Key Points:
Sonnenshein revealed that the questions posed by the SEC during their engagement indicated a sincere desire to address the matter and make significant progress.
Although specific timelines were not disclosed, Grayscale achieved a significant victory in August when three judges ruled that the SEC must re-evaluate their bid for a spot bitcoin ETF.
SEC Chair Gary Gensler has expressed reservations about the crypto industry, particularly emphasizing concerns about fraud and manipulation. Despite this, Sonnenshein remains confident in the viability and longevity of the asset class.
In response to JPMorgan CEO Jamie Dimon’s recent statement suggesting he would shut down crypto if he were in a position of power, Sonnenshein highlighted that every executive holds their own opinions on emerging technologies.
Taking a step back, Sonnenshein emphasized that there is no doubt that the cryptocurrency asset class is here to stay. He pointed out that investor interest in this space continues to grow exponentially.
Furthermore, legacy institutions and banks have already begun adapting their business models to incorporate these new technologies. Sonnenshein believes that these entities are well aware of the potential benefits and opportunities presented by cryptocurrencies and are actively evolving to leverage them effectively.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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