"Crypto King" Barry Silbert Steps Down from Grayscale's Board

Barry Silbert, often referred to as the "crypto king," and his colleague Mark Murphy have resigned from their positions on the board of Grayscale Investments. 

This decision, which was disclosed in a recent SEC filing, marks a significant leadership change for the Grayscale Bitcoin Trust (BTC) amid a year fraught with legal challenges for the company.

Board restructuring

With Silbert's departure, Grayscale introduces a fresh lineup to its board, welcoming Mark Shifke, Matthew Kummell, and Edward McGee. 

Each member brings a distinct set of experiences and skills from the broader financial and cryptocurrency industries. 

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Shifke, who is set to become the new Chairman, boasts an extensive and varied career in finance and fintech, spanning over three decades. He previously held the CFO position at Billtrust and Green Dot Corporation, where he played a pivotal role in financial operations and strategy. 

His expertise also extends to high-stakes financial transactions and strategy, evidenced by his tenure as Managing Director at JPMorgan Chase and Vice President at Goldman Sachs, focusing on M&A and capital markets. Earlier in his career, Shifke served as Principal at KPMG US and Partner at Davis Polk & Wardwell LLP.

A turbulent year for Grayscale 

Grayscale's restructuring comes in the wake of several legal entanglements involving its parent company, Digital Currency Group (DCG). 

Notably, the New York Attorney General filed a lawsuit accusing the firm of failing to adequately disclose risks associated with a crypto-lending program started in 2021. 

Silbert, who had stepped down as CEO of Grayscale in 2021, was also implicated in the lawsuit. 

The legal woes extended further with the SEC's lawsuit against Genesis Global Capital and Gemini, challenging the legitimacy of their Gemini Earn program.