Compilation: Blockchain Knight
Digital asset management company Grayscale Investments has recently made major changes to its board of directors. Chairman Barry Silbert resigned as chairman and will be replaced by Mark Shifke Take over.
The company has been seeking SEC (U.S. Securities and Exchange Commission) approval to convert the world’s largest BTC trust fund into an ETF.
Barry Silbert, the founder of Crypto giant DCG (Grayscale’s parent company), has resigned as chairman. Grayscale officially disclosed the leadership changes in the 8-K filing submitted to the SEC on December 26. change.
DCG President Mark Murphy also resigned from Grayscale’s board of directors. Both resignations are effective from January 1, 2024. DCG Chief Financial Officer Mark Shikfe, 64, will succeed Silbert.
The 8-K filing stated: Effective January 1, 2024, the board of directors will consist of Mr. Shifke, Mr. Kummell, Mr. Michael Sonnenshein and Mr. McGee.In addition, they will retain a limited number of sponsors. Responsible Company Agreements confer powers upon their senior managers.
Grayscale is one of 14 companies, including BlackRock and Fidelity, that have filed with the SEC to launch a spot BTC ETF and have been actively Negotiations with the securities regulator regarding the conversion of its flagship GBTC trust fund into an ETF, as well as the necessary amendments to its documentation.
For Grayscale, a spot BTC ETF was imminent after a judge ruled in August that the SEC did need to accept the company’s application.
If GBTC is converted into an ETF, the company hopes to list the fund on the New York Stock Exchange's Arca exchange and make it available to ordinary investors.
It is worth mentioning that following the implosion of the Terra ecosystem and the bankruptcy of digital asset exchange FTX in 2022, the Crypto asset industry has been involved in multiple legal disputes.
The New York Attorney General’s Office filed a lawsuit against DCG in October, accusing it of defrauding Crypto asset customers of $1.1 billion. The attorney general also accused the company of defrauding investors and trying to hide huge losses.
DCG’s other troubles include its Crypto asset lending company Genesis Global filing for bankruptcy protection in January this year and halting all Crypto asset trading services in September.
The SEC filed a lawsuit against Genesis and Gemini, alleging that its so-called "Gemini Profit Plan" violated securities laws.
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JinseFinanceJinseFinanceThe deal includes DCG absorbing payouts exceeding $300 million and contributing $100 million to the Genesis bankruptcy estate.
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dailyhodlSilbert said that "this past year has been the most difficult of my life – both personally and professionally.
OthersSilbert responded, saying his firm submitted a proposal to Genesis and Gemini’s advisers last Thursday.
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