Grayscale Investments is using its Ether (ETH) futures exchange-traded fund (ETF) application as a “trojan horse” to corner the United States Securities and Exchange Commission into approving its spot Ether ETF, says Bloomberg ETF analyst James Seyffart.

Seyffart said in a Nov. 15 X (Twitter) post following the SEC delaying Grayscale’s ETH futures ETF bid that he believes if the SEC approves Grayscale’s application, then it would enable Grayscale to argue for the approval of its spot Ether ETF application.

If the SEC denies Grayscale’s bid, the asset manager could argue the SEC is treating Bitcoin (BTC) and Ether futures ETFs differently by allowing one under the Securities Act…

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