According to The Block, JPMorgan analysts believe that the United States Securities and Exchange Commission (SEC) will likely be forced to approve multiple spot bitcoin exchange-traded fund (ETF) applications following Grayscale's recent legal victory against the SEC. Retroactively withdrawing previous approvals for futures-based bitcoin ETFs to defend the denial of Grayscale's proposal would be "very disruptive and embarrassing" for the SEC, the analysts noted.

A federal court ruled earlier this week that the SEC must review its rejection of Grayscale's attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF. The ruling demonstrated that the SEC's rejection of Grayscale's proposal was "arbitrary and capricious" due to the agency's failure to explain the different treatment of similar products. As a result, the SEC may be more likely to approve pending spot bitcoin ETF applications from several asset managers, including Grayscale.