Grayscale reports board chairman’s resignation to SEC, considering review of Bitcoin spot ETF
Chairman of the Board of Directors Resigns
On the 26th, U.S. crypto asset management company Grayscale filed a document with the U.S. Securities and Exchange Commission (SEC) reporting that Barry Silbert will resign as chairman of the company’s board of directors.
Another person, Mark Murphy, also resigned from the board. The appointment will take effect on the 1st of next month, but Grayscale did not specify the reason for his resignation.
Silbert’s successor is Mark Shifke. Mr. Shifke previously served as Chief Financial Officer (CFO) at Digital Currency Group (DCG), Grayscale’s parent company.
Prior to joining DCG, he led teams at financial giants JPMorgan Chase and Goldman Sachs, and has spent approximately 40 years working at financial and fintech companies.
A Grayscale representative commented to CoinDesk regarding the personnel changes as follows:
The Company is committed to responsible growth and welcomes new members to the Board.
Their experience in financial services and asset management will benefit the company and our investors as Grayscale prepares for its next chapter.
Reason for resignation
Mr. Silbert serves as CEO of DCG. DCG has been reported to be in dire financial straits, with its subsidiary, the cryptocurrency financing company Genesis, going bankrupt and being sued by Attorney General Letitia James of New York, US, for defrauding investors. Attorney General James also indicted Mr. Silbert.
connection: DCG third quarter financial results announcement, contribution of Gracescale and outlook for financial issues
The reason for this appointment is unclear, but Eric Balchunas, senior ETF (exchange traded fund) analyst at Bloomberg, said the following:commentdid.
I don’t know much more than what is being reported. But it seems to me that Grayscale is trying to show the SEC that it’s a good company.
A good company means it deserves to be in the first group to launch (a Bitcoin spot ETF).
Regarding the review of Bitcoin spot ETFs in the United States, the SEC yesterday explained to applicants such as Grayscale, “If you do not submit the final version of your application by the 29th of this month, we will not approve it in early January.†I found out that I did it.
connection: U.S. SEC hints at January approval of Bitcoin spot ETF, setting deadline for submission of application documents on the 29th = Report
The SEC has so far disapproved all physical cryptocurrency ETFs, but many expect it to approve multiple companies for the first time in January.
What is an ETF?
Abbreviation for “Exchange Traded Fund.†Refers to investment trusts listed on financial instruments exchanges, where a wide range of financial products, not just virtual currencies, are traded.
Virtual currency glossary
Source: Bitcoin ETF Schedule
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https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU— CoinPost (virtual currency media) (@coin_post) December 21, 2023
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