Grayscale Appoints New Board Members Following Resignation of Top Executives
As the crypto community awaits the US Securities and Exchange Commission (SEC) to approve Grayscale spot Bitcoin exchange-traded fund (ETF), the investment company has been hit by a significant leadership shakeup after various top-level executives confirmed their resignation.
In a December 26 announcement, the chief executive of Grayscale’s parent company, Digital Currency Group (DCG), Barry Silbert, revealed plans to step down from his role on the board of directors.
Grayscale Top-Level Executive Resigns
In a subsequent report, the president of DCG, Mark Murphy, submitted his resignation letter to the investment company.
A review of the letter demonstrated that Murphy will resign from his role at Grayscale board of directors. The two officials plan to leave the Grayscale board in January next year. The resignation of Silbert and Murphy ignited heated debates among the crypto communities.
On the X platform, the crypto proponents demand to know why the two officials are stepping down. Other X users argued the resignation of the two officials was related to the Grayscale Bitcoin ETF.
Interestingly, the resignation of the two executives ignited excitement among the X community, who believed that Grayscale Bitcoin ETF was a done deal. In a separate comment, another X user slammed the SEC for delaying the approval of the spot Bitcoin ETFs.
With weeks to 2024, when the SEC is expected to provide feedback concerning the spot Bitcoin ETF filling, the Grayscale team has been regularly meeting with the market regulators to deliberate on matters concerning the ETFs.
Grayscale Appoint New Board Members
Also, the Grayscale team has been in discussion with other officials from Hashdex, 21Shares, BlackRock, ARK Invest and Vaneck concerning the spot crypto ETFs. Based on the series of meetings between the SEC and Bitcoin ETF hopefuls, the SEC is expected to reject or approve the pending application by next month.
Even though the two officials declined to comment on why they left Grayscale, the investment company took strategic action to find Murphy and Silbert’s successor.
In an SEC filing, the Grayscale team confirmed that new members will join the board of directors in January. The report demonstrated that Mark Shifke, Edward McGee and Matthew Kummell will join the Grayscale board of directors.
This implies that the three officials will join Michael Sossenshein to form the Grayscale board. Guided by the company agreement, the board will oversee the operation of Grayscale.
Role of Board of Directors
The board will support the business in making critical decisions that will steer Grayscale in a direction that will attract success. An announcement conveyed by the Grayscale spokeswoman confirmed the appointment of Shifke, Kummell and McGee to the board.
She believes that the three officials will support Grayscale to attain responsible growth. The spokeswoman anticipates that the newly appointed members will leverage their vast experiences in finance and asset management to take Grayscale to the next level.
According to the announcement, McGee was Grayscale’s chief financial officer, while Kummell was the acting vice president at DCG. On the other hand, Shikfe has worked as the chief financial officer at DCG since leaving Billtrust.
His career and academic qualifications in finance and banking have enabled Shikfe to work for high-profile financial institutions such as JPMorgan Chase, Green Dot and Goldman Sachs.
The December 26 report demonstrated that Shikfe will succeed Silbert as the board chairman. In the previous leadership, Silbert faced multiple charges from US regulators.
In October, the prominent Attorney Letitia James accused Silbert of engaging in fraudulent schemes that exposed over 230000 investors to a loss of over $1 billion.
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