The SEC's Argument in the SEC v. Grayscale Appeal

Stefan Sh-Shur: What does structure really change? And what does not structurally change? He says the SEC has had to go through and explain just why they think these two markets are dissimilar. The majority of the liquidity in the spot market is ex United States outside the U.S., he says. But from a market structure standpoint, if that's the test, I don't see how this filing by BlackRock iShares meets it - but my reading of it could be wrong.