{"id":82403,"date":"2023-07-31T13:42:00","date_gmt":"2023-07-31T10:42:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82403"},"modified":"2025-09-12T04:49:11","modified_gmt":"2025-09-12T01:49:11","slug":"court-overturns-sec-ruling-on-spikes-futures","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/court-overturns-sec-ruling-on-spikes-futures\/","title":{"rendered":"Court overturns SEC ruling on SPIKES futures"},"content":{"rendered":"<p>The U.S. Court of Appeals for the District of Columbia <a href=\\\"https:\/\/www.cadc.uscourts.gov\/internet\/opinions.nsf\/AE71F05E317FB70C852589FA00516D8A\/$file\/21-1038-2009980.pdf\\\"> \u043e\u0442\u043c\u0435\u043d\u0438\u043b<\/a> the SEC&#8217;s order requiring SPIKES index instruments \u2014 a stock-volatility indicator \u2014 to be treated as futures, and not as securities futures.<\/p>\n<p>A three-judge panel called the Commission&#8217;s order \\&#8221;arbitrary and capricious\\&#8221;.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u00abSEC \u043d\u0435 \u0441\u043c\u043e\u0433\u043b\u0430 \u0430\u0434\u0435\u043a\u0432\u0430\u0442\u043d\u043e \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u0438\u0442\u044c \u0430\u0440\u0433\u0443\u043c\u0435\u043d\u0442\u0430\u0446\u0438\u044e [\u2026] . \u0410\u0433\u0435\u043d\u0442\u0441\u0442\u0432\u043e \u0442\u0430\u043a\u0436\u0435 \u043d\u0435 \u0443\u0447\u043b\u043e \u0432\u043e\u0437\u043c\u043e\u0436\u043d\u043e\u0441\u0442\u044c, \u0447\u0442\u043e \u043f\u0440\u0435\u0434\u043e\u0441\u0442\u0430\u0432\u043b\u0435\u043d\u0438\u0435 \u0435\u044e \u0438\u0441\u043a\u043b\u044e\u0447\u0438\u0442\u0435\u043b\u044c\u043d\u044b\u0445 \u043c\u0435\u0440 \u043f\u0440\u0438\u0432\u0435\u0434\u0435\u0442 \u043a \u043f\u0443\u0442\u0430\u043d\u0438\u0446\u0435 \u0441\u0440\u0435\u0434\u0438 \u0443\u0447\u0430\u0441\u0442\u043d\u0438\u043a\u043e\u0432 \u0440\u044b\u043d\u043a\u0430\u00bb,<\/em> the ruling states.<\/p>\n<\/blockquote>\n<p>The decision concerned the Commission&#8217;s 2020 order excluding the SPIKES index from the definition of securities futures.<\/p>\n<p>Following this step, the agency removed high taxes and other regulatory requirements related to regulating the &#8216;securities&#8217; in relation to the instrument. The agency aimed to spur competition among volatility indices.<\/p>\n<p>Following the court&#8217;s decision, SPIKES-index instruments are now treated as \\&#8221;securities futures\\&#8221; rather than \\&#8221;futures.\\&#8221; Market participants have three months to close out their trades.<\/p>\n<p>Two of the judges on the panel are now considering the Grayscale case, the aim of which is<a href=\"https:\/\/u1f987.com\/en\/news\/grayscale-sues-sec-over-refusal-to-convert-gbtc-into-an-etf\"> to invalidate the SEC&#8217;s<\/a> denial of<a href=\"https:\/\/u1f987.com\/en\/news\/dcg-chief-confirms-plans-to-convert-grayscales-bitcoin-trust-into-an-etf\"> the application to convert <span data-descr=\\\"Grayscale Bitcoin Trust\\\" class=\\\"old_tooltip\\\">GBTC<\/span><\/a> into a spot Bitcoin-<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a>, attorney James Murphy noted.<\/p>\n<p>Analyst Eric Balchunas said the ruling shows the Commission could lose the case.<\/p>\n<div class=\\\"wp-block-image\\\">\n<figure class=\\\"aligncenter size-full\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/image-483.webp\\\" alt=\\\"image-483\\\" class=\\\"wp-image-212562\\\"\/><figcaption class=\\\"wp-element-caption\\\">Data:<a href=\\\"https:\/\/twitter.com\/MetaLawMan\/status\/1685324190646210560\\\"> X<\/a>.<\/figcaption><\/figure>\n<\/div>\n<p>In July 2023, Grayscale<a href=\"https:\/\/u1f987.com\/en\/news\/grayscale-urges-the-sec-to-approve-all-spot-bitcoin-etfs\"> urged<\/a> the SEC to approve all spot Bitcoin ETFs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Court of Appeals for the D.C. Circuit overturned the SEC&#8217;s order requiring SPIKES index instruments to be treated as futures, not as securities futures.<\/p>\n","protected":false},"author":1,"featured_media":82404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1214,943,36,128],"class_list":["post-82403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-grayscale-bitcoin-trust","tag-grayscale-investments","tag-regulation","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82403"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82403\/revisions"}],"predecessor-version":[{"id":82405,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82403\/revisions\/82405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82404"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}