Grayscale CEO calls SEC ‘shortsighted’ after regulator’s comments


The CEO of the investment firm running the world’s biggest bitcoin fund sounded off on comments made by Securities and Exchange Commission chair Gary Gensler about the likely approval path for the first U.S. bitcoin ETF.

Michael Sonnenshein, CEO of Grayscale Investments, warned on Tuesday that the SEC would be making a mistake if it granted approval to an ETF based on bitcoin futures ahead of one tied to the cryptocurrency itself. His firm has been seeking to convert the massive Grayscale Bitcoin Trust, which owns bitcoin rather than contracts tied to its future price, into an ETF.

“It would be short-sighted of the SEC to allow a futures-based product into the market before a spot…


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