Is the Cs Decision to Continue to Stonewall a Bitcoin Spot E T of Arbitrary and Capricious?

There has been some developments with the gray scale a bitcoin spot e t f. Their attorneys at davis polk have sent a letter to the c c, basicly arguing that the e is arbitrary and capricious. Not sure if this has any legs, but certainly good for them for making the case. It's obvious that there's a political dictate here at play.

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