- Following their victory against the Securities and Exchange Commission (SEC), Grayscale’s Bitcoin Trust saw an impressive recovery.
- The CEO explained how the legal battle started and how Grayscale made the decision to take SEC to court. In the interview, Sonnenshein also discussed their future plans, stating that they believed SEC would exceed its jurisdiction.
- Sonnenshein stated that Grayscale had been working constructively with SEC until the court’s final decision was announced, which would determine the next steps of the operational period.
Grayscale CEO Sonnenshein shared his comments on the historic victory against SEC and stated that their collaboration with SEC continues.
Grayscale CEO Comments on SEC Case
Following their victory against the Securities and Exchange Commission (SEC), Grayscale’s Bitcoin Trust saw an impressive recovery. In an interview on CNBC’s Squawk Box program, Grayscale CEO Michael Sonnenshein shared his views on the process.
In the interview, Sonnenshein stated that three judges unanimously voted in favor of Grayscale’s ETF and that SEC should overturn its rejection decision regarding the Spot ETF. The CEO explained how the legal battle started and how Grayscale made the decision to take SEC to court. In the interview, Sonnenshein also discussed their future plans, stating that they believed SEC would exceed its jurisdiction.
In June of last year, Grayscale decided to convert its Grayscale Bitcoin Trust (GBTC) into an ETF and submitted a similar application to SEC. When SEC rejected the application, Grayscale chose the legal route by seeking assistance from the United States Judiciary system.
After numerous short documents and interviews, a legal battle with SEC resulted in judges voting in favor of Grayscale to overturn the rejection decision, which took over a year.
Grayscale CEO Michael Sonnenshein’s Views
Speaking on the Squawk Box program, Sonnenshein stated that Grayscale is carefully evaluating its future options. The leading crypto asset management firm is aware that SEC still has 45 days to appeal the decision in the Washington Court or the Supreme Court.
Sonnenshein mentioned that GBTC has over a million American investors who patiently support Grayscale’s efforts, and any charges made by SEC would violate its jurisdiction and harm its investors. Sonnenshein stated that Grayscale had been working constructively with SEC until the court’s final decision was announced, which would determine the next steps of the operational period.
According to Sonnenshein, they are proactively working with SEC to resolve the professional disagreement. Grayscale’s foundation is to make crypto assets accessible within the framework of the current rules and regulations of the United States. He also revealed Grayscale’s plans to create a family of digital asset ETFs in the United States.
Sonnenshein also highlighted the connection between Grayscale’s Bitcoin Spot and Bitcoin Futures and criticized SEC for approving multiple Futures products but not spot products. He concluded his statement by quoting the court’s decision that SEC’s practices are “Arbitrary and Capricious.”
