Michael Sonnenshein, CEO of leading crypto asset manager Grayscale Investments, believes the launch of the ProShares Short Bitcoin Exchange-Traded Fund (ETF) could be a positive sign for the industry.

The SEC feels more comfortable with Bitcoin

in a Twitter thread On Tuesday, Sonnenshein noted that he believes the United States Securities and Exchange Commission (SEC) is gradually becoming more comfortable with the leading cryptocurrency with the approval of new Bitcoin-linked investment products.

He noted that the SEC rejected Bitcoin Spot ETFs due to concerns about market maturity and the potential for fraud and manipulation.

However, just a few days ago, the regulator gave the green light to ProShares’ Bitcoin short strategy, which offers exposure to Bitcoin’s inverse performance. The ETF began trading on the New York Stock Exchange (NYSE) on Tuesday under the ticker BITI.

Bitcoin is maturing

According to the CEO of Grayscale, the approval of the ProShares ETF product serves as a testament to the maturity of Bitcoin.

“How could the arrival of $BITI on the market be interpreted as anything other than further recognition of Bitcoin’s maturity?…Bitcoin’s price discovery is supported not only by a healthy two-sided market supporting multiple products long, but also because of a derivatives market strong enough to offer short prices. exposure to retail investors,” he said.

Sonnenshein concluded that, at this point, it would be logical for the SEC to approve a long-anticipated Bitcoin Spot ETF.

Wait for Bitcoin Spot ETF Approval Continues

So far, the SEC has rejected all attempts to introduce a points-based Bitcoin ETF to the US crypto market. While the Commission has approved several Bitcoin ETF products in the country, none of them are spot-based.

Several cryptocurrency enthusiasts have expressed disappointment with the SEC’s reluctance to approve a Bitcoin Spot ETF, including SEC Commissioner Hester Pierce.

Grayscale is currently struggling to convince the regulator to convert its flagship Bitcoin Trust into a spot ETF. The asset manager even threatened to sue the Commission if his ETF was disapproved again.

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This post Short Bitcoin ETF Launch Is Positive For Cryptocurrencies

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