The CEO of Grayscale, a leading digital asset management company, believes that the United States has a significant opportunity to dominate the cryptocurrency space by shaping effective regulation.
In a recent one interview Joining Yahoo Finance, Grayscale CEO Michael Sonnenshein expressed optimism about the progress made over the past year and highlighted bipartisan support for crypto-related legislation.
Sonnenshein emphasized the importance of lawmakers’ understanding of the crypto industry and urged Congress to actively engage on the issue to promote innovation and create robust financial and regulatory frameworks.
Grayscale CEO Urges Congress to Support Crypto
Sonnenshein praised the “groundbreaking” work done by regulators and lawmakers in Washington over the past 12 months, and recognized the efforts of Chairman McHenry, Congressman Hill and Senators Lummis and Gillibrand.
Grayscale’s CEO emphasized that crypto has become a nonpartisan issue, with members of Congress increasingly recognizing its presence and long-term importance.
Sonnenshein praised the bills that have made progress and will be voted on again in the fall, and emphasized the need for broader member support and continued engagement on crypto-related topics.
Furthermore, Sonnenshein underlined the growing involvement of voters who are part of the crypto space and emphasized the importance of elected officials aligning their positions accordingly.
With the upcoming elections and several catalysts on the horizon, Sonnenshein urged members of Congress to become actively involved in the crypto industry given its increasing significance and the need for comprehensive financial and regulatory frameworks, saying expressed optimism about the current momentum surrounding crypto legislation and the unprecedented level of involvement from lawmakers.
Grayscale’s GBTC inches closer to ETF conversion?
Regarding the recent court order rescinding the SEC’s denial order for the Grayscale Bitcoin Trust (GBTC) application to convert to an Exchange-Traded Fund (ETF), Sonnenshein elaborated on the ongoing process and emphasized the commitment of the organization to full and fair disclosures.
Grayscale has sued to convert GBTC into a Bitcoin (BTC) Spot ETF, saying it would provide investors with additional protection, disclosure and reporting requirements.
On this matter, Sonnenshein stated that a constructive dialogue with the SEC is expected once the 45-day process is complete, and that the organization looks forward to moving forward with the next steps quickly.
Furthermore, Sonnenshein highlighted the significant recognition that global entities such as the G20 and the International Monetary Fund (IMF) are giving to the crypto industry, highlighting the opportunity for the United States to establish itself as the center of the global capital markets ecosystem through the implementation of the right frameworks.
Notably, Sonnenshein advocated maintaining an open-door policy for innovation and positioning the US as a leader in the crypto space.
Overall, Grayscale CEO Michael Sonnenshein’s interview highlighted the United States’ opportunity to dominate the crypto space through effective regulation. With bipartisan support and increasing awareness among lawmakers, Sonnenshein urged Congress to actively participate and build momentum around crypto-related legislation.
Featured image from iStock, chart from TradingView.com
