- The argument is scheduled for March 7, 2023, as an approach to a quicker resolution.
- Donald Verilli commented that the company’s ultimate aim is to bring the spot ETF into realization.
Grayscale Investments, the investment management company, released on March 3, 2023, a brief recording and a comprehensive transcript of a conversation the reporters had with the Senior Supreme Court advocate Donald Verilli, which served as a “preview” for Grayscale’s verbal argument in Grayscale-SEC lawsuit scheduled for March 7, 2023.
Previously, in January 2023, the District of Columbia announced that it is necessary to have a verbal argument in Grayscale’s lawsuit against the Securities and Exchange Commission (SEC) as a step towards a quicker settlement of the case.
Notably, Verilli, the company’s senior legal strategist, made himself available to a group of reporters to “share his perspectives on the legal issues at play, the arguments he plans to deliver, and what this case means for the future of bitcoin and the crypto industry”.
Significantly, while talking about Grayscale’s arguments against the SEC, Verilli asserted that any agency should “engage in reasoned decision-making and not act in an arbitrary and capricious manner.”
In addition, Verilli reiterated that the key agenda of the company is to bring the spot ETF into the regulatory environment, quoting:
One of the things about this whole effort is that what we’re trying to do is bring this fund, the Trust, the spot ETF into the regulatory environment. We are looking to fully embrace the prospect that we ought to be in a regulated environment. And Grayscale has taken a number of steps already to do that, as everybody knows.
Earlier, on February 5, Grayscale’s CEO, Michael Sonnenshein, commented that SEC acted arbitrarily; it rejected Grayscale’s proposal for converting into a spot ETF (exchange-traded fund) while approving several Bitcoin futures ETFs.
Regarding the oral argument, Verilli mentioned the panel of judges including Chief Judge Srinivasan, Judge Edwards, and Judge Rao, commenting that they would dive deep into the specifics of Grayscales’ questions.