After long efforts by Grayscale to get a spot Bitcoin ETF on the market, the SEC has rejected their request. Grayscale is not backing down though, suing the SEC almost instantly after the rejection. The lawsuit will come as Grayscale believes the SEC has to approve it since there are already other similar products trading such as Bitcoin futures ETFs. The SEC stated their reason for rejection was due to concerns about market manipulation.
Grayscale has been ramping up their legal team for awhile now preparing for this rejection so it’s not much of a surprise they’re suing.