Bitcoin News: US Court Overturns SEC's SPIKES Futures Exemption Decision, May Impact Bitcoin ETF and Grayscale Litigation
On July 29, Bitcoin News reported that the US Court of Appeals for the DC Circuit decided to overturn the SEC's decision to exempt MIAX exchange from providing SPIKES futures, citing the decision as "arbitrary and capricious." This could have implications for Bitcoin ETF and the legal battle between Grayscale and the SEC.
On July 29, Bitcoin News reported that the US Court of Appeals for the DC Circuit decided to overturn the SEC's decision to exempt MIAX exchange from providing SPIKES futures, citing the decision as "arbitrary and capricious." This could have implications for Bitcoin ETF and the legal battle between Grayscale and the SEC.
According to Bloomberg Law, the DC Circuit Court stated on Friday that an SEC order exempting certain stock volatility futures from a definition that would impose higher taxes and include other requirements to promote competition with another index was arbitrary and capricious.
Chief Judge Sri Srinivasan of the Court of Appeals stated that the SEC failed to adequately explain its reasoning for exempting SPIKES index-based futures contracts from the definition of security futures and failed to consider an important aspect of the issue. Without the exemption, SPIKES index futures would be classified as "security futures" rather than "futures."