Michael Sonnenshein, CEO of Grayscale Investments, has expressed in an interview with CNBC optimism about the possible approval by the US Securities and Exchange Commission (SEC) of a spot Bitcoin ETF.
The regulator allowed in early April the launch of an exchange-traded fund based on futures for BTC from the provider Teucrium. The application complied with the provisions of the Securities and Exchange Act of 1933, not the Investment Company Act of 1940.
Commission Chairman Gary Gensler had earlier said that it is the latter document that provides for more reliable measures to protect investors. Sonnenschein has emphasized:
“From the SEC’s point of view, Act 40 products had several protections that Act 33 products don’t have. But never did these funds take into account the concerns of the Commission regarding Bitcoin and the possibility of fraud or manipulation.”
He has said that some of the safeguards include independent advice, accounting and storage rules.