Drawing from the observation of the Grayscale CEO on the approval and launch of the Proshares Short Bitcoin-linked Exchange-Traded Fund (ETF), he said the development indicates a favorable spot for the crypto. He also believes that the rising approvals of crypto-linked investment products show SEC’s growing comfort with crypto.
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Many years back, the SEC which plays regulatory roles has not been very comfortable with cryptocurrency and crypto-linked investment products. Due to the SEC’s view, Bitcoin and Ethereum crypto exchange-traded funds proposals have been rejected.
The Reactions of Grayscale CEO to the approval of ProShares Short Bitcoin Strategy ETF (BITI)
According to the Twitter thread of Grayscale CEO he states SEC is becoming interested in the leading cryptocurrency by the current approval of the new Bitcoin-linked investment products.
He also noted that SEC rejected the Bitcoin Spot ETFs due to concerns about the market’s maturity and susceptibility to scams and manipulation.
As stated by the Grayscale CEO, the approval of ProShares’ ETF product serves as a testament to Bitcoin’s maturity.
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Furthermore, he subtly urges the regulatory body to consider the approval of spots Bitcoin ETFs rather than continuous denial, claiming that it would be a “logical next step” to take.
He also said;
“How could one interpret $BITI coming to market as anything other than further acknowledgment of Bitcoin’s maturity?… Bitcoin’s price discovery is supported by not only a healthy two-sided market that underpins multiple long products but also a derivatives market robust enough to offer short exposure to retail investors,”
[…] we all know the eyes of every investor await the SEC’s decision on Grayscale’s application for the conversion of GBTC to an ETF, as shared on […]