{"id":48430,"date":"2022-06-08T13:17:39","date_gmt":"2022-06-08T11:17:39","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=48430"},"modified":"2022-06-08T13:17:39","modified_gmt":"2022-06-08T11:17:39","slug":"grayscale-prepares-for-sec-response-on-its-etf-and-hires-former-united-states-attorney-general-as-legal-counsel","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/grayscale-prepares-for-sec-response-on-its-etf-and-hires-former-united-states-attorney-general-as-legal-counsel\/","title":{"rendered":"Grayscale Prepares for SEC Response on its ETF and Hires Former United States Attorney General as Legal Counsel"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-weight: 400\"><a href=\"https:\/\/grayscale.com\/\" target=\"_blank\" rel=\"noopener\">Grayscale<\/a> announced <strong>new actions regarding the SEC response to the latest proposal<\/strong> and also new hiring for the next steps. In a tweet by the company, it&#8217;s announced that the company is getting ready for the last month before SEC&#8217;s answer to their application for converting <strong>$GBTC<\/strong> to an <strong>ETF<\/strong>. The company is expanding its forces by hiring new legal consultants and getting stronger for possible legal challenges.\u00a0<\/span><!--more--><\/p>\n<h2 style=\"text-align: justify\"><span style=\"font-weight: 400\">Stronger in Negotiations<\/span><\/h2>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The company announced that they hired Donald B. Verrilli, Jr., former Solicitor General of the United States, as additional legal counsel.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Grayscale tweeted:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">As we enter the final month before a response is due on our application to convert <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$GBTC<\/a> to an ETF, we have retained Donald B. Verrilli, Jr., former Solicitor General of the United States, as additional legal counsel. A short \ud83e\uddf5 on why:<\/p>\n<p>&mdash; Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1534275354378096646?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">June 7, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: center\"><em><span style=\"font-weight: 400\">&#8220;We are thrilled that he is joining our team as we work towards a positive resolution for investors and the general public.&#8221;<\/span><\/em><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The <strong>BTC ETF<\/strong> application needs lots of legal actions, and Grayscale should have big forces for possible;e challenges. According to the latest announcement, the company wants to ensure that they have the strongest possible team. They need strong legal coworkers who are ready to support the <strong>$BTC<\/strong> ETF application.\u00a0<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Donald B. Verrilli, Jr. will mainly focus on strategic actions in legal challenges. He will be working as a senior legal strategist. Verrilli will work alongside Grayscale&#8217;s attorneys at <strong>Davis Polk<\/strong>. Besides, the company also has in-house counsel that Verrilli will work with them.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-48431\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/etf.jpg\" alt=\"\" width=\"699\" height=\"251\" \/><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Grayscale believes that the new hire is one of the nation&#8217;s most experienced attorneys. He has a <strong>deep understanding of legal theory and administrative procedure<\/strong>. Besides, he is very experienced with the practical matters of working with the judiciary branch. <\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">According to the company, Over the course of his career, Verrilli had argued more than 50 cases before the <strong>United States Supreme Court<\/strong>. The cases were in various subjects, including several that dealt directly with <strong>Administrative Procedure Act (APA)<\/strong> violations. This experience can surely help <strong>Grayscale in negotiations with SEC.<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">As mentioned above, <strong>the company needs a strategic legal advisor for the latest application of converting $GBTC to an ETF<\/strong>. The process needs confirmation from SEC and may have many more steps before becoming final. <\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">Grayscale <a href=\"https:\/\/crypto-economy.com\/grayscale-calls-for-support-to-convert-gbtc-to-a-bitcoin-spot-etf\/\" target=\"_blank\" rel=\"noopener\">encourages all of the crypto actors<\/a> to comment in favor of the application. But this is not enough. Legal actions will happen surely, and Grayscale hopes Verrilli can help along the way.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-weight: 400\">The new effort from Grayscale to convert $GBTC to an ETF <strong>is very important for the whole community as it helps new investors enter the market<\/strong>. Besides, it makes it easier for current investors to be active in the market with ease of mind. After all, <strong>there is still one month remaining before SEC responds to the application<\/strong>. We should wait and see the consequences of actions and negotiations.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale announced new actions regarding the SEC response to the latest proposal and also new hiring for the next steps. In a tweet by the company, it&#8217;s announced that the company is getting ready for the last month before SEC&#8217;s answer to their application for converting $GBTC to an ETF. The company is expanding its &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Grayscale Prepares for SEC Response on its ETF and Hires Former United States Attorney General as Legal Counsel\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/grayscale-prepares-for-sec-response-on-its-etf-and-hires-former-united-states-attorney-general-as-legal-counsel\/#more-48430\" aria-label=\"More on Grayscale Prepares for SEC Response on its ETF and Hires Former United States Attorney General as Legal Counsel\">Read more<\/a><\/p>\n","protected":false},"author":13,"featured_media":48432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[5038,5001,4816],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/48430"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=48430"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/48430\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/48432"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=48430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=48430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=48430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}