Approval from the Securities and Exchange Commission in the United States for a Bitcoin Exchange-Traded Fund (ETF) has been sought after high and low for many years. Everyone from the CBOE to Gemini has filed for the ETF but none have been successful thus far.
Despite the constant rejection, firms in the industry continue to pursue the Bitcoin ETF as it is believed to be one of the key instruments that will lead to even more progress for the industry.
Now, Grayscale’s CEO Michael Sonnenshein has stated that the company will be happy to file for the elusive ETF if the regulator gives the green light.
Grayscale Looks to an ETF
This statement was made during a recent interview with the Insider by CEO Michael Sonnenshein who said, “When we get the signal that perhaps they have greater comfort and have seen some of [the] elements in the market mature, we would continue to look to be engaged in those discussions.”
Currently, there is speculation that Grayscale is looking to file for an ETF soon. This is due to a number of job postings by the crypto fund giant that suggest that they are gearing up for a debut in the future.
Bitcoin ETFs have been a bit of an uphill battle in the United States, especially when compared to other places like Canada, where three have already been approved. The SEC is considering a number of applications at the moment but Sonnenshein believes that it is a matter of when ETFs get approval and not if. In the meantime, he is not quick to second guess the decision of the commission as it is ultimately in their hands.
“We’re certainly seeing positive receptivity from our investors as we not only launch more products but also think about offering additional product structures. And as a result of that, we certainly want to make sure we can continue to stay in front of investor demand,” he says.
A number of firms such as JPMorgan have launched investment vehicles that offer indirect exposure to bitcoin, a move that some think is a way to get around regulators while still letting investors take advantage of crypto. Regardless, a Bitcoin ETF would likely be well-received by the community, says Sonnenshein.
With the popularity of crypto at the moment, and especially bitcoin, it can only be hoped that a Bitcoin ETF will come to the United States sooner rather than later.
via ZyCrypto