In an effort to tighten all loose ends and bolster its legal team, Grayscale Investments LLC has brought onboard prominent attorney Donald B. Verrilli into the firm.
The digital asset investment management company believes that with Verrilli on its legal team, the firm would be better positioned to record victory in its application to have Grayscale Bitcoin Trust (GBTC) get converted into a spot Bitcoin (BTC) exchange-traded fund (ETF).
The decision to onboard Verrilli is due to his stellar performance as a solicitor general during United State President, Obama’s administration between 2011 to 2016. During this timeframe, some of the notable cases which Verrilli won while representing the US government, include the legal battle for the Affordable Care Act and the eventual acceptance and recognition of same-sex marriage legally.
With these notable accomplishments, Verrilli would now act as a legal counsel for Grayscale. The Securities and Exchange Commission (SEC) is expected to make a decision on the firm’s application come July 6.
According to a spokesperson at Grayscale, even though the case has not yet been decided, the firm is geared for whatever direction the SEC rules in favor of. “If the SEC rules in favor, we are ready to have GBTC transformed into an ETF, but just if our application is denied, we have other alternatives.”
Although Grayscale filed its application to the SEC sometime in October 2021, the firm said in the month of May that its discussions with SEC could be tagged productive. So, the firm has been involved in lobbying its users to be open about their support to have GBTC changed into an ETF.
Also in May 2022, Grayscale unveiled its first European ETF Product which is known as the Grayscale Future of Finance which according to the firm will be listed on Borsa Italiana, London Stock Exchange, and Deutsche Börse.
Commenting on this novel financial product, CEO of Grayscale Investments Michael Sonnenshein said that this European ETF would further position the investment firm as one which is all out to ensure that its investors and customers build long-lasting portfolios.