With the latest legal expert hiring, Grayscale may challenge the US SEC agency for its Bitcoin spot ETFs application.
Grayscale Investments is a financial company, which manages cryptocurrency investment funds. It is a subsidiary of the Digital Currency Group. Grayscale is popularly known in the Crypto industry for its Green BTC fund (GBTC), which allows big investors to go with Bitcoin Investors via the fund.
Just a few days ago, we reported that Grayscale hired legal expert Verrilli, a former Obama administration employee. The majority of the reports noted that Grayscale will show better confidence with its application of GBTC conversion into Bitcoin spot ETFs fund.
Now in the latest, Bloomberg senior ETF analyst Eric Balchunas examined the appointment of Verrilli and noted that the firm is preparing for Grayscale to sue the SEC agency regarding its Bitcoin spot ETF application.
Eric noted that the deadline of Grayscale’s Bitcoin spot ETF application is very near to the deadline of 6 July, to get approval or rejection from the SEC agency, so the Firm is preparing itself in advance against the rejection chances of the SEC agency.
“Good point re Grayscale hiring Obama’s Solicitor General: they could be getting ready to sue the SEC if they don’t get spot approval (which is due by 7/6 and is highly, highly unlikely). Grab the popcorn.”
Another lawyer responded to this analysis of a Bloomberg analyst and said that the U.S. regulatory body would not survive a legal battle if Grayscale did the same against the SEC agency. So here we can say that situations are favored in Grayscale from every perspective.
“The SEC’s deadline to approve or deny the application to convert GBTC to an ETF is July 6. No doubt, it should be approved. I don’t see how the SEC survives a legal challenge if not, especially one led by Don Verrilli.”
Perhaps these things are based on the situational analysis from the expert’s point of view but here statements by Michael Sonnenshein, CEO of Grayscale, also indirectly hinted that Grayscale is ready to fight legally to get approval for its application for spot ETFs fund.
Sonnenschein said that the company is fully optimistic about the application approval. And also in the recent tweet, the CEO said that new legal expert hiring will help Grayscale for its Bitcoin Spot ETFs products approval.