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Meanwhile, Grayscale continues to battle with the Securities and Exchange Commission (SEC) back on its home front.
Leading assets manager Grayscale Investments LLC has unveiled plans to expand into the hugely contested European market. CEO of Grayscale Michael Sonnenshein stated this while speaking in London on Tuesday.
According to Sonnenshein, the company is yet to decide which products it will offer first or what exchanges and countries to start from. Instead, the company plans to do a series of pilot tests in different markets. To this end, Sonnenshein noted that he’s already meeting with various local partners to determine the timeline for the move.
Sonnenshein acknowledged that investor behavior and regulations varied from country to country within the European Union. He said:
“We’re going to be very thoughtful, very methodical about each of the financial centers and financial hubs that we ultimately launch in.”
Ultimately, Grayscale will have its work cut out for it as the European market, unified or not, is very competitive. Bloomberg reports that there are more than 80 exchange-traded cryptocurrency products listed in western Europe with assets worth about $7.1 billion.
SEC Still Delaying Bitcoin Spot ETF Approval
Meanwhile, Grayscale continues to battle with the Securities and Exchange Commission (SEC) back on its home front. The assets manager applied for the conversion of its Grayscale Bitcoin Trust worth about $30 billion into a Bitcoin spot ETF. The Bitcoin spot ETF will directly track Bitcoin as an underlying asset.
For about 5 years, Europe has allowed the trading of such products. Yet, regulators in the United States seem to be drawing their feet. Approving the spot Bitcoin ETF will accept the flow of funds into the crypto funds industry which estimates suggest will grow to $120 billion by 2028,
As a result of the delay, Grayscale has been one of the most vocal critics of the SEC, accusing the regulators of double standards. Recently, lawyers representing Grayscale cited the recent approval of the Teucrium bitcoin futures ETF as more reason why the Bitcoin spot ETF should be approved.
However, Sonneshein expressed optimism that the SEC would eventually grant the approval. Should the application for the Bitcoin spot ETF be rejected, Sonnenshein noted the company was ready to file a lawsuit against the regulatory body.