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Decide Neomi Rao, writing for the unanimous courtroom, mentioned the SEC’s denial of the appliance was inconsistent with the approval of a pair of bitcoin futures ETFs, and didn’t clarify why it considered a lot of these merchandise otherwise given the underlying bitcoin market had a “99.9% correlation” between spot and futures market costs. Grayscale’s argument that its proposed ETF was “materially related” to the futures ETFs gained.
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