Yugocean
Valued Contributor
Grayscale's legal battle with the SEC has the potential to reshape US legal proceedings and the cryptocurrency industry.
The Battle
Grayscale, a renowned US-based crypto asset management, is seeking approval from the Securities and Exchange Commission (SEC) to transform its $19.8 billion Grayscale Bitcoin Trust (GBTC) into a spot-based ETF. The SEC doesn't want to approve it, but it's not ruling it out just to avoid any controversy.
The Attorney
The decision in question has been waiting since October 2021, and it is now slated to be finalised on July 6th. Grayscale has already hired ex-US Solicitor General Donald Beaton Verrilli Jr. to appeal against the SEC's likely denial.
Verrilli served as President Barack Obama's deputy attorney general and as an associate deputy attorney general in the US Department of Justice. Verrilli served as the United States' 46th Solicitor General (during 2011 to 2016).
Verilli has already represented the US government in Supreme Court matters, he is very experienced; the SEC will now have to use extreme caution in making its decision.
The Battle
Grayscale, a renowned US-based crypto asset management, is seeking approval from the Securities and Exchange Commission (SEC) to transform its $19.8 billion Grayscale Bitcoin Trust (GBTC) into a spot-based ETF. The SEC doesn't want to approve it, but it's not ruling it out just to avoid any controversy.
The Attorney
The decision in question has been waiting since October 2021, and it is now slated to be finalised on July 6th. Grayscale has already hired ex-US Solicitor General Donald Beaton Verrilli Jr. to appeal against the SEC's likely denial.
Verrilli served as President Barack Obama's deputy attorney general and as an associate deputy attorney general in the US Department of Justice. Verrilli served as the United States' 46th Solicitor General (during 2011 to 2016).
Verilli has already represented the US government in Supreme Court matters, he is very experienced; the SEC will now have to use extreme caution in making its decision.
