A lawyer working for Grayscale Investments asked for a meeting with the Securities and Exchange Commission “as soon as possible” in a letter sent Tuesday urging the regulator to approve the conversion of Grayscale’s bitcoin trust into a spot bitcoin exchange-traded fund.

An attorney from Davis Polk & Wardwell LLP requested the meeting to “discuss the way forward” after a critical ruling last month by a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit that sparked a new wave of optimism in the cryptocurrency markets.

The judges concluded that the SEC had shown “arbitrary and capricious” in rejecting Grayscale’s 2022 conversion application after previously approving ETF products containing bitcoin futures contracts.

A spot bitcoin ETF would have allowed investors to access the world’s largest cryptocurrency without having to own it, possibly expanding mass acceptance of digital assets.

Within hours of the court’s ruling, bitcoin rose 8% and briefly hit the $28,000 mark. However, within 48 hours bitcoin (BTC-USD) gave back those gains and the rally soon tapered off.

Bitcoin has declined slightly over the past 24 hours and was trading below the $26,000 mark on Tuesday afternoon. It is down 1% over the past week.