These days, the Grayscale lawsuit is attracting quite a bit of attention, and recently, the chief legal officer of Grayscale made a statement. The core point is that the SEC is acting too arbitrarily. They argue that it's unreasonable to approve Bitcoin futures ETFs but keep rejecting spot ETFs.

Legally, this is seen as a violation of the Administrative Procedure Act. Since it's the same asset, there's no logical consistency in approving futures but not spot. Grayscale claims this is discriminatory against issuers.

Here's an important point: if the court rules in favor of Grayscale, what could happen? There are predictions that not only Grayscale's GBTC but also other companies' spot ETFs that the SEC hasn't approved yet could be approved one after another. This is considered a significant variable from the market's perspective.

Ultimately, the SEC can't deny the very existence of Bitcoin. The logic is that they can't keep rejecting an asset that already exists. If the outcome of the Grayscale lawsuit is favorable, it could have a major impact on the entire spot ETF market.