Perkins Coie Partner Keith Miller highlights the SEC's "bad two months," punctuated by legal setbacks such as the DC Circuit Court's ruling in favor of Grayscale.
Been a bad two months for the SEC. Um First, you had in July, you had the DC circuit in a Kcboe versus the SEC. The DC Circuit court found that the SEC acted arbitrary capricious in violation of the Administrative Procedures Act. Then on Tuesday, uh we saw that the, the DC Circuit court once again found that the SCC acted arbitrary and capricious in violating the A P A um by failing to explain its reasoning in denying gray scales application. Um July also, we saw the ripple case, right, uh where the court held that secondary sales of XRP in that investment contract. So the last two months have been, you know, have shown um these decisions in particular, shown a crack in the S ECs crypto Foundation. Um So I think the language that the court is using, um I think is important to look at um the, the SEC, the court is saying, you know, failed to provide reasonable and coherent explanation.