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intensified its legal battle against the SEC, arguing that the regulatory body is overstepping its bounds by applying outdated securities laws to the crypto industry.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, marking a significant milestone for the social media giant.
Key Takeaways
- Coinbase argues against SEC’s regulatory overreach.
- Reddit plans to launch its IPO in March 2024.
- Crypto market experiences a slight decline.
- 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 a lawsuit, claiming that the SEC is overreaching by using years-old securities laws to regulate the crypto industry. Judge Failla criticized the SEC for its lack of understanding of digital assets and its broad definition of an investment contract. She concluded the hearing by stating that she would not make an immediate ruling, advising both parties to take this as a compliment.
Market Trends and Updates
The crypto market cap has declined by more than 1%, settling at $1.68 trillion. Bitcoin’s price has weakened, falling by 1% to $42,200, with a noticeable lack of trading volume. Top altcoins like Ethereum have also lost support levels, with ETH trading 2% lower at $2,520. Solana’s price remains stable 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 comes after nearly three years of consideration and is expected to be a significant milestone for the social media platform.
Other Notable Crypto News
- Generative AI: Cloudflare’s CEO believes generative AI will produce fantastic things, but not anytime soon.
- COTI Foundation: Announced a new Ecosystem Growth Fund with 400 million COTI tokens, valued at $25 million.
- BlackRock’s XRP ETF: Plans remain unclear despite the recent approval of a Bitcoin spot ETF by the SEC.
- WOO X Funding: The crypto exchange raised $9 million in its latest funding round.
- European Council and Parliament: Reached a tentative agreement on a new anti-money laundering package for crypto firms.
- Fidelity’s Bitcoin Holdings: Now holds 20,000 Bitcoin valued at nearly $800 million.
- Texas Bitcoin Mining: Harsh weather conditions have significantly decreased the hash rate.
- Binance Rebounds: The exchange saw a $5 billion inflow and a 30% surge in BNB price.
- Manta Pacific RPC Attack: The chain experienced an RPC attack, which is currently being fixed.
- Bitget’s New COO: Vugar Usi Zade has been named the new COO, aiming to expand into developing regions.
- Tether’s BTC Holdings: Increased by 8,888 BTC in Q4 2023, totaling 66,465 BTC.
- Dormant Bitcoin Movement: $2 billion worth of dormant Bitcoin was moved for the first time since 2013.
- Alchemy Pay: Plans to launch fiat-to-crypto services on Bitcoin.com.
- Binance Spot Trading Pairs: Certain pairs will be discontinued starting January 19.
- Bybit Web3 Swap Upgrade: Unveiled an upgraded version of its Web3 Swap.
- Shiba Inu Burn Rate: Skyrocketed by 3000%.
- Ripple’s XRPL Potential: CTO David Schwartz aligns with Franklin Templeton’s positive stance on XRPL.
- Bitcoin ETF Inflows: Net inflows nearing $3 billion on day four.
- XRP Whale Activity: 46 million XRP transferred to centralized exchanges.
- Thailand SEC: Plans to ease limitations on digital token investments.
- BNB Bridge Exploiter: Liquidated involving 5.82 million vBNB.
- Justin Sun’s Wallet: Withdrew $3.54 million worth of digital assets from Binance.
- MAS on Bitcoin ETF: Rejected the listing of a Bitcoin spot ETF in Singapore.
- Donald Trump on CBDC: Vowed to never allow the creation of a central bank digital currency.
- TUSD Depegging: Stablecoin depegged to a low of $0.9715.
- Stripe’s Ban: Prohibited customers from selling crypto mining hardware.
- Coinbase CLO: Criticized the SEC for overreach, stating that regulatory changes should be left to Congress.
- Franklin Templeton: Sets sights on Ethereum and Solana after focusing on Bitcoin.
Conclusion
The ongoing legal battle between Coinbase and the SEC highlights the complexities of regulating the rapidly evolving crypto industry. Meanwhile, Reddit’s upcoming IPO and various developments in the crypto market indicate a dynamic and ever-changing landscape. Investors and enthusiasts should stay informed to navigate these turbulent times effectively.
