Grayscale is set to present oral arguments in its case against the U.S. Securities and Exchange Commission on Tuesday.

The asset manager brought the case against the regulator for rejecting its proposal to convert its flagship fund, GBTC, into a spot bitcoin ETF.

The SEC's decision to approve bitcoin futures ETPs and not approve spot market ETFs is a classic case of "taking like cases and treating them differently," he said. "They just contradict each other, and that's the essence of our case."

Verilli said the SEC has yet to deal with the issue at hand in any briefs. "They're not dealing with the reality that these two orders contradict each other. They just don't want to talk about that," he argued. He added that the regulator has talked about other things without ever coming to terms with that "fundamental contradiction."