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 NetworkAbout CircleCircle 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 Circle.com to learn more.About RailgunRailgun 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 Railgun.org to find out more.About FlareFlare 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.