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Home»BLOCKCHAIN NEWS»Barry Silbert resigns from Grayscale Investments Board due to industry issues
BLOCKCHAIN NEWS

Barry Silbert resigns from Grayscale Investments Board due to industry issues

By Crypto FlexsDecember 27, 20232 Mins Read
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Barry Silbert resigns from Grayscale Investments Board due to industry issues
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Grayscale Investments, a leading cryptocurrency custodian, has announced the resignation of Barry Silbert from its Board of Directors. Silbert, known as the founder and CEO of Grayscale’s parent company, Digital Currency Group (DCG), has officially stepped down effective January 1, 2024. The move comes as the cryptocurrency industry is going through difficult times, especially following the market downturn in 2022. .

Grayscale Investments has been at the forefront of advocating for the conversion of the world’s largest Bitcoin trust into an exchange-traded fund (ETF). The company’s ambitions to gain US approval for this transition add important context to the board change. Moreover, the resignation of DCG President Mark Murphy from Grayscale’s board of directors further accelerated the company’s leadership shake-up. Mark Shifke has been appointed DCG’s Chief Financial Officer (CFO) to succeed Silbert, marking a strategic realignment within the organization.

The timing of these resignations is significant, given the approaching SEC decision on the spot Bitcoin ETF application filed by ARK Investment Management LLC and 21Shares, scheduled for January 10th. Grayscale’s application to convert to GBTC is also subject to regulators’ consideration. This scenario highlights the pivotal role Grayscale plays in the broader context of cryptocurrency investment and regulation.

The departure comes amid a legal battle involving DCG. The conglomerate is facing lawsuits from U.S. regulators over the lending programs of its former subsidiaries, Genesis Global Capital and Gemini Trust Co. These legal problems cast a shadow over the company, and Silbert was personally named in a lawsuit filed by New York Attorney General Letitia. James​ on risk disclosure for cryptocurrency lending programs.

Grayscale responded to these issues with board expansion. Matthew Kummell, DCG’s Senior Vice President of Operations, and Edward McGee, Grayscale’s CFO, have joined the Board of Directors. Grayscale CEO Michael Sonnenshein remains a member of the board of directors. This expansion signals Grayscale’s commitment to navigating the evolving landscape of cryptocurrency investment and regulation​​​.

Image source: Shutterstock

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