The world’s largest digital asset manager – Grayscale – hired Donald B. Verrilli as additional legal counsel. With his help, the firm aims to receive the SEC’s approval and finally convert its Bitcoin trust into an exchange-traded fund.
Grayscale Reinforces Bitcoin ETF Team
In a recent tweet, Grayscale raised hopes that Verrilli could be a great addition to the company’s “strongest possible team of legal minds” that work towards launching a spot Bitcoin ETF. He will serve as a senior legal strategist, collaborating with the firm’s attorneys and in-house counsel.
As we enter the final month before a response is due on our application to convert $GBTC to an ETF, we have retained Donald B. Verrilli, Jr., former Solicitor General of the United States, as additional legal counsel. A short 🧵 on why:
— Grayscale (@Grayscale) June 7, 2022
Verrilli is an American lawyer with rich experience, having won numerous law cases throughout his career. In 2011, former President Barack Obama appointed him as the Solicitor General of the United States. Verrilli served in that position until 2016.
Grayscale’s ambitions to introduce an exchange-traded fund tracking the performance of bitcoin in the States are not new but to no avail so far as the SEC is yet to give its nod on such a product. The regulator has until July 6 to reject or approve Grayscale’s filing.
At the end of last year, Chief Legal Officer of Grayscale – Craig Salm – claimed that the watchdog’s possible decision to reject the launch of the ETF could be against the law. According to him, the agency might have a “clear vision” about exchange-traded funds, but it should display a “reasonable likelihood” on the matter.
Earlier this year, CEO Michael Sonnenshein asserted his company is ready to do everything it takes to fulfill its goal. Asked whether the firm could pursue legal action against the SEC, he answered: “I think all options are on the table.”
Grayscale’s Success in Europe
Despite its issues with the American regulators, Grayscale introduced a cryptocurrency ETF in Europe last month. The product, tracking the “Bloomberg Grayscale Future of Finance Index,” consists of multiple companies part of the industry, including exchanges, miners, and brokers.
It was listed on the London Stock Exchange, Germany’s Deutsche Börse Xetra, and Italy’s Borsa Italiana. Thus, Grayscale became the first US digital asset manager to list a fund on the Old Continent.
“For us, the digital economy is… primarily being driven through the proliferation of digital assets.” – said Sonnenshein at the time.
Featured Image Courtesy of AboveTheLaw