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intensified its legal battle against the SEC, arguing that the regulatory body is overstepping its bounds by applying outdated securities laws to the crypto industry.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- Coinbase argues SEC is overreaching with outdated securities laws.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 sees a decline, with Bitcoin and Ethereum losing value.
- Bitcoin ETFs surpass Silver ETFs in total assets under management.
Coinbase vs. SEC: A Legal Showdown
Coinbase has continued its arguments for the dismissal of the SEC’s lawsuit, claiming that the regulatory body is overreaching by applying years-old securities laws to the rapidly evolving crypto industry. 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%, settling at $1.68 trillion as altcoins pared back recent gains. Bitcoin’s price fell by 1% to $42,200, showing a complete lack of trading volume. Ethereum also lost its support level, trading 2% lower at $2,520. Solana managed to hold its ground near $100.
In a positive development, Bitcoin ETFs have surpassed Silver ETFs in terms of total assets 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. This move has been under consideration for almost three years and marks a significant milestone for the social media giant.
Other Notable Crypto News
- Generative AI: Cloudflare’s CEO stated that while generative AI will produce fantastic things, these innovations won’t be available anytime soon.
- COTI Foundation: Announced a new Ecosystem Growth Fund with 400 million COTI tokens, valued at about $25 million.
- AI Growth: Defiance ETFs’ CEO predicts exponential growth for AI from 2024 to 2030.
- BlackRock’s XRP ETF: Plans for an XRP ETF remain unclear, despite the recent approval of a Bitcoin spot ETF by the SEC.
- WOO Exchange: Raised $9 million in its latest funding round, with contributions from Wintermute and other market makers.
- European Regulations: The European Council and Parliament have agreed on a new anti-money laundering package that will impose stricter regulations on cryptocurrency companies.
- Fidelity’s Bitcoin Holdings: Fidelity now holds 20,000 Bitcoin, valued at nearly $800 million.
- AI in PCs: HP’s CEO predicts that 40% to 60% of PCs will be AI-powered within three years.
- Bitcoin Mining in Texas: Harsh weather conditions have significantly decreased Bitcoin’s hash rate in Texas.
- Binance Rebounds: Binance saw a $5 billion inflow and a 30% surge in BNB price, showcasing resilience amid regulatory hurdles.
Conclusion
The ongoing legal battle between Coinbase and the SEC highlights the complexities of regulating the fast-evolving crypto industry. Meanwhile, Reddit’s upcoming IPO and various developments in the crypto market indicate a dynamic and rapidly changing landscape. Investors and stakeholders should stay informed and cautious as these events unfold.
