Despite his personal desire for the ETF's approval, Chervinsky outlined several objective reasons for his bearish outlook.
He notes that the SEC perceives little value in crypto technology and views opposition to it as politically beneficial. This stance is reinforced by pressure from progressive politicians and critics who have opposed previous SEC approvals of Bitcoin ETFs. Although Grayscale won its lawsuit last year, Chervinsky believes the SEC may still find new grounds for denial that have not been legally tested.
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