Grayscale CEO expects a decision in the lawsuit against the SEC by the fall of 2023. Oral arguments for the lawsuit will begin on 7 March. On 24 February, Michael Sonnenshein, the CEO of Grayscale Investments, appeared in an interview on “What Bitcoin Did.” The hour-long interview saw Sonnenshein discuss various matters related to his […]
Oral arguments for the lawsuit will begin on 7 March.on “What Bitcoin Did.” The hour-long interview saw Sonnenshein discuss various matters related to his company, especially its lawsuit against the U.S. Securities and Exchange Commission, which started in June 2022.According to Sonnenshein, when Grayscale started with the Grayscale Bitcoin Trust , the objective from day one was to convert the fund into a spot Bitcoin exchange traded fund .
Speaking on the importance of the ETF, Michael explained that the current 45% discount to its net asset value could be avoided if it was an ETF because ETFs have an inbuilt arbitrage mechanism that ensures that the share price remains in line with the underlying asset. He acknowledged that his firm and investors alike were frustrated about GBTC’s press time price.
However, the securities regulator rejected Grayscale’s application to convert GBTC to a spot Bitcoin ETF in mid 2022, which led to theas a last-ditch attempt in the interest of their investors. As for the grounds for the litigation against the SEC, the CEO stated that when a federal agency like the SEC treats two similar issues in a different and arbitrary manner; it violates the U.S. administrative procedures act.
He further indicated that if they lose their appeal, they may go for a re-appeal in the United States Supreme court, Michael Sonnenshein revealed that he expects a decision in the lawsuit by the fall of 2023. Oral arguments for the case will begin on 7 March. As for the relationship with Genesis, which falls under the same parent firm DCG, he clarified that his firm did not have any operational reliance on Genesis, which was undergoing chapter 11 bankruptcy proceedings at press time.Subscribe to get it daily in your inbox.
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