Grayscale is more confident against SEC to convert GBTC into ETF with new hiring

On Jun 8, 2022

Grayscale hired Donald B. Verrilli Jr. as a new legal expert and now with this new hiring Grayscale is much more confident with its plan with GBTC.

Grayscale Investments is a fund management company, which manages cryptocurrency investment funds. It is a subsidiary of the Digital Currency Group, which also owns the cryptocurrency news and digital media platform Coindesk.

On 7 June, The vice president of Grayscale investment, Jennifer Rosenthal, took to Twitter to inform that Grayscale investment hired a new legal counsel, Donald B. Verrilli Jr., Who was the solicitor general under President Obama.

“we’ve retained former Solicitor General under the Obama Administration, Donald B. Verrilli, Jr., as additional legal counsel.”

Through the Twitter thread, Jennifer said that new hiring will help the efforts of Grayscale to convert its GBTC into Bitcoin spot ETF by taking more legal power into consideration against the US Securities and Exchange Commission (SEC).

To that end, @Grayscale has been preparing for all scenarios: we have ensured that GBTC is operationally ready to convert to an ETF and have been exploring options should the SEC not allow GBTC to convert to an ETF.
— Jennifer Rosenthal (@jenn_rosenthal) June 7, 2022

Grayscale VP also said that the company is strong with its legal minds working and also here Verrilli will help Grayscale for the same to bring Grayscale’s Bitcoin spot ETF.

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All options remain on the table ahead of the SEC's July 6 decision. Ultimately, we are working towards a positive resolution for investors and the general public.
— Jennifer Rosenthal (@jenn_rosenthal) June 7, 2022

Grayscale Against US Regulatory Body

In the past US Securities regulatory body rejected many Bitcoin spot ETFs applications but approved many Bitcoin Futures ETFs.

Grayscale wrote an open to the SEC agency regarding the approval of Futures ETFs and rejection of spot ETFs approvals.

Now it is expected that Grayscale may achieve some better success regarding its conversion of GBTC into Bitcoin spot ETF.

However, Grayscale is working eagerly and aggressively to get approval from the US SEC agency but experts’ analysis is claiming that the SEC agency will approve the Bitcoin spot ETFs-based applications in mid of 2023, under the newly proposed change in the rules.