According to PANews news on July 11, according to The Block, Grayscale's lawyer criticized the US Securities and Exchange Commission (SEC) for approving a leveraged Bitcoin ETF but rejecting its application for a spot Bitcoin ETF. Grayscale attorney Donald Verrilli said in a letter to the U.S. Court of Appeals for the District of Columbia Circuit on Monday that leveraged bitcoin ETFs are "a riskier investment product." The fact that the SEC allows trading of leveraged bitcoin futures ETPs suggests that it will continue to treat bitcoin spot ETPs and bitcoin futures ETPs differently. According to previous news, last month, Volatility Shares launched the first leveraged bitcoin futures ETF. According to the prospectus, the fund will not invest directly in bitcoin, but instead "seeks to benefit from increases in the price of bitcoin futures contracts." The SEC approved a bitcoin futures ETF in 2021, but has not yet approved a spot ETF. The SEC reasoned that futures products are more difficult to manipulate, in part because they are based on prices from the CME, which is regulated by the Commodity Futures Trading Commission (CFTC).