Grayscale Lawyer Says Bitcoin ETF Litigation Could Take Two Years

Grayscale argues that differences between Bitcoin futures and spot ETFs have no correlation to approvals, as prices are based on the same bitcoin spot markets.

Asset management firms continue to fight for a Bitcoin (BTC) exchange-traded fund (ETF) in the United States, as regulators remain skeptical of the idea.

Craig Salm, chief legal officer of asset manager Grayscale, discussed the company's lawsuit with the U.S. Securities and Exchanges Commission (SEC) over the conversion of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF spot.

Salm explained the basis of Grayscale's case against the SEC while answering some of the most asked questions about the lawsuit. According to the Chief Legal Officer, the SEC's denial of the spot Bitcoin ETF separates futures and spot trading for Bitcoin ETFs and draws a distinction between the two.

However, Grayscale argues that the differences have no correlation to Bitcoin ETF approvals, because Bitcoin futures and spot ETF prices are based on the same spot Bitcoin markets.

Thus, Grayscale's legal team believes that the disapproval of spot Bitcoin ETFs amid the approval of Bitcoin futures ETFs may be considered "unfair discrimination." Salm claimed that this violated several laws, including the Administrative Procedure Act and the Stock Exchange Act of 1934.

After explaining Grayscale's arguments, Salm also answered the most common question among those following the lawsuit's developments: when will a spot Bitcoin ETF finally be approved?

According to Salm, although there is no certainty as to the exact timing - due to many factors - it is...