Grayscale: SEC’s repeated rejection of spot Bitcoin ETFs may violate administrative procedure law

After the US Securities and Exchange Commission (SEC) recently rejected the Bitcoin exchange-traded fund (ETF), Grayscale is refuting the regulator’s argument. Gray sent a letter to the SEC, claiming that the agency’s willingness to approve futures-based products rather than spot products was “arbitrary and capricious,” saying that the SEC’s repeated rejections may violate the Administrative Procedure Act (APA). It is reported that APA manages the decision-making process of federal agencies. Gray said in the letter: “Bitcoin futures ETPs registered under the 1940 Act and spot Bitcoin ETPs that do not require or are not eligible for registration are the same in all relevant aspects, but according to the disapproval on November 12, 2021 The analysis in the order, the SEC handles them differently.”