Grayscale BTC CEO – We are Ready for a Legal Battle with the SEC
2022.06.28 12:26
Grayscale BTC CEO – We are Ready for a Legal Battle with the SEC – Budrigannews.com
-
- The CEO of Grayscale BTC wrote to investors that they have prepared a formidable legal team to argue with the SEC if they declined their proposal.
- GBTC proposes converting to a Bitcoin exchange-traded fund (ETF).
- An ETF is a pool of bitcoin-related assets traded on traditional exchanges.
Grayscale Bitcoin Trust (GBTC) has had a pending case with the Securities and Exchange Commission (SEC) over the last 200 days, though a final decision is imminent. Due to this, Michael Sonnenshein, the CEO of GBTC, wrote a letter to investors on the steps they have taken to win a favorable decision from the SEC.
GBTC, a publicly traded investment vehicle, is proposing to convert to a Bitcoin exchange-traded fund (ETF). Late last year, the SEC put out a notice soliciting comments from the public concerning GBTC’s proposal. According to Sonnenshein’s letter, over 11,400 investors, academics, business leaders, trade associations, and other vital stakeholders submitted comments to the SEC.
Almost 100% (99.96%) of the comments support Grayscale’s case. Likewise, many others referenced other countries that have approved spot Bitcoin ETFs, underscoring America as falling behind other countries in creating viable crypto policy and regulation. If the SEC declines their proposal, Sonnenshein said they had prepared a formidable legal team to engage the SEC comprehensively. He said:
We are also exploring options should the SEC not allow GBTC to convert to an ETF. Our legal team, including in-house counsel and our attorneys at Davis Polk, have articulated thoughtful, comprehensive arguments supporting GBTC’s conversion to an ETF.
“Most recently, we retained one of the country’s premier advocates, former U.S. Solicitor General Donald B. Verrilli, Jr,” added Sonnenshein. “We have made the strongest likely legal team to help us communicate the importance of this issue.”
The CEO also reaffirmed that GBTC is operationally prepared to convert to an ETF after securing the appropriate regulatory approvals and that his team has selected best-in-class partners, including BNY Mellon (NYSE:BK) and EY, among others, to facilitate the process.
An ETF is a pool of bitcoin-related assets traded on traditional exchanges, similar to crypto futures contracts, where retail investors uncomfortable investing in cryptocurrencies can access them without actually owning them.
When writing quotation marks in headlines, we use a single quotation. This is the practice in any industry. The reason behind it is that using quotation marks lessens the character count.
Since you’re here, just like to discuss something
In AP format, when a sentence starts with a number, the number should be spelled out instead of numerical. But it felt weird writing it since it has decimals, so I opted for this option instead. Please take note.
