Grayscale's lawyer accuses the U.S. SEC of approving Bitcoin futures ETFs while rejecting spot ETFs, claiming the former is "riskier."

ChainCatcher news, Grayscale's lawyers criticized the U.S. Securities and Exchange Commission (SEC) for approving Bitcoin futures ETFs while rejecting its spot Bitcoin ETF application. Grayscale lawyer Donald Verrilli stated in a letter sent to the U.S. Court of Appeals for the District of Columbia on Monday that futures Bitcoin ETFs are "a higher-risk investment product."

According to previous reports, last month, Volatility Shares launched the first leveraged Bitcoin futures ETF. According to the prospectus, the fund will not directly invest in Bitcoin but "seeks to benefit from the rise in Bitcoin futures contract prices." The SEC approved Bitcoin futures ETFs in 2021 but has yet to approve spot ETFs. The SEC's reasoning is that futures products are harder to manipulate, partly because they are based on CME prices, which are regulated by the Commodity Futures Trading Commission (CFTC). (source link)