“I believe that all possibilities are on the table,” Grayscale’s CEO said, adding that the business has committed “all available resources” to transforming its flagship Bitcoin trust.
Grayscale CEO Michael Sonnenshein said that the company is bracing for a court battle if the United States Securities and Exchange Commission (SEC) denies Grayscale’s Bitcoin Spot exchange-traded fund.
Sonnenshein was asked Tuesday in an interview with Bloomberg whether he would consider filing an Administrative Procedure Act (APA) lawsuit if the financial regulator declined its proposal for a Bitcoin Spot ETF.
“I believe all choices are on the table,” he answered, emphasizing the critical need for continued investor advocacy. The investment product’s next decision date is July 6, 2022. It was initially scheduled to be submitted in October 2021 but was postponed in February.
“The Grayscale team has devoted all of our firm’s efforts to transforming GBTC, our flagship fund, into an ETF. It is critical for investors to understand that we have advocated for them and will continue to do so.”
Grayscale stated in October 2021 that it will transform its Bitcoin Trust into a Bitcoin (BTC)-denominated exchange-traded fund. The SEC postponed a decision on the product’s approval in December 2021, claiming a need for further time to review requested improvements, and then repeated the postponement in February.
The SEC invited public comments on Grayscale’s proposed revisions. According to a February study of input gathered by the regulator, 95 percent of respondents supported the move. Grayscale has devoted a section of its website to encouraging investors to make comments to the Securities and Exchange Commission.
“GBTC is currently held by investors in all 50 states, and there are over 800,000 accounts in the United States that are awaiting conversion to an ETF,” Sonnenshein added.
“While the news that Bitcoin futures ETFs are now available was quite exciting, it has pushed investors into certain Bitcoin futures products, since they are the only ones available.”
Sonnenshein noted that Grayscale was pleased by the SEC’s recent support for crypto exchanges seeking to register with the agency, as well as President Biden’s recent executive order on cryptocurrency. “Ultimately, we think that approving a spot Bitcoin ETF is a question of when not if.”
Also Read: UniCredit Bank faces a €131 million penalty for improperly closing the account of a crypto miner
