Gråskala VD lyfter fram möjliga steg efter SEC-processen

• Grayscale VD Michael Sonnenshein beskrev nästa möjliga steg efter att ha säkrat en vinst mot SEC.
• The CEO confirmed that his firm’s fees will drop if the conversion of GBTC to a BTC spot ETF is approved.
• The SEC has close to 45 days to request a “rehearing” and appeal the decision made by the court.
• Ultimately, the court will issue a final mandate that will detail the operational next steps,” Sonnenshein said.

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The United States Securities and Exchange Commission (SEC) and digital asset management firm Grayscale have been engaged in a lawsuit for the past few months over the latter’s flagship product, GBTC. Interestingly, CEO Michael Sonnhenshein spoke to CNBC’s Squawk Box on Wednesday and talked about his firm’s latest victory against the US agency.

I den intervju, Sonnenshein talked about the next steps and the possibility of an appeal while promising that the fees charged by Grayscale would drop if the conversion of GBTC to a Bitcoin spot ETF was approved by the authorities. Interestingly, the SEC has been hesitant when it comes to the approval of a spot exchange-traded fund (ETF) due to the crypto sector’s increased volatility and lack of investor protection. 

"We have to ensure that no one, especially the @SECGov, tappar inte bort det faktum att nästan en miljon amerikanska investerare äger #GBTC today," says @gråskala CEO Michael Sonnenshein. "Inflicting any further harm on them would directly violate the SEC's mandate." pic.twitter.com/oM7kERYs1p

— Squawk Box (@SquawkCNBC) 30 augusti 2023

As per the Grayscale CEO, the SEC has close to 45 days to request a “rehearing” of the case. This appeal would make the courts reconsider the potential mistakes that might’ve occurred during the previous hearing. 

“We really have to be patient and follow the federal rules of appellate procedure here,” said Sonnhenshein. “Ultimately, the court will issue a final mandate that will detail the operational next steps.”

Dessutom, a Rapportera from the Wall Street Journal stated the SEC is “reviewing the court’s decision to determine next steps” in the lawsuit filed by Grayscale. Interestingly, in the ruling, the court stated that the securities regulator was being “arbitrary and capricious” by denying Grayscale’s conversion into a Bitcoin spot ETF but approving Bitcoin futures ETFs at the same time. The court stated that the regulator’s justifications for doing so were “orimlig.”

Det är viktigt att nämna här att SEC kan godkänna ansökan från Grayscale för konvertering av GBTC till BTC ETF eller neka den baserat på någon annan anledning. Regulatorn har också möjlighet att dra tillbaka godkännandet som givits till Bitcoin-termins-ETF:erna under de senaste månaderna.

SEC har ännu inte godkänt ansökningarna om en Bitcoin spot ETF från BlackRock, ARK Invest, 21Shares och andra ledande kapitalförvaltningsbolag.

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