EddieJayonCrypto
21 Dec 23
The US Securities and Exchange Commission (SEC) faced a significant setback in court on December 19, 2023, as a judge ruled in favor of vacating the agency's rule requiring issuers to report day-to-day share repurchase data every quarter. This comes after multiple legal losses for the SEC, including...
The US Securities and Exchange Commission (SEC) suffered a major setback in court when a judge ruled to vacate the agency's rule requiring issuers to report day-to-day share repurchase data every quarter. This decision follows a series of legal defeats for the SEC, including the rejection of Grayscale's spot Bitcoin ETF approval, which was deemed "arbitrary and capricious" by a panel of judges.
The ruling, handed down on December 19, 2023, marks a significant blow to the SEC's regulatory authority. The court's decision was influenced by an earlier opinion on October 31, 2023, which stated that the SEC had acted arbitrarily and capriciously in their implementation of the reporting rule. These legal setbacks have raised questions about the SEC's decision-making processes and could have broader implications for the cryptocurrency and stock markets.
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