Coinbase is pushing back against the SEC’s regulatory overreach, while Reddit has announced plans for an IPO in March. The crypto market is experiencing fluctuations, with Bitcoin and Ethereum prices dropping, but Bitcoin ETFs have surpassed Silver ETFs in total assets under management in the U.S.
Key Takeaways
- Coinbase argues against SEC’s regulatory overreach.
- Reddit plans to go public in March.
- Bitcoin ETFs surpass Silver ETFs in total assets under management.
- Crypto market sees a decline in Bitcoin and Ethereum prices.
- Generative AI and AI-powered PCs are expected to grow exponentially.
Coinbase Challenges SEC’s Regulatory Overreach
Coinbase has continued its arguments for the dismissal of a lawsuit, claiming that the SEC is overreaching by using outdated securities laws to regulate crypto. Judge Failla criticized the SEC for its lack of understanding of digital assets and its definition of an investment contract. The judge concluded the hearing by stating she would not rule from the bench, advising both parties to take this as a compliment.
Reddit Plans IPO in March
Reddit has outlined specific plans to begin its initial public offering (IPO) in March. The social media company has been considering this listing for almost three years and is now moving forward with its plans.
Crypto Market Fluctuations
The crypto market cap has declined by more than 1% to $1.68 trillion as altcoins pared back gains. Bitcoin’s price fell by 1% to $42,200, with a lack of trading volume. Ethereum also lost its support level, trading 2% lower at $2,520, while Solana held ground near $100.
Bitcoin ETFs Surpass Silver ETFs
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.
Generative AI and AI-Powered PCs
According to the CEO of Cloudflare, generative AI will produce fantastic things, but they won’t be available anytime soon. The CEO of HP predicts that AI will be one of the largest shifts in the PC business, expecting that 40% to 60% of PCs will be AI-powered within three years.
Other Notable Updates
- COTI Foundation: Announced a new Ecosystem Growth Fund with 400 million COTI tokens valued at about $25 million.
- BlackRock: Plans for an XRP ETF remain unclear, despite the recent approval of a Bitcoin spot ETF by the SEC.
- WOO X: Raised $9 million in its latest funding round from investors including Wintermute.
- European Council and Parliament: Reached a tentative agreement on a new anti-money laundering package for crypto firms.
- Fidelity: Now holds 20,000 Bitcoin valued at nearly $800 million.
- Binance: Rebounds with a $5 billion inflow and a 30% surge in BNB price.
- Tether: Increased its Bitcoin holdings in Q4 2023, buying 8,888 BTC.
- Alchemy Pay: Plans to launch fiat-to-crypto services on Bitcoin.com.
- Bybit: Unveiled an upgraded version of its Web3 Swap for token swapping.
- Shiba Inu: Recorded a 2924.74% upswing in its burn rate.
The crypto landscape continues to evolve with significant developments and regulatory challenges. Stay tuned for more updates as the market progresses.
