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Crypto News: The U.S. Securities and Exchange Commission (SEC) is on the backfoot after facing losing its assertions around XRP token’s nature in the Ripple lawsuit. However, the SEC might have to face another disappointing scenario in the Grayscale case.
Also Read: Binance Facing Intense Scrutiny In Euro Area Amid Banking Woes
SEC Takes Another Loss
As per reports, the D.C. Circuit stated that the SEC’s decision to exclude certain stock volatility futures from certain regulations, allowing them to compete with another index, was deemed to be unfair and lacking a reasonable basis.
The court felt that the decision was not justified and could have been made without enough thought or good reasons. Chief Judge Sri Srinivasan for the appeals court mentioned that the SEC failed adequately to explain its rationale while it also failed to consider an important aspect of the problem. This made the Commission’s decision questionable and not well-supported.
However, this suggests that without exemption. SPIKES Index Futures will now fall under “securities futures” rather than “futures.” Bloomberg reported that the court is delaying the final order in the case. This is done in order to allow market participants three months to tail off their transactions. Read More Crypto News Here…
WatchDog Can In Trouble In Grayscale Case?
Eric Balchunas, Senior ETF Analyst for Bloomberg highlighted that the court calling the SEC order “arbitrary and capricious” is the similar language the Grayscale used in their suit. He added that the crypto fund manager said that this request has no connection to Bitcoin (BTC). However, this suggests that SEC can be in trouble in the Grayscale case.
He reported that Chief Judge Srinivasan (nominated by President Obama in 2013) is one of the three judges deciding the Greyscale case. This can play a crucial point in deciding the case.
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