Judge Neomi Rao, writing for the unanimous court, said the SEC’s denial of the application was inconsistent with the approval of a pair of bitcoin futures ETFs, and did not explain why it viewed these types of products differently given the underlying bitcoin market had a “99.9% correlation” between spot and futures market prices. Grayscale’s argument that its proposed ETF was “materially similar” to the futures ETFs won.
Source: https://www.coindesk.com/policy/2023/08/31/after-grayscale-victory-sec-kicks-the-can-on-latest-bitcoin-etf-applications/?utm_medium=referral&utm_source=rss&utm_campaign=headlines