U.S. lawyer MetaLawMan said that if the U.S. SEC takes the risk of rejecting spot Bitcoin ETF applications from companies such as BlackRock, Grayscale Investment and Ark 21Shares, it is likely to be sued by multiple companies. MetaLawMan predicts that if a lawsuit is filed, the Washington, D.C., appeals court will once again rule that the SEC’s ruling against more than a dozen Bitcoin ETF applicants was “arbitrary and capricious.” The legal veteran expressed this position by drawing on precedent from last year's lawsuit between the SEC and Grayscale Investments.
Lawyer MetaLawMan: If the SEC rejects the application for a spot Bitcoin ETF, it may be sued by multiple companies
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