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Barry Silbert will leave Grayscale's board of directors

Market and Events: Barry Silbert will leave Grayscale's board of directors

Grayscale, the management company, has recently announced the departure of several members from its board and the appointment of new replacements. According to documents filed with the #SEC, this change in leadership has been confirmed.

Barry Silbert, the founder and CEO of Digital Currency Group (DCG), which is the parent company of Grayscale, will be stepping down from the board on January 1, 2024. Alongside him, Mark Murphy, the president of DCG, will also be leaving.

To fill the vacancies, Grayscale has selected three individuals with connections to Digital Currency Group. Mark Schiefke, Matthew Cammell, and Edward McGee will be joining the board of directors. The statement also mentions that these new members will retain the authority granted to them as officers under the limited liability company agreement.

Currently, Grayscale is seeking approval from the SEC to convert GBTC into a spot bitcoin-ETF. In late August, a U.S. court granted the firm's motion to sue the regulator for rejecting the conversion of the trust.

In September, the company urged the regulator to promptly approve the instrument. In October, the court ordered the agency to reconsider a related application. In November, discussions were held between the parties regarding the details of a spot bitcoin-ETF. Subsequent meetings with the agency took place in the following months.

In December, Zuko Wilcox, the co-founder of Electric Coin Co., which is responsible for developing the #Zcash cryptocurrency, stepped down as CEO. His position was assumed by Josh Suihart.

Overall, these recent developments within #Grayscale and its parent company, #Digital Currency Group, highlight the dynamic nature of the cryptocurrency industry and the ongoing efforts to navigate #regulatory frameworks and expand investment opportunities.

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