Grayscale CEO Michael Sonnhenshein spoke to CNBC’s Squawk Box on Wednesday to discuss the company’s recent victory in its lawsuit against the Securities and Exchange Commission (SEC). The court determined that the SEC was being “arbitrary and capricious” by denying Grayscale’s conversion into a Bitcoin spot ETF while approving Bitcoin futures ETFs.The SEC now has 45 days to request a “rehearing” of the case, and an SEC spokeswoman said the agency is “reviewing the court’s decision to determine next steps.” The agency could approve Grayscale’s application, deny it based on another reason, or withdraw its prior approvals of Bitcoin futures ETFs to remain consistent.Sonnhenshein promised that Grayscale’s fees are prepared to drop should its Bitcoin trust successfully convert into an ETF. Until now, GBTC has charged shareholders a 2% annual fee, which critics have argued is “exorbitant” compared to existing Bitcoin spot ETFs. Sonnhenshein has attributed Grayscale’s high fees to legal costs.The CEO dismissed concerns that the timing of Grayscale’s potential approval – during a year when excitement has largely left crypto as a whole – could impact its performance. He said that “the investment community has never been more certain that crypto as an asset class is here to stay.”
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Squawk Box, Michael Sonnhenshein, Supreme Court, Wall Street Journal, Ripple. |
| Companies | Purpose Bitcoin ETF, Grayscale, SEC, Supreme Court, Wall Street Journal |
| Currencies | Ethereum, US Dollar, goBTC, Bitcoin |
| Securities | None |
