Friday, September 29, 2023
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D.C. Circuit reverses SEC ruling on SPIKES futures, calls it “arbitrary and capricious”

The U.S. Securities and Exchange Commission (SEC) suffered another setback on July 28 as the D.C. Circuit overturned a ruling by the regulator ordering that SPIKES Index securities should be treated as 'futures' rather than as 'securities futures'. The judge panel called the SEC order "arbitrary and capricious."The decision relates

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In SEC Lawsuit, Grayscale Calls Spot ETF Rejection ‘Arbitrary, Capricious, and Discriminatory’

In the brief, the attorneys argue that, because Bitcoin futures and spot Bitcoin both generate their price based on overlapping indices, the spot price of Bitcoin in both spot and futures ETFs are subject to the same risks – and therefore, approving one and denying another is unfair. Source

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