I'm way out of my depth here and only speaking based on what I've seen people talking about online, but my understanding is that: There are multiple types of s

I'm way out of my depth here and only speaking based on what I've seen people talking about online, but my understanding is that: There are multiple types of securities offerings. The sec has historically denied the 1934 act etf's for bitcoin (spot or futures based) claiming they weren't comfortable with the guarantees it offers.. This is what Grayscale is based on. The original future's based etf that they accepted was based on the 1940's act which the sec explicitly said they preferred. Earlier this year the sec approved a 1934 futures based bitcoin etf. My understanding is that one of Grayscale's arguments is that it is unfair and arbitrary to deny their 1934 based etf when they just accepted separate one a few months ago and that clearly their concerns relating to the 1934 based offerings no longer exist.