NewsCourt reverses SEC ruling on SPIKES futures, calls it “arbitrary and capricious” Crypto Superhero / July 30, 2023 The decision relates to an SEC order from 2020 exempting the SPIKES Index from the definition of securities futures. Source: https://tr.cointelegraph.com/news/dc-circuit-reverses-sec-ruling-spikes-futures-calls-arbitrary-capricious