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Grayscale Hires Donald B. Verrilli in Bid to Get SEC Approval and Bitcoin ETF

Grayscale Hires Donald B. Verrilli in Bid to Get SEC Approval and Bitcoin ETF

Grayscale, the world’s largest crypto asset manager, has hired Donald B. Verrilli, former US Attorney General Obama. This agreement aims to gain SEC (Securities and Exchange Commission) approval of the Bitcoin ETF for spot trading by converting your BTC trust into an ETF.

The platform believes that Verrilli can become their lead legal strategist and work with their in-house lawyers and attorneys.

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Donald B. Verrilli, an American lawyer with a few years of winning lawsuits in his career, was even the former President of the United States. Between 2011 and 2016, Verrilli was the Attorney General of the United States, appointed by former President Barack H. Obama. Throughout that time, Verrilli served as lead government counsel on numerous cases before the United States Supreme Court, and will now work with Grayscale.

Multiple SEC rejections and rulings

Grayscale had individually tried to get SEC approval to convert his Bitcoin Trust into an ETF. But all attempts were rejected. As a result, the SEC has yet to approve the implementation of such a system within its borders and said that it will decide before July 6 regarding the approval.

On October 19 last year, the company applied for permission to exchange its Trust (GBTC) into a Bitcoin Spot Exchange Traded Fund. Again the company applied in December but did not apply until February of this year.

Craig Salm, legal director at Grayscale, said the agency’s action to reject the ETF may even be of its own volition, not by law. He added that the watchdog may well understand the concept behind ETFs, but it was responding unfavorably to the request.

Additionally, Grayscale’s application was denied again in February this year and the SEC’s decision on the matter was postponed.

Grayscale works with Verrilli to get SEC approval

Blockchain Association Policy Officer Jake Chervinsky praised Grayscale for bringing Donald Verrilli to the case. Calling the action a “strong move,” he noted in a tweet that the SEC would have no chance of fighting a court case if it still rejects or postpones the ruling.

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Additionally, Grayscale CEO Michael Sonnenshein said the company would take legal action under the Administrative Procedure Act (APA) if the financial regulator again denies the request. On top of that, Sonnenshein took issue with the SEC for approving digital asset futures ETF products last year, but still rejects crypto spot ETFs.

BTC falls below $31,000 | Source: BTCUSD on TradingView.com Featured Image from Pexels, Chart from TradingView.com

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