Why this Bitcoin product is ‘really a matter of when not if’
Grayscale has been one of the leading crypto investors and the Managing Director of the investment giant, Michael Sonnenshein clarified that it was a matter of “when” rather than “if” when it came to the matter of an SEC approval of Bitcoin ETF.
In his recent interview with CNBC Squawk Box, Sonnenshein stated:
“A bitcoin ETF here in the US is really a matter of when, not a matter of if”
According to reports, there are nearly 13 ETF applications with the regulator, but none have been approved yet. Recently, the U.S. Securities and Exchange Commission [SEC] pushed the decision of WisdomTree’s Bitcoin ETF to autumn. However, the positive sign was that the regulators were now seeking feedback from the general public and industry experts.
Canada approved Purpose Bitcoin ETF in February 2021. Despite the delay in the US, Sonnenshein said that the firm was “100% committed” to transforming its Bitcoin product, Grayscale Bitcoin Trust [GBT] to ETFs.
“I think in our seat, from our view of the world, we’re really looking for a couple of different points of maturation in the underlying market, and that’s really the final stages of what we think regulators need to approve those types of products and give investors the protections that they’re looking for.”
Grayscale has partnered with BNY Mellon, the U.S. banking giant which will offer services for GBTC after ‘anticipated’ GBTC conversion to an ETF.
Institutions have been maximizing efforts to include cryptocurrency. Recently, there were reports about Bank of America giving the green light for Bitcoin futures trading last week. Such rising interest in Bitcoin and related products cannot be ignored by the regulators and given the optimism of the institutions, regulators may have to work around their concerns.