Asset management firms continue to fight for a spot Bitcoin (BTC)\u00a0exchange-traded fund (ETF)\u00a0in the United States as regulators remain skeptical of the idea.<\/p>\n
Craig Salm, chief legal officer at asset manager Grayscale, discussed the firm\u2019s lawsuit with the United States Securities and Exchanges Commission (SEC) regarding the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.\u00a0<\/p>\n
Salm explained the basis for Grayscale\u2019s argument against the SEC while answering the most-asked questions regarding the lawsuit. According to the legal officer, the SEC\u2019s denial of the spot Bitcoin ETF separates futures and spot trading for Bitcoin ETFs and draws a distinction between the two. <\/p>\n
However, Grayscale argues that the differences have no correlation with Bitcoin ETF approvals, as both futures and spot Bitcoin ETF prices are based on the same spot Bitcoin markets.\u00a0<\/p>\n
Thus, the Grayscale legal team believes that the disapproval of spot Bitcoin ETFs amid the approval of Bitcoin futures ETFs can be considered \u201cunfair discrimination.\u201d Salm claimed that this violates several laws including the Administrative Procedure Act and the Securities Exchange Act of 1934.<\/p>\n
After explaining Grayscale\u2019s arguments, Salmalso answered the most common question among those following the lawsuit\u2019s developments: When will a spot Bitcoin ETF finally be approved?\u00a0<\/p>\n
According to Salm, while there is no certainty about the exact timing \u2014 due to many factors \u2014 he estimates that it could take from one to two years.<\/p>\n
Despite the potential length of the lawsuit, Salm said that Grayscale firmly believes in its arguments and is positive that the courts will rule in its favor. <\/p>\n