Grayscale lobbies the U.S. SEC to approve options products based on spot Bitcoin ETFs
Cryptocurrency asset management company Grayscale Investments has written to the US SEC to lobby for the approval of options products based on spot bitcoin ETFs. Grayscale CEO Michael Sonnenshein wrote in the letter to the SEC that the regulator's rejection of options for its Grayscale Bitcoin Trust (GBTC.P) unfairly discriminates against its shareholders and pointed out that regulatory authorities have previously approved options related to bitcoin futures ETFs. Sonnenshein stated that options would facilitate price discovery for new ETF shares, which would help investors navigate market conditions, hedge, and generate income. In addition, options would "further bring bitcoin into regulatory purview by allowing more regulated market participants" such as contract traders and broker-dealer firms to trade the product.
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