Crypto asset manager Grayscale Investments has added a new member to its legal team, Donald B. Verrilli Jr who was formerly Obama’s Supreme Court lawyer.
Donald B. Verrilli Jr was a solicitor general under the Obama administration and represented the government’s side in dozens of U.S. Supreme Court cases.
Verrilli is currently a partner at Munger, Tolles & Olson and will work as an additional counsel for Grayscale. He has an extensive track record in litigation and in Administrative Procedures Act cases.
This move is to prepare for the upcoming deadline of July 6 for the SEC to make a decision for Grayscale’s application to convert GBTC to a spot bitcoin ETF.
Jennifer Rosenthal, Grayscale’s VP of communications said, “@Grayscale has an unwavering commitment to converting $GBTC to an #ETF.”
Grayscale first filed to convert its $30 billion Bitcoin trust into an ETF in October 2021. Since then the company has maintained that it might sue the SEC should they reject their application.
The SEC has not approved a single spot Bitcoin ETF application till date citing possibility of fraud and manipulation in bitcoin markets and has stated that a spot-based application will not be approved until global exchanges are regulated properly.