Grayscale says it’s preparing to argue in court next week that the Securities and Exchange Commission (SEC) inappropriately treated its bitcoin exchange-traded fund (ETF) bid differently than earlier decisions on futures ETFs, according to the company’s legal team.

The company’s application to convert the Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF was denied in June, so Grayscale took the SEC to court. On March 7, the sides are set to make their arguments to federal judges in the U.S. Court of Appeals for the District of Columbia Circuit, and Grayscale’s team will contend that the regulators had a constrained role here and didn’t follow logic in its rejection after having approved several futures ETFs under similar risk profiles. Grayscale is owned by Digital Currency Group, which also owns CoinDesk.

“They don’t have a blank check,” said Donald B. Verrilli Jr., the former U.S. Solicitor General enlisted by Grayscale to help in the legal challenge, during a press briefing on Tuesday. “It’s just a classic case of taking like cases and treating them differently.”