Grayscale Investments’ CEO Michael Sonnenshein said last week that the firm is considering suing the SEC if the agency continues to stall on Grayscale’s long-term plan to turn its bitcoin trust into an ETF.

“It really is, in our opinion, a matter of when and not if” there is a bitcoin spot ETF, Sonnenshein said. “If the SEC can’t look at two like issues, the futures ETF and the spot ETF, through the same lens, then it is, in fact, potentially grounds for an Administrative Procedure Act violation.” [CNBC]

Sonnenshein has said previously:

“When you think about the opportunity that [the SEC] has, it’s really to be the voice of further protecting investors and bringing an already existing product into a more stringent regulatory framework that will give investors more protection,” Sonnenshein said.” [Blockworks]

There is a tremendous amount of demand for a bitcoin spot ETF. A recent survey showed that the majority of financial advisors worldwide are in favor of a bitcoin spot ETF. 72% of investment advisors would be interested in investing clients’ money in crypto if a spot bitcoin ETF were available.