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Grayscale hires Donald B. Verrilli to strengthen its BTC ETF efforts

08 Jun 2022 : 10:58
2 min read
  • Grayscale has hired Donald B. Verrilli as its additional legal counsel.
  • With the move, the firm intensifies its efforts to get approval from the SEC for its Bitcoin ETF.
  • Verrilli will work with attorneys and in-house counsel as a senior legal strategist.

The largest digital asset investing services company in the world, Grayscale Investments LLC, has recently hired Donald B. Verrilli as its additional legal counsel, intensifying its efforts to get approval from the Securities and Exchange Commission (SEC) for its Bitcoin exchange-traded fund (ETF).

Grayscale hires Donald B. Verrilli as its senior legal strategist

With the new hiring, the digital asset manager aims to receive the SEC’s approval for converting its Bitcoin trust into a Bitcoin ETF. Verrilli will collaborate with attorneys and in-house counsel and work as a senior legal strategist for the firm.

In a recent tweet, Grayscale expressed optimism that Verrilli would be a great addition to the company’s “strongest possible team of legal minds” working on bringing a spot Bitcoin ETF. 

Verrilli is an experienced American lawyer who has won remarkable legal disputes throughout his career. He was appointed Solicitor General of the United States by former U.S. President Barack Obama in 2011.

The tug-of-war

Grayscale’s plans to launch an ETF in the United States are not new, but they have so far been unsuccessful because the SEC has yet to approve such a product. The decision for the approval on converting its Grayscale Bitcoin Trust (GBTC) into a BTC spot ETF has been postponed for July 6 by the regulator.

The Chief Legal Officer, Craig Salm, said last year that the watchdog might have a “clear vision” regarding ETFs, but it must also demonstrate a “reasonable likelihood” in this regard.

On the other hand, the SEC stated its concerns over the conversion of GBTC into a BTC spot ETF in February 2022. It questioned the Grayscale Trust about how they intend to make their Trust more transparent and liquid to make it less vulnerable to manipulation.

Interestingly, when asked whether the firm could pursue legal action against the SEC, the CEO Michael Sonnenshein stated earlier this year:

“I think all options are on the table.”

Anisha Pandey

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