Michael Sonnenshein said in an interview with Fox Business that the US Securities and Exchange Commission (SEC) is doing nothing but harm.
“If any problem with cryptocurrencies leads to litigation, that means the government is simply destroying innovation. If you make the work of cryptocurrency companies more transparent, they will stop fleeing the US. Right now, our regulatory environment is extremely hostile to digital asset companies,” Sonnenschein said.
Grayscale’s CEO believes U.S. regulators have taken the “wrong guidance” on bitcoin ETFs. In the businessman’s view, the SEC “doesn’t need to pick winners and losers,” but simply evaluate the filings fairly.
Recently, Michael Sonnenschein said that having multiple filings for bitcoin spot ETFs works in the first cryptocurrency’s favor.