Could there be a simple explanation as to why the SEC has failed to improve the BlackRock Bitcoin Spot ETF?Well, it's been over 2 years since we got a Bitcoin futures ETF approval and futures are a lot more risky than spot.according to the block, NYAG claims Genesis Digital Currency Group, Michael Morrow and Barry Silbert falsely represented its financial condition to conceal a whopping $1 billion hole.That's what he said anyways.Yes, I know the above statement doesn't mention BlackRock, but it does mention Barry Silbert.He is the founder and CEO of DCG, which is the parent company of Grayscale Genesis trading, coin desk Foundry service, Luna Global and today, October 19, 2023.Two of those companies I just mentioned, Digital Currency Group and Genesis, have been sued along with others by the NYA G The complaint includes allegations against the former CEO of Genesis Morrow and the founder and CEO of DCG Digital Currency Group, Barry Silbert.The lawsuit also alleges that the three entities defrauded 232,000 customers for over $1 billion, IE Gemini.

It also alleges that Gemini knew Genesis loans were unsecured and at one point highly concentrated with one entity, none other than Alameda, Which again again sister company of FTX.But they did not reveal this to investors, which again disclosure is very, very important anyways, New York Attorney General Leticia James said.These crypto companies lied to investors and tried to hide more than a billion dollars in losses and it was middle class investors who suffered the most as a result, which we all know the public servants don't care about the middle class at all, but anyways, the DOJ is directly involved.We also know that the SEC has been working with multiple companies that have applied for a Bitcoin spot ETF as we are seeing revised applications from BlackRock, Grayscale and many others.And I think it's safe to say or speculate that these heavy hitters would not be updating their applications unless they were actively in talk with people at the SEC.

Also remember the SEC did fail to respond to their suit against Grayscale, which allowed them to move forward with the converse, the conversion from their GPTC trust to a Bitcoin ETF. I personally think the SEC might be delaying the SPOT ETF approval because of Grayscale's involvement, even though they were not indicated in the above complaint.But could Grayscale have gotten caught up in the crypto contagion like Barry's other companies?

Drop a comment below, give me your thoughts