Grayscale Bolsters Legal Team With Top Obama Lawyer Ahead of Spot ETF Decision

Grayscale has hired Donald B. Verrilli Jr. as the firm continues its push to get its bitcoin trust converted into a spot bitcoin ETF.

AccessTimeIconJun 7, 2022 at 8:19 p.m. UTC
Updated May 11, 2023 at 6:46 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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).

Verrilli’s career includes previously serving as a solicitor general for the U.S. from 2011-2016 under the Obama administration. 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.

  • What Challenges Do Appchains Solve?
    00:59
    What Challenges Do Appchains Solve?
  • Appchain Protocol Tanssi Raises $6M
    18:57
    Appchain Protocol Tanssi Raises $6M
  • Breaking Down Internet Computer's 40% Rally
    00:59
    Breaking Down Internet Computer's 40% Rally
  • HSBC Brings Tokenized Gold to Hong Kong; Munchables Exploited for $62M
    02:14
    HSBC Brings Tokenized Gold to Hong Kong; Munchables Exploited for $62M
  • For Grayscale, the 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. 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, underlining Verrilli’s long experience before the high court, including major wins defending the Affordable Care Act and legal recognition of same-sex marriage.

    “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.”

    The firm said in May it had a “productive” meeting with the SEC in which it made its case for an approval.

    Grayscale has been actively encouraging its customers to share their support for GBTC's conversion with the SEC.

    Jesse Hamilton contributed additional reporting to this story.


    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Author placeholder image

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.


    Learn more about Consensus 2024, 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.