BlockBeats news, on August 12, Nathan Geraci, president of The ETF Store, said that last year Grayscale Investments (Grayscale) filed a lawsuit against the SEC due to the SEC's rejection of the proposal to convert its flagship fund GBTC into a spot Bitcoin ETF. The final ruling may be compared to Approval of Bitcoin spot ETF has impact. The SEC will wait for the final verdict of the Grayscale lawsuit. Before there is a clear outcome in this case, the SEC has more reasons to continue to reject applications for spot Bitcoin ETFs.

Nathan Geraci added that once the court outcome is favorable to Grayscale, the key to the approval of the spot Bitcoin ETF will be how the SEC views the Coinbase monitoring and sharing agreement proposed by the ETF listing trading platform. If there are no problems with both, it will undoubtedly promote the approval of spot Bitcoin ETFs.