Michael Sonnenshein, CEO of Grayscale Investments, said it is only a matter of time before the spot Bitcoin ETF is approved.
Speaking to CNBC, Sonnenshein stated that the spot Bitcoin ETF will eventually be approved.
Sonnenshein stated that the regulator violated procedural law, implying that they could take action on the issue if ETF proposals are rejected.
“If the SEC does not view the futures ETF and spot ETF through the same lens, it potentially constitutes grounds for Administrative Procedure Act violation”
ETF proposals rejected according to Sonnenshein The reason is usually market volatility, fear of fraud and manipulation. The Grayscale CEO has argued that these concerns are now largely obsolete.
Grayscale continues to insist on converting the Grayscale Bitcoin Trust into an ETF. The SEC has until July to respond positively. Otherwise, the company seems likely to sue.
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