Grayscale Exec says approval of Bitcoin spot ETF by SEC will be positive for the industry
The chief executive officer of Grayscale investment shared his thought on the possibilities and outcomes of the Bitcoin spot ETF applications approved by the US regulatory body.
Grayscale investments are financial asset management firms. It provides the Bitcoin Trust product, which is a financial vehicle that enables investors to trade shares in trusts holding large pools of Bitcoin. Shares in the fund track the price of Bitcoin but remain on rough price bases. Grayscale also provides exchange-traded products backed by Ethereum, Bitcoin Cash, and Litecoin.
On 22 June, Michael Sonnenshein, CEO of Grayscale, took to Twitter to share his opinion on the results of Bitcoin spot ETF’ applications by the US Securities and Exchange Commission (SEC) and its result for the crypto industry.
According to Sonnenshein, if US SEC will approve such Bitcoin spot ETFs then it will be a positive sign for the whole crypto industry.
Further, Grayscale CEO said that approval of every Bitcoin-associated or linked product by the US Securities body will give comfort to the SEC agency to handle the regulation more positively.
“I firmly believe that the approval of every #Bitcoin-linked investment product demonstrates the SEC’s increased comfort with $BTC and crypto, more broadly.”
At the same time, Grayscale CEO indirectly pointed toward the exactness issue of the real-time price of Bitcoin and possible manipulation of Bitcoin price, which is a big problem for the SEC agency.
Sonnenshein explained:
“Bitcoin’s price discovery is supported by not only a healthy two-sided market that underpins multiple long products but also a derivatives market robust enough to offer short exposure to retail investors.”
According to legend analysts, if the SEC agency will approve the Bitcoin spot ETFs products then that will be the reason for the Bitcoin bull run. In Q4 2021, the Crypto market was in the second phase of the bull run because of the approval of ProShares’s Bitcoin futures ETF by the SEC agency.
Read also: Institutional Investors ignoring Ethereum in Favor of Its Biggest Rivals: CoinShares
