Grayscale Hires Top Obama Lawyer Ahead Of Spot ETF Decision

There are various important moves taking place in the crypto space amidst massive market volatility. Check out the latest reports which are relevant in this direction below.

According to the latest reports coming from the online publication CoinDesk, Grayscale Investments LLC has strengthened its legal team with the addition of Donald B. Verrilli Jr. as the digital asset firm continues its mission to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (Grayscale’s parent company Digital Currency Group is also the owner of CoinDesk, which is run as an independent subsidiary).

According to the same online publication, Verrilli’s career includes previously serving as a solicitor general for the U.S. from 2011-2016 under the Obama administration.

The same notes reveal that during that time, Verrilli was the top lawyer representing the government’s side in dozens of U.S. Supreme Court cases, and he’ll now work as additional counsel for Grayscale.

For Grayscale, this move comes as the firm approaches a July 6 deadline for the Securities and Exchange Commission (SEC) to make a decision on Grayscale’s application to convert GBTC to a spot bitcoin ETF.

It’s also important to note the fact that the firm initially applied for the conversion in October 2021.

“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.

The same person made sure to highlight the fact that Verrilli’s long experience before the high court, including major wins defending the Affordable Care Act and legal recognition of same-sex marriage.

Other than this, despite the massive volatility that we see in the crypto market, the mass adoption of Bitcoin and digital assets is still going great. Stay tuned for more juicy news and make sure to check out the crypto market as well.