SEC Faces Further Setbacks in Court, Grayscale Wins Spot Bitcoin ETF Approval Review

The U.S. Securities and Exchange Commission (SEC) encountered another legal setback, this time in a petition for the review of its rule on share repurchase data. This follows recent defeats in lawsuits involving XRP and Grayscale. In the Grayscale case, the US Court of Appeals for the District of Columbia Circuit ruled that the SEC’s denial of Grayscale’s spot Bitcoin ETF approval was “arbitrary and capricious.” The court criticized the SEC for its inconsistent decisions on Bitcoin futures ETFs and granted Grayscale’s petition for a review of the denial, highlighting the regulator’s failure to recognize key market relationships. (Source: Coindesk)