Grayscale chief legal officer says spot bitcoin ETF is a matter of when, not if

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• Grayscale chief legal officer says spot bitcoin ETF is a matter of when, not if

• Grayscale Chief Legal Officer Craig Salm also said Grayscale has been spending a lot of time in Washington as lawmakers consider two bills to regulate crypto.

• An incoming spot bitcoin exchange-traded fund is more of a matter of when, and not if, according to Craig Salm, chief legal officer at Grayscale Investments.  Salm voiced his optimism for such a product on SiriusXM radio on Wednesday, days after the Securities and Exchange Commission said it did not plan to appeal an August court ruling that ordered it to reconsider a bid from Grayscale to convert its flagship GBTC fund into a spot bitcoin ETF.

• Salm also said Grayscale has been spending a lot of time in Washington as lawmakers consider two bills to regulate crypto. One bill is focused on writing rules for stablecoins, while the other takes a comprehensive approach to regulating crypto. Both were advanced out of the House Financial Services Committee during the summer and are awaiting a full House vote. Prospects in the Senate though are less certain.

• "The fact that we have two bills making through committee going to the House floor is an amazing amount of progress in D.C. that we have not seen in the crypto space today," Salm said.