Craig Salm, the chief legal officer at Grayscale Investments, has expressed unwavering confidence that the launch of an incoming spot Bitcoin exchange-traded fund (ETF) is merely a question of timing. His optimism was shared during a recent appearance on SiriusXM radio.
This development follows the Securities and Exchange Commission’s (SEC) announcement that it would not contest an August court ruling mandating a reconsideration of Grayscale’s proposal to transform its flagship GBTC fund into a spot Bitcoin ETF.
In his SiriusXM interview, Salm also disclosed that Grayscale has been actively engaged in Washington, closely monitoring the progress of two legislative bills aimed at regulating the cryptocurrency industry. One bill primarily focuses on establishing guidelines for stablecoins, while the other adopts a more comprehensive approach to crypto regulation.
Both bills successfully navigated the House Financial Services Committee during the summer and currently await a full House vote. However, the prospects for these bills in the Senate remain uncertain.
Salm highlighted the significance of these developments by stating, “The fact that we have two bills making their way through the committee process towards the House floor represents a remarkable level of progress in the crypto space within the realm of D.C., a milestone previously unseen.”
Despite growing optimism within the industry that a spot Bitcoin ETF is drawing closer to fruition, several essential steps still lie ahead before it reaches the market. It’s crucial to note that the SEC’s decision to forego an appeal does not guarantee that the regulator will ultimately approve such an ETF.
The cryptocurrency market recently experienced a temporary jolt on Monday when rumors circulated that the SEC had granted approval for a spot Bitcoin ETF. However, these rumors were swiftly debunked, causing Bitcoin’s price to surge towards $30,000 before settling back around $28,000 as of Wednesday morning.