Craig Salm is an American lawyer and the Chief Legal Officer (CLO) at Grayscale Investments, where he oversees the firm's legal and regulatory affairs. He is known for his extensive experience in securities law, corporate governance, and digital asset regulation. Salm played a central public-facing and strategic role in Grayscale's successful lawsuit against the U.S. Securities and Exchange Commission (SEC) regarding the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).^{[1] [2]}​

Education

Salm attended the University of Michigan, where he graduated in 2010 with a Bachelor of Science (B.S.) in Brain, Behavior, and Cognitive Science. He then pursued a legal education at the Benjamin N. Cardozo School of Law, earning his Juris Doctor (J.D.) in 2013 with a specialization in Intellectual Property Law. ^[2]

Career

Salm began his legal career with internships in the early 2010s, including a 2011 legal internship at Universal Music Group and a 2012 summer associate position at Paul, Weiss, Rifkind, Wharton & Garrison LLP. In September 2013, he joined Paul, Weiss as a corporate associate, where he advised issuers, private equity sponsors, and hedge funds on securities law, corporate governance, and capital markets transactions. During this period, he also served as a legal secondee at Apollo Global Management from December 2015 to September 2016, supporting transactional work and internal legal operations.

In January 2018, Salm joined Grayscale Investments as a legal associate, later advancing to Director of Legal in 2020. In January 2022, he was appointed Chief Legal Officer, overseeing the firm’s legal and regulatory affairs. Alongside his role at Grayscale, he became a founding member of the Crypto Rating Council in September 2019 and was appointed co-chair of the Blockchain Association’s Securities Law Working Group in November 2019. In February 2020, he also joined the board of the ETC Cooperative, contributing to governance and oversight related to the Ethereum Classic ecosystem. ^[4]

Interviews

Lawsuit Victory

In September 2023, Salm discussed Grayscale’s federal court victory in its Bitcoin ETF application. He outlined the history of the case, noting that the SEC had previously denied the application in June 2022 and that Grayscale subsequently challenged that decision. The appeals court ruled unanimously in Grayscale’s favor, vacating the SEC’s denial and questioning its reasoning for blocking spot Bitcoin ETFs. Salm emphasized that the decision does not immediately convert Grayscale’s product into an ETF, as the SEC has a 45-day window to consider an appeal. He described the company’s approach as collaborative, focusing on constructive engagement with regulators while highlighting the rationale for allowing spot Bitcoin ETFs alongside existing futures ETFs. Salm noted that approval could expand investor access and benefit the broader Bitcoin market, while Grayscale continues preparations to finalize the ETF conversion. ^[7]

Crypto Talk

In February 2022, Salm spoke with Wealthfront about cryptocurrency, decentralized finance, and the metaverse. He compared Bitcoin to email, highlighting its ability to operate without intermediaries, and contrasted it with Ethereum, which supports more complex transactions through smart contracts. Salm discussed how DeFi builds on Ethereum to offer financial services such as decentralized exchanges and lending protocols, including examples like Uniswap and Compound, and explained synthetic assets that provide exposure to real-world commodities without direct ownership. He described the metaverse as a digital space for personal expression and user ownership, distinguishing it from traditional, corporation-controlled platforms, and noted Grayscale’s Decentraland Trust investment as a way to engage with this ecosystem. The conversation also covered the principles of Web3, emphasizing decentralized ownership of value, and concluded with Salm encouraging portfolio diversification to include digital assets alongside traditional investments. ^[8]

SEC Lawsuit

In July 2022, Salm discussed Grayscale’s legal action against the SEC regarding its attempt to convert GBTC into a spot Bitcoin ETF. He explained that Grayscale filed a petition with the Court of Appeals following the SEC’s final denial of the application, despite substantial public support reflected in over 11,000 comments submitted during the review period. Salm noted that GBTC differs from typical proposals because it is an existing product with significant trading volume and investor capital. He criticized the SEC for approving futures-based Bitcoin ETFs while denying spot-based versions, arguing that both face similar risks of market manipulation and that the disparate treatment lacks justification. Grayscale maintains that a spot ETF would provide stronger regulatory protections for investors, offering oversight and safeguards not available through direct cryptocurrency purchases or offshore products. Salm emphasized that converting GBTC into an ETF would subject it to heightened regulatory scrutiny and investor protections typical of registered securities. Despite the challenges ahead, he expressed confidence in Grayscale’s legal arguments and their prospects before the appellate courts. ^[6]

Panels

Crypto Regulation

In April 2022, Salm participated in a panel at the Wealth Summit with Timothy Massad, Tiffany J. Smith, and Allyson Versprille to discuss cryptocurrency regulation in the U.S. The conversation opened with a poll on which regulator—SEC, CFTC, or both—should oversee crypto, highlighting differing opinions on the appropriate authority. Panelists noted that existing frameworks may be insufficient for digital assets, suggesting that multiple approaches or a new regulatory structure might be necessary. They discussed challenges such as resource constraints for the CFTC, the need for collaboration between the SEC and CFTC, and the potential role of self-regulatory organizations. The panel highlighted limitations of current regulations, including gaps in exchange oversight and risks of market manipulation, and addressed the potential impact of Bitcoin ETFs, emphasizing that approval could expand investor access and market competitiveness. President Biden’s executive order on digital assets was also discussed as a step toward balancing risks and benefits while informing future policy. The panel concluded that the industry must proactively engage with regulators and consider self-regulation to build investor confidence and support innovation. ^[9]