Grayscale lobbies SEC to approve options products based on physically settled Bitcoin ETF

Cryptocurrency asset management company Grayscale Investments wrote to the US SEC lobbying for approval of options products based on a spot Bitcoin ETF. Grayscale CEO Michael Sonnenshein stated in the letter to the SEC that the rejection of options for its Grayscale Bitcoin Trust (GBTC.P) would "unfairly discriminate" against its shareholders, pointing out that regulatory agencies had previously approved options related to Bitcoin futures ETFs. Sonnenshein mentioned that options would facilitate price discovery for new ETF shares, aiding investors in navigating market conditions, hedging, and generating income. Furthermore, options would also "allow more regulated market participants" (such as contract traders and broker-dealers) to trade products, further bringing Bitcoin into regulatory oversight.