According to the chief executive of Grayscale, a well-known digital asset management company, the United States has a good chance to dominate the cryptocurrency market by establishing sensible rules.
Grayscale CEO Michael Sonnenshein recently gave an interview to Yahoo Finance in which he noted the bipartisan support for crypto-related legislation and expressed optimism about the advancements made in the previous year.
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In order to promote innovation and establish solid financial and legal frameworks, Sonnenshein stressed the significance of parliamentarians’ awareness of the crypto business and asked Congress to take an active interest in the matter.
Grayscale CEO Urges Congress To Support Crypto
The CEO of Grayscale stressed that lawmakers are becoming aware of cryptocurrency’s long-term presence and significance, making it a nonpartisan issue.
Grayscale CEO urges US to embrace emerging crypto sectorhttps://t.co/OfU8lwge8p pic.twitter.com/GRX862Rchs
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The proposals that have made progress and are scheduled for additional votes in the fall received appreciation from Sonnenshein, who also emphasized the need for broader member support and continuous participation on crypto-related issues.
Sonnenshein also emphasized the expanding constituent involvement in the cryptocurrency industry and the significance of elected leaders aligning their viewpoints properly.
Sonnenshein urged members of Congress to actively engage with the cryptocurrency industry, given its growing significance and the need for thorough financial and regulatory frameworks, given the impending elections and other catalysts, and expressed optimism about the current momentum surrounding crypto legislation and the unprecedented level of engagement from lawmakers.
Grayscale’s GBTC Inches Closer To ETF Conversion?
Sonnenshein spoke about the ongoing procedure and underlined the company’s dedication to complete and fair disclosures in response to the recent court decision that overturned the SEC’s denial of the Grayscale Bitcoin Trust (GBTC) application to convert to an Exchange-Traded Fund (ETF) application.
Grayscale has been suing to get GBTC changed into a Bitcoin (BTC) Spot ETF because doing so will give investors more protections, disclosures, and reporting requirements.
Coinglass data shows Grayscale's holdings now valued at $23.592B.
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👉 $ETH Trust premium rate: -25.26%.
👉 $ETC Trust premium rate: -48.20%.
👉 $LTC Trust premium rate: -15.60%.Interesting dynamics in crypto investment trusts!📊#Cryptoinvesting
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Sonnenshein said that once the 45-day period is through, a productive discussion with the SEC is anticipated, and the organization looks forward to swiftly moving forward with the following steps:
In addition, Sonnenshein emphasized the importance of the recognition given to the cryptocurrency industry by international organizations like the G20 and the International Monetary Fund (IMF), highlighting the chance for the United States to become the hub of the international capital markets ecosystem by putting in place the proper frameworks.
In particular, Sonnenshein pushed for preserving an open-door policy for innovation and establishing the US as a pioneer in the cryptocurrency industry.
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The conversation with Grayscale CEO Michael Sonnenshein highlighted the opportunity for the United States to dominate the crypto industry through appropriate regulation. Sonnenshein asked Congress to actively participate and create momentum around crypto-related legislation, with support from both parties and growing understanding among members.
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