“The SEC is no longer solely snug with futures-based ETFs regulated beneath the 40 Act and all of the funding protections there, but in addition futures-based ETFs regulated beneath the 34 and the 33 Act, the identical act that these spot-based ETFs will likely be regulated beneath,” mentioned Craig Salm, chief authorized officer for Grayscale Investments, which is attempting to get its Bitcoin Belief (GBTC) transformed right into a spot bitcoin ETF. Digital Forex Group, Grayscale’s mother or father firm, additionally owns CoinDesk as an unbiased subsidiary.

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