Wednesday, October 5, 2022

Grayscale Investments is Warming Up for SEC’s Decision

Cryptocurrency asset manager Grayscale Investments is warming up for the impending decision from the United States Securities and Exchange Commission (SEC) with respect to the conversion of its flagship Grayscale Bitcoin Trust (GBTC) to a full-fledged Exchange Traded Fund (ETF. Ahead of the decision, the firm today unveiled on the website its preparedness for SEC’s verdict.

In May, Grayscale released its first European ETF product which was labeled Grayscale Future of Finance UCITS. The cryptocurrency fund was designed with the ticker symbol ‘GFOF’. This product launch shows how engrafted Grayscale’s product is amongst economies.

Before now, Grayscale applied to the SEC to permit the conversion of GBTC to Bitcoin (BTC) ETF. The window for the application’s decision by law was placed at 240 days and was stipulated to have been fully completed by July 6. Within this time, SEC is expected to have concluded and made a decision on whether to give its approval or not.

In preparation for this decision, the investment manager hired Donald B. Verrilli as a member of its legal team. The attorney is recognized for his stupendous work during his time as a solicitor under the former president of the United States, Barack Obama. 

Now, the stipulated date is around the corner, and CEO Michael Sonnenshein has said whatever decision is reached, Grayscale is ready. If disapproval is given, the firm will explore other options which are already being analyzed.

Although the firm is still staying positive since SEC has been more receptive toward BTC recently. Expecting approval, Grayscale has partnered with the world’s finest analysts like Ernst and Young and BNY Mellon.

Since its inception in 2013, Grayscale has been most recognized for its GBTC product and it believes the conversion will help it stay more in tune with what investors truly want. Several strategies were employed to direct positive energy to this quest. 

Awareness and publicity have been made to sensitize the public with respect to this anticipated conversion. A microsite with a QR code was created to act as an information site for interested users. More partnerships, including with Washington D.C media houses were also inked to discuss topics around crypto and its regulation.

The Securities and Exchange Commission on its part had requested comments from the public regarding the application. Now that all these have been done, Grayscale only wishes for the best decision.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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