Grayscale, the world’s largest crypto asset manager, has hired former US President Obama’s former Solicitor General Donald B. Verilli is hired. The deal aims to gain SEC (Securities and Exchange Commission) approval of a bitcoin ETF for spot trading by converting its BTC trust into an ETF.
The platform believes that Verilli can become its senior legal strategist and work closely with its in-house lawyers and lawyers.
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Donald B. Verilli, an American lawyer who won a few years of legal cases during his career, has also served as a former President of the United States. Between 2011 and 2016, Verilli was the US Solicitor General, appointed by former President Barack H. During that period, Verrilli was the chief counsel for the government on several Supreme Court cases in the United States, and would now work with Grayscale.
SEC Rejection and Its Many Rules
Grayscale had made several attempts to gain approval from the SEC to convert its Bitcoin Trust into an ETF. But all attempts were rejected. As a result, the SEC still has not approved such implementation within its borders and has announced a decision by July 6.th Regarding acceptance.
on 19 octoberth Last year, the company applied for approval to convert its trust (GBTC) into a spot bitcoin exchange-traded fund. Again, the company applied in December but posted till February this year.
Grayscale’s chief legal officer, Craig Salm, said the agency’s action to reject the ETF may have been on their own will, not by law. He added that the watchdog may fully understand the concept behind the ETF, but is reacting adversely to the request.
Furthermore, Grayscale’s request was again rejected in February of this year, and the SEC’s decision on the matter was postponed.
Grayscale is working with Verily to get SEC approval
The Blockchain Association’s head of policy, Jake Chervinsky, commended Grayscale for bringing on Donald Verrilli to the case. Calling the action a “strong step”, he noted Tweet That the SEC would not stand a greater chance of fighting the legal case if it still denied or postponed the decision.
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Furthermore, Grayscale CEO Michael Sonnenshein said the company would sue under the APA (Administrative Procedure Act) if the financial regulator again rejects the application. Furthermore, Sonnenshin has been against the SEC over the past year for approving Digital Asset Futures ETF products, but still rejecting crypto spot ETFs.
Featured image from Pexels, chart from TradingView.com