Grayscale Chief Legal Officer Craig Salm said the company and its lawyers are focusing on writing their brief. The SEC has not yet allowed spot bitcoin products into the market, repeatedly rejecting them on the grounds that they lack sufficient protections against market manipulation. Its rejection comes after the SEC rejected multiple similar products, and Grayscale pushed back against the regulator's arguments. It sent a letter to the agency arguing that the repeated rejections could violate the Administrative Procedure Act (APA) because the SEC has approved multiple bitcoin futures ETFs.
