Grayscale CEO optimistic with SEC for Bitcoin spot ETF application

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According to Grayscale CEO there are high possibilities for Bitcoin spot ETF approval, hints he got on behalf of recent meetings between Grayscale & the SEC body. 

Grayscale is a digital assets fund manager. This firm provides investment in multiple flagship crypto assets via its funds. A couple of years ago, this firm decided to convert its Bitcoin Trust (GBTC) into a Bitcoin spot ETF product, so that its customers can invest in Bitcoin via its fund with more confidence. In the past, this request was rejected by the United States Securities and Exchange Commission (SEC) but later the court ordered the SEC body to review Grayscale’s Bitcoin spot ETF application. 

On 6 Dec 2023, In an interview with Yahoo Finance, Grayscale Investments CEO Michael Sonnenshein talked about the meetings between Grayscale & the SEC body. 

Michael said that he is optimistic because the recent meetings with the SEC body about the Bitcoin spot ETF application gave hints that the SEC body will approve the application. 

“We have been actively engaging with the SEC. The questions that we’re getting from them signal to us that they want to engage on this issue, that they’re eager to make progress on this issue,” Grayscale CEO said.

As we know, JPMorgan CEO Jamie Dimon recently passed negative comments against the crypto sector. He said that he would shut down crypto if he were the government. 

Grayscale CEO was also asked by a Yahoo Finance host about his opinion against the JPMorgan CEO’s negative statements on crypto.

Grayscale CEO said that every executive has their own opinion toward this innovative sector and said that if a person will take a very big back step then the crypto sector is not going to stay for him.

Furthermore, he said that the crypto & blockchain sector is still in the initial phase of development & adoption and here financial institutions & banks are slowly stepping toward this sector.

JPMorgan CEO is known as a very big hypocrite for his crypto-hater behaviour because under his leadership JPMorgan developed blockchain technology-powered digital currency, called JPM coin.

In 2022, some reports claimed that JPMorgan planned to bring Decentralised Finance (Defi) services for the customers, just like crypto Defi, to reduce the financial services expenses.

All such things show that JPMorgan is ready to adopt tech concept but not in mood to praise this crypto sector.

Read also: Court approves settlement between US authorities & Binance