Will Silbert's Exit Give Greater Autonomy To Grayscale For ETF Approval?

After Grayscale's chairman exited the company Tuesday ahead of a possible Bitcoin ETF approval, one expert sees the move as giving greater autonomy to the firm. 

What Happened: After Grayscale Bitcoin Trust GBTC Chairman Barry Silbert resigned, Lumida Wealth CEO Ram Ahluwalia took to his X handle and stated that "Barry's resignation was @Sonnenshein's  X-Mas gift.”

Grayscale to date has had nine meetings with the SEC, Ahluwalia said, adding that allegations against Silbert's Digital Currency Group (DCG) remain unresolved in court and the SEC is investigating the firm. 

The SEC may have just "indicated informally the 'strength' of an application," he said, referring to. Silbert’s resignation.

"Even though the evidence submitted in the complaint looks damning. (It sure looks like DCG is a modern Enron) - these are still allegations.”
For the unfamiliar, U.S. energy company Enron carried out one of the biggest accounting frauds in history by using special purpose entities to conceal debt from its balance sheet and mark-to-market accounting to overstate revenue.

A Grayscale spokeswoman told Benzinga: “Aligned with Grayscale’s commitment to responsible growth, we are pleased to welcome Mark Shifke, Matt Kummell, and Edward McGee to Grayscale’s Board of Directors. Grayscale and our investors will benefit from their respective experiences in the financial services and asset management industries as we prepare for Grayscale’s next chapter.” 
Related Link: Barry Silbert's DCG Can't Meddle With Genesis Ownership Until Chapter 11 Finalizes: Court

Why It Matters: Ahluwalia sees the resignation decision by Silbert as a step to improve the odds of the ETF approval. 

The CEO said Silbert's resignation is a move to give Grayscale greater autonomy.

CEO Michael Sonnenshein has one of the best jobs in the world, and he has emerged “unscathed from the drama at the DCG mothership," Ahluwalia said. 
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