Coinbase has intensified its legal battle against the SEC, arguing that the regulatory body is overstepping its bounds by applying outdated securities laws to the crypto industry. Meanwhile, Reddit has announced plans to go public in March, a move that has been in the works for nearly three years.
Key Takeaways
- Coinbase argues SEC is overreaching with outdated securities laws.
- Judge Failla criticizes SEC’s understanding of digital assets.
- Reddit plans to launch its IPO in March 2024.
- Crypto market cap declines by over 1% to $1.68 trillion.
- Bitcoin ETFs surpass Silver ETFs in total assets under management in the U.S.
Coinbase vs. SEC: A Legal Showdown
Coinbase has continued its arguments for the dismissal of a lawsuit, claiming that the SEC is overreaching in its regulation of the crypto industry by using years-old securities laws. Judge Failla criticized the SEC for its lack of understanding of digital assets and its definition of an investment contract. She concluded the hearing by stating that she would not rule from the bench, advising both parties to take this as a compliment.
Market Reactions and Trends
The crypto market cap has declined by more than 1% to $1.68 trillion as altcoins pared back gains in recent days. Bitcoin’s price chart looks weak, falling 1% to $42,200, with a noticeable lack of trading volume. Top altcoins, including Ethereum, have also lost support levels, with ETH trading 2% lower at $2,520. Solana’s price holds ground near $100.
In a positive development, Bitcoin ETFs have surpassed Silver ETFs in terms of total assets held under management in the U.S., just a week after trading began.
Reddit’s IPO Plans
Reddit has outlined specific plans to begin its initial public offering (IPO) in March 2024. The social media company has been considering this move for almost three years and is now ready to pursue a listing.
Other Notable Crypto News
- Generative AI: Cloudflare’s CEO believes generative AI will produce fantastic things, but not anytime soon.
- COTI Foundation: Announces a new Ecosystem Growth Fund with 400 million COTI tokens, valued at about $25 million.
- AI Growth: Defiance ETFs’ CEO claims AI will grow exponentially from 2024 to 2030.
- BlackRock’s XRP ETF: Plans remain unclear despite the recent approval of a Bitcoin spot ETF by the SEC.
- WOO Exchange: Raises $9 million in its latest funding round.
- European Council and Parliament: Agree on harsher rules for crypto firms to combat money laundering.
- Fidelity’s Bitcoin Collection: Now holds 20,000 Bitcoin valued at nearly $800 million.
- Texas Bitcoin Mining: Hash rate falls amid harsh weather conditions.
- Binance Rebounds: Sees a $5 billion inflow and a 30% surge in BNB price.
- Manta Pacific: Hit by an RPC attack, currently being fixed.
- Bitget’s New COO: Vugar Usi Zade appointed to spearhead growth in developing regions.
- Tether’s BTC Holdings: Increased by 8,888 BTC in Q4 2023, totaling 66,465 BTC.
- Dormant Bitcoin: $2 billion worth moved for the first time since 2013.
- Alchemy Pay: To launch fiat-to-crypto services on Bitcoin.com.
- Binance Spot Trading Pairs: Certain pairs to be discontinued starting January 19.
- Bybit’s Web3 Swap: Unveils an upgraded version for easier token swapping.
- Shiba Inu Burn Rate: Skyrockets by 3000%.
- Ripple’s XRPL Potential: CTO aligns with Franklin Templeton’s positive stance.
- Bitcoin ETF Inflows: Near $3 billion on day four.
- XRP Whale Activity: 46 million XRP transferred to exchanges.
- Thailand SEC: Frees up constraints on digital token investments.
- BNB Bridge Exploiter: Liquidated involving $42 million.
- Justin Sun’s Wallet: Withdraws $3.54 million worth of assets from Binance.
- MAS Rejects Bitcoin Spot ETF: Singapore’s regulatory body maintains its stance against it.
- Donald Trump on CBDC: Promises to counter the launch of a central bank digital currency.
- TUSD Depegs: Stablecoin falls to $0.971 amid selloff.
- Stripe’s Ban: Prohibits customers from selling crypto mining hardware.
- Coinbase CLO: Criticizes SEC’s overreach, calls for legislative clarity.
- Franklin Templeton: Sets eyes on Ethereum and Solana for future investments.
The crypto landscape continues to evolve rapidly, with significant legal battles, market movements, and technological advancements shaping the industry’s future.
