Here’s why judges ruled overwhelmingly in favor of Grayscale in its lawsuit against the SEC.
approved the listing of two bitcoin futures ETPs but not Grayscale’s proposed bitcoin ETP.”
Grayscale specifically pointed to the Teucrium and Valkyrie Bitcoin ETPs, which hold identical surveillance-sharing agreements with CME Bitcoin futures as what Grayscale proposed for its own product. This threshold has two prongs: that a market manipulator would need to trade on the market to manipulate the ETF, and that the proposed ETF would not be the “predominant influence on prices in [the surveilled] market.”
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