{"id":63260,"date":"2022-06-22T10:30:40","date_gmt":"2022-06-22T07:30:40","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63260"},"modified":"2025-09-05T23:02:16","modified_gmt":"2025-09-05T20:02:16","slug":"grayscale-chief-calls-approval-of-spot-bitcoin-etf-the-next-logical-step-for-the-sec","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/grayscale-chief-calls-approval-of-spot-bitcoin-etf-the-next-logical-step-for-the-sec\/","title":{"rendered":"Grayscale chief calls approval of spot Bitcoin ETF &#8216;the next logical step&#8217; for the SEC"},"content":{"rendered":"<p>Approval of the <span data-descr=\\\"Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span> exchange-traded fund (ETF) based on short positions in Bitcoin futures is a positive signal for the crypto industry. This view was voiced by Grayscale Investments CEO Michael Sonnenshein.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Approval of an ETF that provides inverse exposure to <a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> futures could be a positive sign for <a href=\\\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\\\">#crypto<\/a>. Here\u2019s a \ud83e\uddf5 on why\u2026<\/p>\n<p>\u2014 Sonnenshein (@Sonnenshein) <a href=\\\"https:\/\/twitter.com\/Sonnenshein\/status\/1539368419304394752?ref_src=twsrc%5Etfw\\\">June 21, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>On Tuesday, June 21, trading of <a href=\"https:\/\/u1f987.com\/en\/news\/proshares-to-launch-the-first-inverse-bitcoin-etf-in-the-united-states\">ProShares Short Bitcoin Strategy ETF<\/a> (ticker BITI) began, allowing investors to profit from declines in the price of the first cryptocurrency.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh4.googleusercontent.com\/fv9lIqTyVdV0O3yTnCInwZSRzFcqDsQKRjakvM7xfl8lQKM_UZ0zw3mTyJOT_O6ImBvcLy76JkzDX63XOjkQt6PZcAhJ2SDj1RwhX8nQiIiGCTRsjue-85AF19Gz6WgTvnIX0u-MQ1svBgZ-mA\\\" alt=\\\"\u0413\u043b\u0430\u0432\u0430 Grayscale \u043d\u0430\u0437\u0432\u0430\u043b \u043e\u0434\u043e\u0431\u0440\u0435\u043d\u0438\u0435 \u0441\u043f\u043e\u0442\u043e\u0432\u043e\u0433\u043e \u0431\u0438\u0442\u043a\u043e\u0438\u043d-ETF \u00ab\u0441\u043b\u0435\u0434\u0443\u044e\u0449\u0438\u043c \u043b\u043e\u0433\u0438\u0447\u043d\u044b\u043c \u0448\u0430\u0433\u043e\u043c\u00bb \u0434\u043b\u044f SEC\\\"\/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: <a href=\\\"https:\/\/seekingalpha.com\/symbol\/BITI\\\">Seeking Alpha<\/a>.<\/figcaption><\/figure>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cI am convinced that approving every Bitcoin-related investment product demonstrates increased comfort by the SEC with BTC and cryptocurrencies in a broader sense,\u201d Sonnenshein wrote.<\/p>\n<\/blockquote>\n<p>This also applies to the ProShares ETF, despite its inverse exposure to the asset&#8217;s price, he believes.<\/p>\n<p>In his view, by rejecting spot Bitcoin ETFs, the regulator cites concerns about the &#8216;maturity of the underlying markets&#8217; and potential &#8216;fraud and manipulation&#8217;.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cHow else can the entry of BITI into the market be interpreted other than further recognition by the SEC of Bitcoin&#8217;s maturity,\u201d Sonnenshein noted.<\/p>\n<\/blockquote>\n<p>In his view, the appearance of the ProShares fund signals that the regulator regards the cryptocurrency derivatives market as robust enough to offer short positions to retail investors.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWouldn&#8217;t approval of a spot Bitcoin ETF be the next logical step?\u201d Sonnenshein asked.<\/p>\n<\/blockquote>\n<p>In October 2021, Grayscale<a href=\"https:\/\/u1f987.com\/en\/news\/dcg-chief-confirms-plans-to-convert-grayscales-bitcoin-trust-into-an-etf\"> filed a request<\/a> to convert its Bitcoin Trust GBTC into a spot-price Bitcoin ETF. Regulators must decide by July 6.<\/p>\n<p>In March, Sonnenshein allowed for the possibility <a href=\"https:\/\/u1f987.com\/en\/news\/grayscale-says-it-is-prepared-to-sue-the-sec-if-gbtc-is-not-converted-into-an-etf\">of filing a lawsuit against the SEC<\/a> in the event of a denial.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Approval of the SEC-approved ETF based on short positions in Bitcoin futures is a positive signal for the crypto industry. This view was voiced by Grayscale Investments CEO Michael Sonnenshein.<\/p>\n","protected":false},"author":1,"featured_media":63261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[943,1138,1211],"class_list":["post-63260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-grayscale-investments","tag-opinions","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=63260"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63260\/revisions"}],"predecessor-version":[{"id":63262,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63260\/revisions\/63262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/63261"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=63260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=63260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=63260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}