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Grescale, the world’s largest crypto asset manager, has hired former U.S. President Obama’s former solicitor general, Donald B. Verily. The purpose of this agreement is to convert the Bitcoin ETF’s BTC trust into an ETF in order for the SEC (Securities and Exchange Commission) to approve the Bitcoin ETF.
The platform believes that Verili can be its senior legal strategist and work closely with its internal consultants and attorneys.
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Donald B. Verrell, an American lawyer who has won lawsuits over the years in his career, has even served as the former president of the United States. Between 2011 and 2016, Veriley was the solicitor general of the United States, appointed by former President Barack H. Obama. Throughout that period, Verili was the government’s chief attorney in numerous Supreme Court cases in the United States, and he will now work with Grayscale.
SEC rejection and its multiple rules
Grayscale has repeatedly sought approval from the SEC to convert its Bitcoin Trust into an ETF. But all efforts were rejected. As a result, the SEC has not yet approved such national implementation within its boundaries and has announced a decision by July 6.M About approval.
October 19M Last year, the company applied for approval to convert its trust (GBTC) into a spot bitcoin exchange-traded fund. The company applied again in December, but it was not accepted until February this year.
Craig Salem, Grescale’s chief legal officer, said the agency’s move to reject the ETF could be against their own will, not the law. He added that Watchdog could fully understand the concept behind ETFs but was responding unfavorably to the request.
In addition, in February of this year, Grayscale’s request was again rejected and the SEC’s decision on the matter was postponed.
Grayscale is working with Verrilli to get SEC approval
Jack Cherwinski, head of policy at the Blockchain Association, praised Grayscale for bringing Donald Veriley to justice. Calling the action a “strong move”, he noted in one Tweet If the SEC still rejects or suspends the decision, there will be no great opportunity to fight the legal case.
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In addition, Michael Sonsenshen, CEO of Grayscale, said that if the financial regulator rejects the application again, the company will sue under the APA (Administrative Procedure Act). Apart from that, last year Digital Asset Future ETF was against Sonenshin SEC for product approval but still crypto spot ETF is refusing.
Featured image from Pexels, chart from TradingView.com
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