Apparently, the arrival of former prosecutor Donald B. Verrilli Jr to Grayscale’s legal team would be preparing the company to take legal action against the company. SEC, this if the regulatory body rejects your proposal to convert your GBTC in a Bitcoin ETFs.
- grayscale adds former US Attorney Donald B. Verrilli Jr to his legal team.
- Verrilli will advise grayscale about your application for a Bitcoin ETFs.
- Analysts point out that grayscale He has gone through due process to get his proposal approved.
- They point out that the SEQ would not win a legal battle against grayscale with Verrilli on his team.
New indications support that the investment fund management company Grayscale Investmentswould intend to sue the US Securities and Exchange Commission (SEC) if it does not approve your request to convert your Grayscale Bitcoin Trust (GBTC) in an exchange-traded fund (ETFs) based on Bitcoin.
He is thinking grayscale in suing the SEC?
On this occasion, the indications are supported by the fact that grayscale incorporated former US Attorney General Donald B. Verrilli Jr, who served in that position between 2011 and 2016, into his legal team.
In this regard, the senior analyst of ETFs for Bloomberg, Eric Balchunas, details that this fact that could have been overlooked by many constitutes a clear indicator that grayscale contemplates the option of suing the SEC if it does not approve your application for a Bitcoin ETFs.
Examining Verrilli’s profile and background, it is known that the former prosecutor has a lot of experience working with the government on a large number of cases that came to the fore. Supreme Court. Therefore, for grayscale It is a very good step to have added him to their ranks if the scenario of a lawsuit against the SEC.
Verrilli currently holds the position of senior strategist for the application of the Bitcoin ETFs presented by greyscale, therefore, it will make all its expertise available to the company to advise it on its way to converting the Grayscale Bitcoin Trust in a mutual fund listed on the stock market.
Let us remember that this is added to the declarations of the CEO of greyscale, Michael Sonnenshein, who reported months ago in an interview for Bloomberg that the option of a lawsuit was on the table, precisely because he considered that the government entity would be acting unfairly by denying the request for a Bitcoin ETFs.
Good prospects for grayscale
However, according to Balchunas, everything seems to indicate that there are great possibilities that the SEQ accept the request submitted by greyscale, as Verrilli will play a key role in making this possible.
In this regard, Balchunas cited what was commented by the lawyer Jake Chervinsky, who at the time assured that the SEQ wouldn’t survive a legal battle if grayscale chose to take legal action, precisely because the latter has fully complied with all the requirements for its application for Bitcoin ETFs be fully approved.
Let us bear in mind that the flagship product of greyscale, the Grayscale Bitcoin Trust, today it is listed as an investment property in virtually the entire US, registering more than 800,000 active accounts throughout the country. This information was revealed by Sonnenshenin himself, who assured that all the company’s clients wait patiently for the request to have a positive response from the SEC.
Although the SEC approved in October 2021 the first ETFs associated with futures Bitcoin, the body has remained fairly tight-lipped about approving one fully linked to digital currency. Entities like Fidelity, ARK Invest, Van Eck and WisdomTree They have already received a negative response in relation to their requests, citing in all cases concerns regarding the volatility in the price of the digital currency and possible manipulation of its market.
For now, the SEQ You have until July 6 to respond to Grayscale. Analysts maintain that if the company is successful, this would have a very good impact on the market for Bitcoin, since there would be a channel for large amounts of capital to enter its market, which would also help mitigate the volatility that has been characteristic within its ecosystem.
Font: FinboldFile, Archive DailyBitcoin
Angel Di Matteo version / DailyBitcoin
Picture of unsplash
WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.