Grayscale Investments, the cryptocurrency-trust manager striving for US approval to convert the world's largest Bitcoin trust into an exchange-traded fund (ETF), has announced the resignation of Barry Silbert from his position as chairman. Silbert, who is also the CEO and founder of Grayscale's parent company, Digital Currency Group (DCG), departs amidst ongoing legal issues related to DCG's Genesis Global Capital and Gemini Trust Co. The latter, a crypto exchange founded by the Winklevoss brothers, faced asset freezes last year. DCG itself is entangled in lawsuits with US regulators over Genesis Global Capital's lending program.
Mark Shifke, the Chief Financial Officer of DCG, is set to succeed Barry Silbert as the new chairman of Grayscale. Concurrently, Mark Murphy, the President of DCG, has also resigned from the Grayscale board. The specifics behind these board changes, effective January 1, have not been disclosed by Grayscale, as stated in a filing with the US Securities and Exchange Commission (SEC).
This reshuffling of the board comes ahead of a significant January 10 deadline for the SEC to decide on various ETF applications, including one filed by Cathie Wood's ARK Investment Management LLC and 21Shares. Grayscale's GBTC conversion application is also among those that the regulator could rule on during this period. The outcome of these decisions will have implications for the future of cryptocurrency investment vehicles and their integration into traditional financial markets.
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