The ex-solicitor General of the United States has been appointed by Grayscale Investment to play a significant role in the likely legal battle with the Securities and Exchange Commission (SEC) in the case of the rejection of the application submitted by the company for a spot Bitcoin exchange-traded fund on 6th July.
Since, 19th October of the previous year, the organization has been waiting for a decision to be taken on the behalf of the SEC to transform its leading Grayscale Bitcoin Trust (GBTC) – with a valuation of up to $19.8B – into a spot ETF. Once the decision on the respective matter was postponed by the SEC in December and then another time it happened in February. A conclusive decision on the very application is now anticipated to be given on 6th July.
The policy head at Blockchain Association (a crypto advocacy group), Jake Chervinsky, stated that this much firepower to the legal group of Grayscale was considered to be a resilient step and that the securities regulator would have a minute chance of enduring a legal trial if it determined to do the same with the approval again.
This March, Michael Sonnenshein – the CEO of Grayscale – informed Bloomberg that the company thereof would contemplate a legal case in line with the Administrative Procedure Act (APA) if the financial regulator denies the filing submitted by it for BTC Spot ETF. The executive has been frequently criticizing the regulator, which sanctioned the crypto futures ETF goods in October of the recent year, however, has not yet finalized the decision on its equivalent spot ETF.
The exclusive appointment, Donald B. Verrillin Jr., has formerly been serving as the U.S. Solicitor General between 2011 and 2016 during the administration of Barrack Obama. At the moment, he is a collaborator in Munger, Tolles & Olson (a law company in California), as well as established its office in Washington D.C. in 2016. Grayscale elaborated on Twitter that above 50 lawsuits have been fought by the lawyer in front of the U.S. Supreme Court, taking into account many that were straightly related to the violations of the Administrative Procedure Act (APA).
His role will be that of a high-ranking legal strategist, operating in parallel with the attorneys working at Davis Polk & Wardwell LLP as well as the in-house counsel, taking into account Craig Salm (the person who is the chief legal officer).
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