The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products,” Circuit Judge Neomi Rao wrote on behalf of the court, noting that the SEC has approved bitcoin futures ETFs. The ruling was unanimous in a three-judge panel. Rao was appointed by President Donald Trump, while the other two judges were appointed by Democratic presidents.

https://www.wsj.com/finance/regulation/grayscale-wins-lawsuit-against-sec-over-bitcoin-etf-1b305cfa