Web3 Lawyer: If the spot Bitcoin ETF is rejected, the applicant will sue the US SEC

James Murphy, founder and chairman of the financial services law firm Murphy McGonigle, posted on social media that if the spot Bitcoin ETFs are all rejected, the applicants will sue the US Securities and Exchange Commission, and the SEC may lose the case, so the court may once again rule that its decision is "arbitrary and capricious" as in the previous Grayscale case. James Murphy added that the SEC has no legitimate reason to reject these applications, and all possible reasons to reject the asset management company's application have already been given in the Grayscale case, but they still lost.