Grayscale Investments filed the points of its opening legal action with the U.S. Court of Appeals for the District of Columbia Circuit, arguing that the U.S. Securities and Exchange Commission’s (SEC) rejection of Grayscale’s conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was arbitrary capricious and discriminatory, and beyond the Commission’s statutory authority; it also argued that the tests the SEC had applied to Bitcoin-related ETFs, and only Bitcoin-related ETFs, were It has been applied inconsistently and in a "particularly harsh" manner on Bitcoin ETFs.