Grayscale CEO: Crypto Has Become Non-Partisan in Washington
Grayscale CEO Michael Sonnenshein has affirmed his company’s willingness to work with the U.S. Securities and Exchange Commission (SEC) to actualize a spot Bitcoin ETF conversion. Speaking about his recent meeting with the lawmakers in Washington D.C., Sonnenshein said crypto in Washington has become a non-partisan issue, and the lawmakers have realized more than ever that crypto is here to stay.
Grayscale CEO @Sonnenshein told @Jenniferisms about his meeting with lawmakers on Capitol Hill in the fight for new crypto legislation: pic.twitter.com/j8UeWdzX4E
— Yahoo Finance (@YahooFinance) September 18, 2023
Sonnenshein’s affirmation was in response to the SEC’s claims of reviewing the case where the judge ruled it was wrong to reject Grayscale’s spot Bitcoin ETF approval. He noted that his company is following the rules and is looking forward to a constructive dialogue with the SEC. According to Sonnenshein, Grayscale is waiting patiently and allowing the court process to play out.
Speaking on his discussion with the lawmakers, Sonnenshein believes that many lawmakers involved in drafting recent legislation for the first-ever crypto framework would build on the momentum they already gathered. He thinks they can re-engage on the topics as the congress returns into session and get broader member support. He also believes the current political calendar warrants increased engagement over cryptocurrency.
The Grayscale CEO believes there will be more engagements on the crypto topic, considering that the technology is increasingly becoming a significant part of the demographics supporting the lawmakers. He thinks this is a good time for the lawmakers supporting the industry to continue to push forward and gather more momentum on the topic as the elections draw near.
Grayscale is one of over ten asset managers that have applied for a Spot Bitcoin ETF. BlackRock, Fidelity, Invesco Galaxy, Franklin Templeton, and several other applicants have $17.7 trillion worth of assets under management (AUM). That reflects significant funds that could find their way into the crypto market.