In a recent interview on “Bloomberg Markets,” Grayscale Investments CEO Michael Sonnenshein described the US appeals court’s decision to overturn the Securities and Exchange Commission’s (SEC) block of his firm’s proposed spot Bitcoin exchange-traded fund (ETF) as a “huge win.” The ruling, which has been hailed as a significant step forward for the digital-assets industry, has rekindled hopes for the launch of the first US ETF that would invest directly in Bitcoin.
Will The SEC Run Out The Clock?
However, Sonnenshein expressed uncertainty regarding the next steps for Grayscale, stating, “We will have to see upon the final operational procedures that come through that final mandate that the court will issue.” He further added, “We don’t know what the final opinion will say until we reach the end of that period,” referencing the 45-day window for an en banc hearing, which would involve all 17 judges on the court, as opposed to the initial subset panel of three jud
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