Grayscale Investments’ Chief Legal Officer, Craig Salm, believes that a spot bitcoin exchange-traded fund (ETF) is a matter of when and not if, following the SEC’s decision not to appeal an August court ruling ordering it to reconsider Grayscale’s GBTC fund into a spot bitcoin ETF. Salm said the firm has been spending a lot of time in Washington as lawmakers consider two bills to regulate cryptocurrencies. However, a decision not to appeal does not necessarily mean that the regulator plans to approve a spot bitcoin ETF. On Monday, rumors of SEC approval caused bitcoin to surge towards $30,000.