler said that the agency was still reviewing the court's decision during a Senate Banking Committee hearing in September . Multiple firms have filed for spot bitcoin ETFs, including BlackRock and Fidelity. Some experts say the Grayscale court decision could tip a decision into their favor. Gensler, however, has notably been critical of crypto, and his agency has cited concerns about fraud and manipulation in the past.
Sonnenshein responds to Dimon
Sonnenshein was also asked by Yahoo Finance about his reaction to JPMorgan CEO Jamie Dimon telling lawmakers on Wednesday that he would shut down crypto if he were the government. Dimon also reiterated his opposition to bitcoin and crypto during the Senate Banking Committee hearing earlier in the day.
Every executive is going to have their own opinions on new technologies, Sonnenshein said.
"But if you take a big step back, there is no question that this asset class is here to stay, that investor interest in this asset class is only growing and it is these exact types of entities, these legacy institutions, these banks that are already well underway on evolving their business models to account for these new technologies," he said.
JPMorgan itself has dabbled a bit in crypto. The bank rolled out programmable payments via JPM Coin last month.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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