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State Street’s David LaValle to Lead ETF Division at Grayscale Investments

Grayscale Investments has announced the appointment of David LaValle to lead the division of converting its cryptocurrency trusts to ETFs.

Grayscale Investments manages over $ 34.5 billion in digital assets. The new appointment signals the cryptocurrency market that cryptocurrency ETFs may move towards SEC approval in the near future. LaValle previously worked with ETFs at StateStreet Bank, and has also repeatedly prepared new ETFs for listing on the Nasdaq exchange.

Grayscale has steadily expanded its ETF team over the past year, and has also moved two flagship funds focused on Bitcoin (GBTC – $ 25 billion) and Ether (ETHE – $ 7.9 billion) to SEC reporting companies.

The SEC’s accountability has two main benefits. First, it halves the blocking period for stocks before they can trade on the OTC markets, from 12 months to 6 months. Secondly, the company trains investors to regularly disclose information that must be provided to the SEC when switching to exchange-traded funds.

Michael Sonnenshein, CEO, Grayscale,
said:

“We really want the cryptocurrency ecosystem to mature to give US regulators and policymakers the necessary foundation to approve cryptocurrency ETFs.”

Grayscale isn’t the only company planning to launch cryptocurrency ETFs. In the first half of the year, the SEC received at least seven applications, including from the investment giant Fidelity.

“There has been a fundamental shift in investor preference that has directly impacted the asset management industry. I am delighted to be able to … drive this digital evolution, ”said David LaValle, commenting on his appointment.

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