“The SEC is now not only comfortable with futures-based ETFs regulated under the 40 Act and all the investment protections there, but also futures-based ETFs regulated under the 34 and the 33 Act, the same act that these spot-based ETFs will be regulated under,” said Craig Salm, chief legal officer for Grayscale Investments, which is trying to get its Bitcoin Trust (GBTC) converted into a spot bitcoin ETF. Digital Currency Group, Grayscale’s parent company, also owns CoinDesk.