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As Grayscale approaches a July 6 deadline for the Securities and Exchange Commission (SEC) to decide on its application to convert GBTC to a spot bitcoin ETF, it has strengthened its legal team with top Obama lawyer, Donald B. Verrilli Jr.
Verrilli previously serving as a solicitor general for the U.S. from 2011-2016 under the Obama administration. Verrilli represented the government as lead lawyer in dozens of U.S. Supreme Court cases.
Underlining Verrilli’s extensive experience before the high court, a Grayscale spokesperson said:
“It’s paramount that Grayscale has the strongest legal minds working on our application to convert GBTC to an ETF, and we are thrilled that Verrilli will join our outstanding legal team.”
The spokesperson added:
“Grayscale has an unwavering commitment to converting GBTC to an ETF. To that end, Grayscale has been preparing for all scenarios: We have ensured that GBTC is operationally ready to convert to an ETF and have been exploring options should the SEC not allow GBTC to convert to an ETF.”
Speaking at at CoinDesk’s Consensus 2022 in Austin, Texas, on Thursday, David LaValle, Global Head of ETFs at Grayscale, expressed his confidence that the firm’s ETF would receive the go-ahead by the US regulator, noting:
“It’s not that long ago that there really was a question of if this was going to happen. And now it’s clearly a question of when it’s going to happen.”
Nevertheless with Grayscale’s CEO Michael Sonnensheim already hinting at a possible lawsuit if the firm’s ETF would get rejected earlier this year, bringing Verrilli onboard seems to support the company’s suspicion of a denial as it prepared an offensive counter move.