- Grayscale CEO Michael Sonnenshein is optimistic about a victory against the SEC.
- Sonnenshein expects a court decision by the fall of 2023, as estimated by his legal advisors.
- Grayscale sued the SEC after the latter rejected the former’s spot BTC ETF application.
Grayscale CEO Michael Sonnenshein expressed his optimism regarding their ongoing legal battle with the US Securities and Exchange Commission (SEC). In fact, Sonnenshein expects a favorable court decision by fall 2023.
The proposed timeline was also picked up by many people in the crypto industry. Many of them expressed their excitement should Grayscale win against the SEC. Crypto influencer Lark Davis showed the magnitude of this win, saying that a spot bitcoin (BTC) exchange-traded fund (ETF) might actually make it to American shores.
In an interview with The Block, Sonnenshein also bared their legal strategy to defeat the SEC.
During the interview, Sonnenshein flaunted Grayscale legal’s ace team, many of which are well-known in the law community. He also emphasized Grayscale’s consistency in its points and statements, which, for him, is very critical to its arguments.
Derivatives and spot markets are very much alike from a legal standpoint, according to Sonnenshein. Hence, if the SEC doesn’t even think twice about approving futures BTC ETFs, then the securities watchdog should not worry about approving spot BTC ETFs, according to him.
For those who were previously uninitiated, Grayscale applied for a spot BTC ETF approval, which the SEC rejected. Grayscale then proceeded to sue the SEC for its decision to do so.
Grayscale is arguably the most prominent institutional investment manager of major cryptocurrencies including BTC.
