- Andrew criticizes the “What Bitcoin Did” interview with the CEO of Grayscale as authentic gaslighting.
- Grayscale’s CEO, Sonnenshein, cites cross-company ethics and says he takes no accountability for the mismanagement of Genesis.
- Sonnenshein discusses the SEC’s previous vetoes in opposition to Grayscale Bitcoin Trusts, ETFs, and Bitcoin ETFs.
X3 founder Andrew tweeted a few “distinctive stage of cognitive dissonance” on his YouTube channel What Bitcoin Did’s and just lately gave an interview with Grayscale CEO Andrew Sonnenshein. “That is authorized gaslighting,” argued Andrew.
Channel host Peter McCormack began the episode by asking Sonnenshein to clarify what a Grayscale Belief is. Sonnenshein defined that Grayscale is the world’s largest digital foreign money supervisor, processing almost $21 billion and that he manages 17 digital asset merchandise, together with Bitcoin and Ethereum-based merchandise.
The interview turns to ETFs and the way they differ from trusts. In response, Sonnenschein stated he had all the time anticipated Grayscale He Bitcoin He Belief to turn out to be an ETF since its inception in 2013.
He continues, UK and US buyers use ETFs on a regular basis. It’s a “product that buyers can buy with a brokerage agency or retirement account to achieve publicity” to varied high-value property equivalent to gold, shares and oil. .
However within the US, Sonnenshein defined, regulators haven’t allowed Bitcoin ETFs to enter the market. Nonetheless, in keeping with the CEO, Grayscale is on a mission to unravel it. He provides that Grayscale His Bitcoin Belief is a sequence of shares owned by buyers. Every of those shares is absolutely backed by Bitcoin, with “no money, no leverage, no buying and selling.”
McCormack then requested Sonnenschein in regards to the Grayscale v. SEC lawsuit, to which the CEO replied, “What we have seen within the US, traditionally, there have been no Bitcoin ETFs available in the market.” Moreover, Sonnenshein stated the SEC’s stance mirrored that they have been in opposition to Bitcoin ETFs and didn’t approve GBTC.
Whereas the interview explored a deeper dialog round GBTC’s possession, Sonnenshein commented on the enterprise ethics of Grayscale, Genesis, and DCG:
It is not about ethics. It is not a fraud situation. I’m not liable for what occurred at Genesis.
In keeping with Sonnenshein, when a buyer who took a mortgage from Genesis and have become a Grayscale buyer is not in enterprise or has closed the funds, it’s the results of their mismanagement diversion.