Bitcoin News: The US court overturned the SEC's decision to exempt SPIKES futures, or it may be related to Bitcoin ETF and Grayscale lawsuits

Odaily Planet Daily News Bitcoin News tweeted that the U.S. Court of Appeals in Washington, D.C. decided to overturn the SEC's decision to exempt the exchange that provided SPIKES futures MIAX on the grounds that the decision was "arbitrary and changeable." This may have ties to the Bitcoin ETF and the legal battle between Grayscale and the SEC. A U.S. SEC order exempting certain equity volatility futures from a definition that would impose higher taxes and contain other requirements would facilitate its use, the Washington, D.C., circuit court said Friday, according to Bloomberg Law. Competing with another index, this is arbitrary and changeable. The SEC's exemption of futures contracts based on the SPIKES index from the definition of security futures "failed to adequately explain its reasons and failed to consider an important aspect of the matter," Chief Justice Sri Srinivasan said. Without the exemption, SPIKES index futures would be considered "security futures" rather than "futures."