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For the SEC to defend its denial of Grayscale’s proposal to convert GBTC into an ETF, it would have to withdraw its previous approval of futures-based bitcoin ETFs, which is unlikely, the report from JPMorgan said.
“The most important element of the Grayscale vs. SEC court ruling was that the denial by SEC was arbitrary and capricious because the Commission failed to explain its different treatment of similar products i.e., futures-based bitcoin ETFs,”
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