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Elon Musk and Mark Cuban have united against the SEC's approach. Backlash is growing against the SEC, which has so far approved futures ETFs but not spot Bitcoin ETFs, putting pending current applications. Musk and Cuban rebelled against the court by filing a petition criticizing the SEC's investigative style, even though it is not related to spot Bitcoin ETFs. In their petition, they argued that the SEC violated the parties' constitutional rights and that the case should be heard before a federal jury. This initiative shows the reaction of prominent names in the cryptocurrency world against the SEC's practices and could help crypto platforms defend against the regulator.
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