Grayscale Major Change: Former Chairman Resigns, Position to Be Succeeded by DCG CFO
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Grayscale Major Change: Former Chairman Resigns, Position to Be Succeeded by DCG CFO
Meanwhile, DCG President Mark Murphy also stepped down from Grayscale's board of directors.
Navigating Web3 tides with focused insightsSource: zycrypto
Compiled by: Blockchain Knight
Digital asset management firm Grayscale Investments has recently made significant changes to its board of directors, with Chairman Barry Silbert stepping down and Mark Shifke set to take over as chairman.
The company has been actively seeking SEC (U.S. Securities and Exchange Commission) approval to convert the world's largest BTC trust fund into an ETF.
Barry Silbert, founder of crypto giant DCG (Grayscale’s parent company), has resigned as chairman. Grayscale officially disclosed the leadership change in an 8-K filing submitted to the SEC on December 26.
Mark Murphy, president of DCG, has also stepped down from Grayscale’s board. Both resignations took effect January 1, 2024. Mark Shifke, 64-year-old CFO of DCG, will succeed Silbert.
According to the 8-K filing, effective January 1, 2024, the board consists of Messrs. Shifke, Kummell, Michael Sonnenshein, and McGee. In addition, they retain the executive powers granted under the sponsor limited liability company agreement.
Fourteen firms—including BlackRock and Fidelity—have filed applications with the SEC to launch spot BTC ETFs, with Grayscale among them, actively negotiating with regulators to convert its flagship GBTC trust into an ETF and make necessary revisions to its filings.
For Grayscale, a spot BTC ETF has become imminent since a judge ruled in August that the SEC must indeed consider the company’s application.
If GBTC is converted into an ETF, the company aims to list the fund on the NYSE Arca exchange for access by retail investors.
Notably, after the collapse of the Terra ecosystem in 2022 and the bankruptcy of cryptocurrency exchange FTX, the digital asset industry has been mired in multiple legal disputes.
In October, the New York Attorney General’s Office sued DCG, accusing it of defrauding crypto customers out of $1.1 billion. The attorney general also alleged that the company misled investors and attempted to conceal massive losses.
Other troubles facing DCG include the bankruptcy filing of its crypto lending arm, Genesis Global, in January this year, followed by the suspension of all crypto trading services in September.
The SEC has filed lawsuits against Genesis and Gemini, alleging that their so-called "Gemini Earn Program" violated securities laws.
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