Judge during oral argument of the Grayscale v. SEC argument today: “If we were to agree with the petitioners (Grayscale) would the commission look to approve spot ETFs or go back on it's approval of bitcoin futures ETFs?”

Backwards? The car can go in reverse?

And what about the investors in something like BITO if the ETF is de-registered? Liquidate to cash? What about the tax consequences?

The fact that the SEC wouldn’t concede this point demonstrates the pettiness and hostility it has to the crypto space.