Opinion: If the SEC rejects the application for a Bitcoin ETF, it may be sued by multiple companies

U.S. lawyer MetaLawMan stated that if the U.S. SEC risks rejecting spot Bitcoin ETF applications from companies such as BlackRock, Grayscale Investment, and Ark 21Shares, it is likely to be sued by multiple companies. MetaLawMan predicts that if a lawsuit is initiated, the Washington D.C. Court of Appeals will once again rule that the SEC's decisions on more than 12 Bitcoin ETF applicants are "arbitrary and capricious". This legal veteran drew upon precedents from last year's lawsuit between the SEC and Grayscale Investment Company to express this stance.