Crypto News Federal Court Orders SEC to Reevaluate Approval of Grayscale Bitcoin Spot ETF On Monday, the D.C. Circuit Court of Appeals brought a significant chapter to a close as it officially concluded the legal battle between the Securities Exchange Commission (SEC) and investment powerhouse, Greyscale. The crux of the matter revolved around the SEC's initial rejection of Greyscale's bid to establish a Bitcoin Spot ETF, a decision that they opted not to contest any further. This confrontation initially took centre stage back in July when the court criticised the SEC for what it deemed "arbitrary and capricious" behaviour. In essence, this meant that the SEC's rejection lacked substantial reasoning, rendering it seemingly arbitrary and impulsive.