Ethereum
Grayscale boss optimistic ahead of major SEC decision
Alex Dovbnya
Grayscale CEO Michael Sonnenshein remains ‘optimistic’ despite slim approval chances
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Grayscale CEO Michael Sonnenshein is reportedly “optimistic” on the prospects of approval of the Ethereum ETF.
The head of the latest cryptocurrency asset manager expects the agency to do “the right thing.”
As reported by U.Today, Grayscale recently pulled its Ethereum futures ETF application after it was delayed in November. According to ETF analyst James Seyffart, this was a Trojan horse filing intended to obtain a 19b-4 order from the SEC.
However, according to several analysts, Grayscale’s withdrawal likely means it will not file another lawsuit against the SEC.
Last August, Grayscale won a massive victory against the agency, which ultimately paved the way for the approval of a large number of Bitcoin ETFs in January.
Grayscale’s GBTC recently recorded its first days of inflow after months of incessant bleeding.
Despite the success of Bitcoin ETFs, the consensus seems to be that the SEC will reject several Ethereum ETF applications in March due to the complete lack of engagement with ETF issuers.
Recently, Ethereum’s main backer Consensys, led by Ethereum co-founder Joseph Lubin, sued the SEC over its attempt to label the leading altcoin as a security.
At the end of April, Bitcoin and Ethereum ETFs began trading in Hong Kong, but their debut was rather disappointing.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.