According to PANews, Michael Sonnenshein, CEO of Grayscale Investments, announced at an event in London hosted by the Financial Times that the company will focus on converting its Ethereum trust fund into a spot ETF product. The company is withdrawing its application as many futures products are already available for investors. Sonnenshein clarified that applying for a product does not necessarily mean it will enter the market.
Sonnenshein stated that while it's difficult to know the U.S. Securities and Exchange Commission's (SEC) view on Ethereum, Grayscale optimistically believes that the SEC will make the right decision for investors. He added, 'Grayscale Ethereum Trust is already a company that reports to the SEC. We submit 10-K and 10-Q (documents disclosed to the SEC), and we are always a company that promotes regulators to allow cryptocurrencies to be further included in the regulatory scope.'
In related news, Grayscale has withdrawn its application for an Ethereum futures ETF to the U.S. SEC.
