©Reuters
NEW YORK – Michael Sonnenshein, CEO of Grayscale Investments, expressed optimism about the prospect of approval by the United States Securities and Exchange Commission (SEC) of an exchange-traded fund (ETF) on the spot market of . In a recent interview with CNBC, Mr. Sonnenshein highlighted the significant impact such an approval could have on the cryptocurrency market, potentially unlocking significant capital flows.
Grayscale, known for its Bitcoin Trust (GBTC), has been in active discussions with the SEC regarding converting its flagship product into an ETF. The company estimates that an ETF would open up the bitcoin market to the vast U.S. advised wealth market, which is estimated to be worth around $30 trillion.
The Grayscale CEO’s optimism comes after a court ruling forced the SEC to reevaluate Grayscale’s application for a bitcoin spot market ETF. This development signals a potential shift in the regulatory landscape and could mark a turning point for the cryptocurrency industry if approved.
Mr. Sonnenshein emphasized that an ETF would make bitcoin easier for investors, particularly those advised by wealth managers. The creation of a regulated financial product like an ETF is seen as a key step in bridging traditional finance with the thriving crypto market.
Anticipation of this move has brought Grayscale to the forefront of conversations about institutional adoption of cryptocurrencies.
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