According to Chief Judge Sri Srinivasan, the SEC failed to consider the possibility that its order would lead to confusion among market participants.
According to Chief Judge Sri Srinivasan, however, the exemption granted was"arbitrary and capricious" as"the SEC failed adequately to explain its rationale and failed to consider an important aspect of the problem." The court also notes that the SEC"failed to consider the possibility that its grant of exemptive relief would lead to confusion among market participants.
Due to the decision, SPIKES Index futures are now considered “securities futures” instead of “futures.” Market participants have three months to wind down their transactions.on the definition of the Clark County Bar Association, an agency action is arbitrary or capricious"if the decision is ‘baseless’ or ‘despotic’ and ‘a sudden turn of mind without apparent motive."
Furthermore, the ruling may hint at the outcome of legal battles between crypto firms and the SEC. Pseudonymous lawyer"MetaLawMan" noted that two of the panel's judges are also examining Grayscale's challenge to an SEC decision that denied a request to convert its Grayscale Bitcoin Trust to a spot Bitcoin exchange-traded fund .
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