“It really is, in our opinion, a matter of when and not if” there is a bitcoin spot ETF, Sonnenshein said. “If the SEC can’t look at two like issues, the futures ETF and the spot ETF, through the same lens, then it is, in fact, potentially grounds for an Administrative Procedure Act violation.”
Grayscale is waiting to hear back from the SEC in early July on a decision that would convert its Grayscale Bitcoin Trust into a bitcoin ETF. If they are turned down, Sonnenshein has hinted at suing the agency.
‘Enforcement 40’ for 2020
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