Why did the SEC approve a 2x Bitcoin futures ETF, but refused multiple times to approve a regular Bitcoin spot ETF? SEC always claims their decisions are based on investor protection, so how does that make sense?

Not sure why but it's pretty weird that SEC already approved this year a 2x Bitcoin futures ETF called BITX that already launched on CBOE (Chicago Board Options Exchange).

If the whole thing is supposedly about protecting investors, how does it make sense to approve a leveraged ETF of the same commodity which is logically a far more unsafe type of investment than regular spot ETFs? Yet they're so reluctant over the years to approve Bitcoin spot ETF after multiple rejected applications for it over the years? Ark invest and Wisdomtree was rejected back in 2021, VanEck was rejected in 2018 etc…