Grayscale CEO breaks down his firm’s legal strategy against the SEC

Episode 20 of Season 5 of The Scoop was recorded remotely with The Block's Frank Chaparro and Grayscale CEO Michael Sonnenshein.

Listen below, and subscribe to The Scoop on AppleSpotifyGoogle PodcastsStitcher, or wherever you listen to podcasts. Feedback and revision requests can be sent to [email protected].

Michael Sonnenshein is the CEO of Grayscale — the digital asset manager embattled in a court case against the Securities and Exchange Commission over the agency's refusal to convert Grayscale's flagship product, the Grayscale Bitcoin Trust (GBTC), into a spot Bitcoin ETF.

In this episode, Sonnenshein explains why a spot Bitcoin ETF could have shielded many U.S. market participants from the crypto 'carnage' of 2022, and how Grayscale's veteran legal team is working to ensure GBTC holders receive the most favorable possible outcome.

During this episode, Chaparro and Sonnenshein also discuss:

  • What will happen if Grayscale exhausts all its legal options
  • Why Grayscale is waiting to lower its management fees
  • How a spot Bitcoin ETF will draw more capital to crypto

This episode is brought to you by our sponsors Circle, Railgun, Flare Network

About Circle
Circle is a global financial technology company helping money move at internet speed. Our mission is to raise global economic prosperity through the frictionless exchange of value. Visit to learn more.

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Railgun is a private DeFi solution on Ethereum, BSC, Arbitrum and Polygon. Shield any ERC-20 token and any NFT into a Private Balance and let Railgun’s zero-knowledge cryptography encrypt your address, balance and transaction history. You can also bring privacy to your project with Railgun SDK, and be sure to check out Railgun with partner project Railway Wallet, also available on iOS and Android. Visit to find out more.

About Flare
Flare is an EVM-based Layer 1 blockchain designed to allow developers to build applications that can use data from other blockchains and the internet. By providing decentralized access to a wide variety of high-integrity data from other blockchains and the internet, Flare enables new use cases and monetization models. Build better and connect everything at Flare.Network.

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