If Grayscale Investment’s application for a spot Bitcoin ETF is rejected by the Securities and Exchange Commission (SEC), an ex-solicitor general of the United States has been hired to play a crucial role in any legal struggle that may ensue.
After a year of waiting for a judgment from the Securities and Exchange Commission (SEC), the Grayscale Bitcoin Trust (GBTC) – valued at up to $19.8 billion – has finally been converted into a spot ETF. The SEC twice postponed a decision on the same issue, first in December and then in February. The 6th of July has been set as the target date for a final decision on the application itself.
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Jake Chervinsky, the head of policy at Blockchain Association (a crypto advocacy group), said that the securities regulator would have a slim chance of enduring a legal battle if it decided to do the same thing again with the clearance.
Grayscale CEO Michael Sonnenshein told Bloomberg in March that if the financial authority rejected the business’s application for a BTC Spot ETF, the company would consider filing a legal case under the Administrative Procedure Act (APA). While the regulator approved the crypto futures ETF in October of this year, it has yet to make a final decision on the crypto spot ETF, which the executive has regularly criticized.
Donald B. Verrillin Jr., a former Solicitor General of the United States, has been appointed as the new U.S. Attorney General. The law firm Munger, Tolles & Olson (based in California) has a Washington D.C. office founded in 2016, and he is currently a member of the firm’s legal team. According to Grayscale’s tweets, the lawyer has battled more than 50 lawsuits in front of the Supreme Court, many of which were directly related to violations of the Administrative Procedure Act (APA).
Taking into account Craig Salm, he will serve as a high-ranking legal strategist for Davis Polk & Wardwell LLP and the company’s in-house counsel (the person who is the chief legal officer).