Leading voices in the crypto industry are optimistic that Grayscale, the major cryptoasset management firm behind the Grayscale Bitcoin Trust (GBTC), will be successful in getting the necessary approvals to convert the trust to a spot-based bitcoin (BTC) exchange-traded fund (ETF).
As reported this week, Grayscale has retained Donald B. Verrilli, a former Solicitor General of the United States, as additional legal counsel in the run-up to the due date for a decision by the US Securities and Exchange Commission (SEC) on its application to convert GBTC to an ETF.
“We want to ensure that we have the strongest possible team of legal minds ready to support our BTC ETF application,” the company said. It went on to describe Verrilli as “one of the nation's most experienced attorneys,” and said he has “deep understanding” of administrative procedure and “the practical matters of working with the judiciary branch.”
The deadline for the SEC’s decision on the case is July 6.
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