One question is whether the SEC could approve some spot bitcoin ETF applications such as the one by BlackRock, but ask Grayscale to modify its application in a way to match those, such as by adopting a so-called surveillance-sharing agreement with a spot bitcoin exchange such as the one run by Coinbase Global.
Grayscale, in a letter to the SEC, anticipated this possibility, arguing that the reasoning of the court already shows that the surveillance of the futures market provided by the CME Group for bitcoin futures ETFs—which the SEC has approved—is sufficient. The court noted that Grayscale had given evidence that the correlation between spot, or the direct bitcoin market, and bitcoin futures, is 99.9%.
Source: The Bitcoin ETF Trade Is Increasingly About Bitcoin Itself – WSJ
