Polkadot revolutionizes blockchain with the upcoming Core Jam and Core Play, promising a shift in the ecosystem.
- Grayscale’s chair and founder of Digital Currency Group, Barry Silbert, resigns, sparking a new leadership wave to the crypto firm.
- The crypto trust manager has appointed Edward McGee, Mark Shifke, and Mathew Kummell to its board of directors. Shifke will succeed Silbert as chairman.
Grayscale’s Barry Silbert, and Mark Murphy exist the Board
The cryptocurrency trust manager, Grayscale Investments, has announced the resignation of existing executives.
The Digital Currency Group (DCG) president, Mark Murphy, is also leaving the company.
The filing indicates that Barry Silbert and Mark Murphy had notified the Sole Member of Sponsor about their decisions.
As new leadership joins the board, both resignations will become effective on January 1, 2024.
Effective January 1, 2024, the board consists of Mr Shafke, Mr Kummell, Micheal Sonnenshein, and Mr McGee, who also retain the authority granted to them as officers under the limited liability company agreement of the sponsor.Grayscale Investment announcement read.
Mark Shifke Assumes Chairman Position
The Sole Member has concurrently appointed other executives to join the board. Matt Kummell, senior vice president of operation at DCG, and Edward McGee, the CFO of Grayscale, will join the board in 2024.
Moreover, Mark Shifke will assume the chairman position for Grayscale. It believes that with these appointments, its investors and the company will benefit from their respective experiences.
By revamping the financial services and asset management industries as Grayscale prepares for the next chapter.
Previously, Digital Currency Group (DCG) was sued in Oct. 2023 by the New York Attorney General, Letitia James.
The suit claimed that DCG, which owns Grayscale, was allegedly defrauding more than 230,000 investors. At least 29,000 New York investors were ripped off over $1 billion.
Letitia also charged Silbert with lying to the public to defraud them to cover up heavy losses.
However, the Digital Currency Group and Silbert have refuted these allegations.
Grayscale Investments in the Spot Bitcoin ETF Race
It’s actively engaging with the SEC regarding converting the world’s biggest Bitcoin (BTC) trust into an ETF.
Grayscale has been working hard to launch its spot Bitcoin ETF. Previously, Grayscale won a lawsuit against the SEC for a Bitcoin ETF review in Aug. 2023.
The Securities and Exchange Commission had delayed several ETF applications, including Grayscale, Ark 21shares, BlackRock, Hashdex, and Vaneck.
Many of these companies have met with the regulator to file amended documentation as the year ends.
The ball is now in the SEC’s court on whether to approve or reject these applications. The first deadline to approach is January 10, 2024.
Many crypto investors speculate what the latest board changes could mean for the company.
Some believe the recent resignations are linked to a possible Grayscale’s spot Bitcoin ETF approval.
Are these resignations in preparation for a possible approval for Grayscale Spot Bitcoin ETF?