Donald Verrilli Jr, a renowned legal practitioner and former Solicitor of the United States under President Barack Obama has joined Grayscale Investments’ legal team.
The onboarding of Verrilli comes ahead of the July 6 deadline in which the Securities and Exchange Commission (SEC) is expected to give its final verdict on Grayscale’s application to convert its popular Bitcoin Trust into a full-fledged Exchange Traded Fund (ETF) product.
Grayscale is looking to leave no stones unturned as it may be exploring a legal path should the commission also issue a rejection verdict as it has notably done with other spot Bitcoin ETF applicants before.
“It’s paramount that Grayscale has the strongest legal minds working on our application to convert GBTC to an ETF, and we are thrilled that Verrilli will join our outstanding legal team,” a Grayscale spokesperson said, talking about Verrilli’s deep experience before the high court, including major wins defending the Affordable Care Act and legal recognition of same-sex marriage.
Grayscale has invested a lot into the proposed conversion of its Bitcoin Trust which currently holds as much as $20 billion in Assets Under Management (AUM). The firm said it is preparing the Bitcoin Trusts in such a way that it can easily convert them to an ETF product should the regulator give the green light.
“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.”
Bitcoin Futures ETF Not Enough
American investors have anticipated a spot Bitcoin ETF for so long that though the few approved Bitcoin Futures ETF have gained a massive embrace, several investors, through reports, have indicated more readiness to go all out for a full-fledged ETF product if it exists in the United States.
While Canada, Brazil, and several European countries have floated their spot Bitcoin ETF products, Grayscale is set to look beyond the current rejections to get the SEC to dance to its tunes. It believes Verrilli can help achieve this goal.