2023-8-14 05:48 |
Grayscale CEO Michael Sonnenshein emphasized the need for a balanced regulatory approach to cryptocurrency to avoid hindering innovation in the United States.
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Grayscale Investments CEO Michael Sonnenshein has resigned from the asset manager amid mass investor departures from the firm’s GBTC ETF.
GBTC has seen $12 billion in outflows since due in part to its high fees compared to its competitors.
Many prominent crypto commentators are concerned that this will make crypto firms even more reluctant to do business in the United States.
Grayscale had expected it wouldn’t be able to voice arguments until the second quarter, and is calling the quicker timeline “welcome news.”
"We are seeing a new group of investors who are Ethereum-first and in some cases Ethereum-only," Michael Sonnenshein told Bloomberg.
Grayscale Investments has filed to register its bitcoin trust as an SEC reporting company, potentially the first crypto vehicle to attain such status.