Grayscale, the world’s biggest digital asset manager, has hired Donald B. Verrilli to be its additional legal counsel. The firm hopes to get the approval of the SEC and convert its Bitcoin trust into an Exchange-Traded Fund with his assistance.
Grayscale Reinforces Bitcoin ETF Team
Grayscale expressed hope that Verrilli would be a great addition the company’s “strongest possible group of legal minds” working towards launching a spot Bitcoin ETF. As a senior lawyer strategist, Verrilli will work with the firm’s lawyers and in-house counsel.
We are now in the last month of our application to convert $GBTC into an ETF. As such, Donald B. Verrilli Jr., a former Solicitor General for the United States, has been retained as an additional legal counsel. This is a short summary
— Grayscale (@Grayscale) June 7, 2022
Verrilli, an American lawyer, has a wealth of experience and won many cases in his career. He was appointed the Solicitor General for the United States by President Barack Obama in 2011. Verrilli held that post until 2016.
Grayscale’s plans to create an exchange-traded fund that tracks the performance of Bitcoin in the States are not new. However, the SEC has yet to approve such a product. Grayscale’s application must be rejected or approved by the regulator before July 6.
Craig Salm, Grayscale’s Chief Legal Officer, claimed at the end of last year that the possible rejection by Grayscale of the ETF launch was against the law. He stated that while the agency may have a clear vision about exchange-traded fund, it should still show a reasonable likelihood.
In an interview earlier this year, Michael Sonnenshein, CEO of the company, stated that he is prepared to do whatever it takes to achieve its goals. When asked if the company could file legal action against SEC, he replied: “I think all options can be considered.”
Grayscale’s European Success
Grayscale launched a cryptocurrency ETF last month in Europe, despite its problems with American regulators. The product tracks the “Bloomberg Grayscale Future of Finance Index” and includes multiple companies from the industry such as brokers, exchanges, and miners.
It was listed on the London Stock Exchange and Germany’s Deutsche Borse Xetra. Grayscale was the first US digital asset manager that listed a fund on an Old Continent.
Sonnenshein stated that the digital economy was “primarily driven by the proliferation of digital assets.”
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