On August 29, 2023, the U.S. Court of Appeals issued a ruling on Grayscale Investment LLC (Grayscale) and the Securities and Exchange Commission (SEC) in the proceedings that began on March 7, 2023. This decision was covered in the world press with the main idea of "Grayscale won the case, green light for Bitcoin ETF". Grayscale and its executives also posted the same content on their social media accounts. However, either no one (journalists and even bitcoiners) consciously asked what the ruling actually said, or there was a serious lack of awareness. WHAT HAPPENED? At the beginning of the article, it is necessary to share the explanations of some of the abbreviations, as there is a wide variety of capital instruments in the US Capital Market, so that the subject can be understood more clearly while reading the article; ETP : Tradable financial instruments that closely track an underlying market, such as indices, currencies and shares. Exchange-traded products. ETF : Funds that are traded on exchanges and usually track a specific index. Exchange-traded funds. Essentially a type of ETP. After the SEC rejected Grayscale Investment's application for a spot bitcoin exchange-traded fund, it was questioned whether the SEC was justified in its decision, as the agency had previously approved bitcoin futures products. Grayscale Investment LLC's application to convert the spot Grayscale Bitcoin Trust (GBTC) (GBTC.PK) into an exchange-traded fund (ETF) was rejected on the grounds that the proposal did not meet anti-fraud and investor protection standards. The court ordered the SEC to defend Grayscale's argument that because the regulator had previously approved certain oversight agreements to prevent fraud in ETFs based on bitcoin futures, the same setup should be satisfactory for Grayscale's spot fund because both spot and futures funds are based on the price of bitcoin. Bitcoin futures ETFs…