🚨The US court overturned the SEC's decision on SPIKES Index!📉

- The judges called the SEC's decision "arbitrary and capricious"

- SPIKES Index is now considered a "futures security" rather than a "futures"

- Market participants are given 3 months to complete transactions

- The decision may affect the outcome of litigation between crypto firms and the SEC

The ruling could hint at the outcome of the battle between Grayscale and the SEC over converting GBTC into a Bitcoin ETF.