On Aug. 29, filings with the D.C. Circuit Court of Appeals show that Grayscale won its case against the SEC. In June of this year, SEC rejected the application of Grayscale Investments' first bitcoin spot ETF, and Grayscale subsequently sued the SEC in court. "The rejection of Grayscale's proposal was arbitrary and capricious because the SEC failed to account for the different treatment of similar products," the Washington, D.C. court said.