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Elliott Stein, senior litigation analyst at Bloomberg Intelligence, shares his insights from a court hearing this week on the SEC\u2019s rejection of Grayscale\u2019s bid to convert GBTC into a spot bitcoin ETF. Stein says federal appellate court judges seemed skeptical of the SEC\u2019s arguments for why bitcoin futures ETFs are OK while bitcoin spot ETFs aren\u2019t. Who\u2019s likely to win the case and what does it mean for the crypto industry as a whole?\n\n\nShow highlights:\n\nwhy Grayscale filed the lawsuit against the SEC\n\nwhy Grayscale believes that a bitcoin futures ETF is essentially the same as a spot ETF\n\nwhat the SEC disagrees\n\nwhy the judges pushed back against the SEC\u2019s arguments\n\nwhy Elliott changed his mind about who will win the case after the hearing\n\nwhat would happen if Grayscale ends up winning the lawsuit and whether the SEC could go back on its previous approvals\n\nwhether other companies applying for a bitcoin spot ETF would benefit from Grayscale winning the case\n\nwhether this case could have an impact on the jurisdictional battle between the SEC and the CFTC\n\nwhy Elliott is keeping an eye on other cases such as Ripple, Terraform Labs, and insider trading at Coinbase\n\n\n\nThank you to our sponsors!\nCrypto.com\nRailgun DAO\xa0\nPrevious coverage of Unchained on Grayscale and GBTC:\xa0\n\nWhy Grayscale Is Suing the SEC Over Its Denial of a Bitcoin ETF\n\n$5 Billion in AUM: Why Growth at Grayscale Exploded in the Last Quarter\n\nBitwise's Latest Plans to Get a Bitcoin ETF Approved\n\nDCG's Dilemma: Should It Sell Its GBTC Holdings to Repay Gemini?\n\nGemini vs. DCG Is Heating Up. Could Gemini Force Genesis Into Bankruptcy?\n\n\u2018The Last Big Whale\u2019: Why the Crypto Contagion of 2022 Eventually Hit Genesis\n\nGuest\nElliott Stein, Senior Litigation Analyst for the Financials Sector at Bloomberg Intelligence\nTwitter\n\nLinks\n\n\nCoinDesk:\xa0\n\nJudges Express Skepticism of SEC Arguments in Grayscale Bitcoin ETF Hearing\n\nA Dozen Reasons Why the SEC Should Have Approved Grayscale's Spot Bitcoin ETF\n\n\nAxios: Judges question SEC rejection of Grayscale's spot bitcoin ETF\n\n\n\nReuters: US court questions SEC's rejection of Grayscale's bitcoin fund proposal\n\n\nDon Verrilli\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices