Digital Assets: As SEC’s Spot ETF Decision Looms, Grayscale Brings On The Heavy Legal Artillery

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Grayscale has hired Donald B. Verrilli Jr., former U.S. Solicitor General, for the eventuality that the SEC rejects its application to convert its flagship $19.8 billion Grayscale Bitcoin Trust (GBTC) into a spot-based ETF.

Grayscale Investments is hunkering down for a possible legal battle with the SEC in the event the regulator rejects its spot bitcoin application next month. The digital assets manager applied on October 19, 2021, and after postponing its decision in December and again in February, the SEC is expected to announce a final decision on July 6. If push comes to shove, Grayscale is preparing to haul the SEC to court, and has therefore bolstered its legal team with the addition of Donald B. Verrilli Jr., former U.S. Solicitor General, and a top lawyer for the Obama administration. (CoinDesk)

Donald B. Verrilli Jr.

Donald B. Verrilli Jr. is a former U.S. Solicitor General who served from 2011 to 2016 under Barack Obama’s administration.

He is currently a partner in Californian law firm Munger, Tolles & Olson which describes him as one of the nation’s premier Supreme Court and appellate advocates.

At Grayscale, he will work together with the company’s attorneys at Davis Polk & Wardwell LLP and its in-house counsel.

A spokesperson said it was paramount that Grayscale have the strongest legal minds working on its application to convert GBTC into an ETF.

“Grayscale has an unwavering commitment to converting GBTC to an ETF,” the spokesperson added. “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.”

Related Story: Grayscale’s Sonnenshein Prepared To Take Legal Recourse If SEC Nixes GBTC’s ETF Conversion

Image Credit: Munger, Tolles & Olson

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