Grayscale Investment LLC has brought in a top legal mind from the former Obama administration as it weighs the possibility of the US Securities and Exchange Commission rejecting its application to convert its $20 billion Bitcoin trust into an exchange-traded fund.
The crypto asset manager announced Tuesday that is has hired Donald Verrilli, who worked as US solicitor general from 2011 to 2016, as additional legal counsel. Grayscale’s decision to hire Verrilli comes after the firm’s CEO Michael Sonnenshein said “all options are on the table” if the SEC rejects its proposal to turn Grayscale Bitcoin Trust (ticker GBTC) into a physically-backed ETF. The regulator has repeatedly denied similar applications. The SEC has until July 6 to make a final decision.