Grayscale CEO Michael Sonnenshein recently stated in an interview with Bloomberg TV that regulatory agencies should strive to establish a fair competition environment for all market participants. We have always advocated publicly that when the SEC is ready to provide the necessary approval for spot products to be listed, it should be done all at once. Grayscale is willing to list GBTC as an ETF and promises to reduce the fee ratio to the current 2% once it begins trading as an ETF.