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Home»ADOPTION NEWS»Grayscale CEO says he is optimistic about a spot Bitcoin ETF after speaking with the SEC.
ADOPTION NEWS

Grayscale CEO says he is optimistic about a spot Bitcoin ETF after speaking with the SEC.

By Crypto FlexsDecember 6, 20233 Mins Read
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Grayscale CEO says he is optimistic about a spot Bitcoin ETF after speaking with the SEC.
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Grayscale Investments CEO Michael Sonnenshein said his company is feeling optimistic about conversations it has had with the Securities and Exchange Commission about the potential of a Bitcoin spot exchange-traded fund.

“We feel optimistic,” Sonnenshein told Yahoo Finance on Wednesday. “We have been actively engaging with the SEC. The questions we receive from them send a signal that they want to engage with this issue and are eager to make progress on this issue.”

No timeline was shared, Sonnenshein added.

Grayscale has been competing for a spot Bitcoin ETF and won a court victory last August after three judges. rule The SEC said Grayscale should reexamine its bid for a spot Bitcoin ETF after the asset manager sued the company last year after rejecting its flagship G’s conversion plan. BTC

-1.22%
accumulation.

SEC Chairman Gary Gensler said at a Senate Banking Committee hearing in 2019 that the agency was still reviewing the court’s decision. September. Several companies, including BlackRock and Fidelity, have applied for spot Bitcoin ETFs. Some experts say the Grayscale court’s decision could tip the scales in their favor. But Gensler has been particularly critical of cryptocurrencies, 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’s comments. member of Congress On Wednesday he said he would shut down cryptocurrencies if he were the government. Dimon also reiterated his opposition to Bitcoin and cryptocurrencies during a Senate Banking Committee hearing earlier in the day.

Every executive will have his or her own opinion about new technology, Sonnenshein said.

“But if you take a big step back, there’s no doubt that this asset class is here to stay, that investor interest in this asset class is growing, and these exact types of companies, these legacy institutions, these banks, these new technologies. “Work is already well underway on evolving our business model to account for ,” he said.

JPMorgan itself has dabbled in cryptocurrencies a bit. the bank came out programmable Payment via JPM Coin last month.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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