The U.S. Court of Appeals for the D.C. Circuit has released its full letter explaining its decision to rule in Grayscale’s favor in its lawsuit with the Securities and Exchange Commission (SEC).
The decisive 3-0 victory for the company is based on the SEC’s “unreasonable” justification for favoring futures ETFs over spot products, and its inability to provide evidence for its claims.
Grayscale’s Victory Explained
Per the court’s decision on Tuesday, the SEC “failed to adequately explain why it
approved the listing of two bitcoin futures ETPs but not Grayscale’s proposed bitcoin ETP.”
Filed last year, Grayscale’s lawsuit against the SEC accused the agency of “arbitrary and capricious treatment” in denying the Bitcoin fund’s conversion into a Bitcoin spot ETF, despite previously approving multiple futures ETF of a similar nature.
Grayscale specifically pointed to the Teucrium and Valkyrie Bitcoin ETPs, which hold identical surveillance-sharing agreements (SSAs)
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