Multicoin Capital Hires First General Counsel as Talk of Crypto Regulation Ramps Up
Greg Xethalis joined the venture capital firm in July after a decade of crypto-focused work in private practice.
Venture firm Multicoin Capital is adding to its legal ranks at a time when global regulators are putting crypto squarely under the microscope.
“Obviously, we’re at an inflection point for the regulation of digital assets in the U.S. and around the world,” Greg Xethalis, Multicoin’s general counsel and chief compliance officer, said in an interview with CoinDesk. It’s the firm’s first in-house lawyer, a company spokesman confirmed.
The New York-based Xethalis, formerly of Chapman and Cutler LLP, has long tackled crypto’s square-peg-round-hole regulatory status. He worked with the Winklevoss brothers in 2012 to submit the first bitcoin exchange-traded fund (ETF) application to U.S. regulators (the Securities and Exchange Commission (SEC) has still yet to approve a single bid).
Xethalis’ move in-house comes as other prominent venture fims in the crypto space steel their ranks with legal minds and ex-regulators. Andreessen Horowitz (a16z) has ramped up its rhetoric in recent months, with general partner and former federal prosecutor Katie Haun taking SEC Chair Gary Gensler to task as recently as this week.
For his part, Xethalis will assume the mantle of keeping compliance top of mind at Multicoin, both for the firm itself and in an advisory capacity for its many investments.
“We do want to be a strong advocate for the space and our portfolio companies,” he said.
In a blog post shared early with CoinDesk, Multicoin added:
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.