Coinbase has continued its legal battle against the SEC, arguing that the regulatory body is overreaching by applying outdated securities laws to the crypto industry. Meanwhile, Reddit has announced plans to go public in March, a move it has been contemplating for nearly three years.
Key Takeaways
- Coinbase argues against SEC’s regulatory overreach.
- Reddit plans to launch its IPO in March 2024.
- Bitcoin ETFs surpass Silver ETFs in total assets under management.
- The crypto market cap declines by over 1%.
- Significant developments in AI and crypto ecosystems.
Coinbase vs. SEC: A Legal Showdown
Coinbase is pushing for the dismissal of a lawsuit, claiming that the SEC is overstepping its bounds by using outdated securities laws to regulate digital assets. 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 she would not make an immediate ruling, advising both parties to consider this a compliment.
Market Trends and Performance
The overall crypto market cap has dropped by more than 1%, settling at $1.68 trillion. Bitcoin’s price has weakened, falling by 1% to $42,200, with low trading volume. Ethereum has also lost its support level, trading 2% lower at $2,520. Solana, however, is holding steady 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 initiate its initial public offering (IPO) in March 2024. This move comes after nearly three years of consideration and is expected to be a significant event in the social media and tech sectors.
Other Notable Developments
- Generative AI: Cloudflare’s CEO stated that while generative AI has the potential to produce fantastic results, turning demos into products remains challenging.
- COTI Foundation: Announced a new Ecosystem Growth Fund valued at $25 million, aimed at expediting the creation and implementation of COTI V2.
- AI Growth: The CEO of Defiance ETFs predicted exponential growth for AI from 2024 to 2030.
- BlackRock’s XRP ETF: Uncertainty remains over BlackRock’s plans to introduce a spot XRP ETF.
- WOO Exchange: Raised $9 million in its latest funding round, with contributions from several market makers.
- European Regulations: The European Council and Parliament reached a tentative agreement on stricter regulations for 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 AI will power 40% to 60% of PCs within three years.
- Bloomberg’s ETF Trends: Bloomberg expects ETF trends to influence the crypto market, with new Bitcoin ETFs launching soon.
- Global Economy: Blackstone’s CEO noted that consumer spending is holding up the global economy.
- Bitcoin Mining in Texas: Harsh weather conditions have significantly reduced Bitcoin mining activity in Texas.
- Binance’s Resilience: Binance saw a $5 billion inflow and a 30% surge in BNB price, despite regulatory challenges.
- Manta Pacific Attack: The chain experienced an RPC attack, which is currently being fixed.
- Bitget’s New COO: Vugar Usi Zade has been appointed as the new COO of Bitget.
- Tether’s Bitcoin Holdings: Tether increased its Bitcoin holdings to 66,465 BTC, valued at $2.8 billion.
- GBTC Outflows: GBTC saw net outflows of $1.62 billion, higher than Bitcoin’s inflows.
- Shiba Inu Burn Rate: The burn rate for Shiba Inu skyrocketed by nearly 3000%.
- Ripple’s XRPL Potential: Ripple’s CTO echoed Franklin Templeton’s positive stance on XRPL.
- Binance’s New Contracts: Binance Futures plans to launch a new USDⓈ-M WIF Perpetual Contract with up to 50x leverage.
- XRP Whale Activity: A significant amount of XRP was transferred to exchanges Bitstamp and Bitso.
- Thailand’s SEC: The regulatory body plans to ease constraints on digital token investments.
- BNB Bridge Exploiter: The exploiter’s position was liquidated, involving $42 million worth of vBNB.
- Justin Sun’s Withdrawals: TRON founder Justin Sun withdrew $3.54 million worth of assets from Binance.
- MAS’s Stance on Bitcoin ETFs: The Monetary Authority of Singapore rejected the listing of a Bitcoin spot ETF.
- Donald Trump’s CBDC Stance: The former president vowed to prevent the creation of a central bank digital currency.
- TUSD Depegging: TrueUSD stablecoin depegged to a low of $0.9715 amid a major selloff.
- Stripe’s Ban: Stripe prohibited customers from selling crypto mining hardware.
- Coinbase’s Legal Officer: Paul Grewal criticized the SEC for overreach, stating that regulatory changes should be left to Congress.
- Franklin Templeton’s Focus: The firm is now focusing on the benefits of Ethereum and Solana, following its interest in Bitcoin.
Conclusion
The crypto world is buzzing with significant developments, from legal battles and market trends to technological advancements and regulatory changes. As Coinbase challenges the SEC and Reddit prepares for its IPO, the industry continues to evolve at a rapid pace.
