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intensified its legal battle against the SEC, arguing that the regulatory body is overstepping its bounds by applying outdated securities laws to the crypto industry.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- Coinbase argues SEC is overreaching with outdated securities laws.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 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 definition of an investment contract. She concluded the hearing by stating 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%, falling to $1.68 trillion as altcoins pared back recent gains. Bitcoin’s price dropped by 1% to $42,200, showing a lack of trading volume. Ethereum also lost its support level, trading 2% lower at $2,520, while Solana held ground near $100.
However, there was positive news as Bitcoin ETFs 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 company.
Other Notable Crypto News
- Generative AI: Cloudflare’s CEO stated that while generative AI will produce fantastic things, they 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 predicted exponential growth for AI 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: 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: Hash rate fell due to harsh weather conditions.
- Binance: Rebounded with a $5 billion inflow and a 30% surge in BNB price.
- Manta Pacific: Experienced an RPC attack, which is currently being fixed.
- Bitget: Named Vugar Usi Zade as its new COO.
- Tether: Increased its Bitcoin holdings in Q4 2023.
- GTBC Outflows: Hit $1.6 billion, higher than Bitcoin.
- MYRO Meme Coin: Surpassed Pepe Coin in 24-hour trading volume.
- Dormant Bitcoin: $2 billion worth moved for the first time since 2013.
- Alchemy Pay: To launch fiat-to-crypto services on Bitcoin.com.
- Binance: Issued a notice for the removal of specific spot trading pairs.
- Bybit: Unveiled an upgraded version of its Web3 Swap.
- Shiba Inu: Burn rate skyrocketed by 3000%.
- Ripple CTO: Aligned with Franklin Templeton on XRPL’s potential.
- Bitcoin ETF Net Inflows: Near $3 billion on day four.
- XRP Whale: Dumped 46 million XRP to centralized exchanges.
- Thailand SEC: Unshackled limitations on digital token investment.
- BNB Bridge Exploiter: Liquidated $42 million worth of vBNB.
- Justin Sun: Withdrew $3.54 million worth of digital assets from Binance.
- Shiba Inu Community: Dumped 25 million SHIB to a dead wallet.
- MAS: Rejected Bitcoin spot ETF listing in Singapore.
- Donald Trump: Vowed to counter the US CBDC launch.
- TUSD: Depegged to $0.971 amid major selloff.
- Stripe: Prohibited customers from selling crypto mining hardware.
- Coinbase CLO: Fired back at the SEC over regulatory overreach.
- Franklin Templeton: Set eyes on Ethereum and Solana.
