Important Crypto News This Week: BTC, Coinbase, and the SEC

The legal battle between the SEC and Ripple reached its third year, while Coinbase also faced legal challenges. The advancement of a crypto-spot ETF market was a factor in the increase of BTC value this week.  

Highlights

• The cryptocurrency market is set to achieve its ninth weekly increase out of the last ten weeks.
• Updates related to BTC-spot ETFs contributed to Bitcoin's rise to $44,000.
• Coinbase demonstrated significant strength in the cryptocurrency market, experiencing an impressive rally of 18.65%.  

Crypto Market Set for Ninth Weekly Gain in Ten Weeks

In the week ending December 24, 2023, the total cryptocurrency market cap surged by 5.76%, reaching $1,613 billion. The ongoing advancement towards establishing a BTC-spot ETF market bolstered demand for BTC and the broader market. Remarkably, the cryptocurrency market is poised to achieve its ninth weekly gain out of the last ten weeks, with December representing a 16% increase and a potential four-month winning streak.

Coinbase (COIN) Records 18.65% Surge by December 22

On December 22, 2023, Coinbase (COIN) observed a 4.43% rally in its shares, culminating in an impressive 18.65% gain for the week. Notably, the approval of Coinbase as a registered VASP in France facilitated the provision of its full range of services to users in France.

Progress in international expansion plans and Binance's legal challenges were influential in driving these recent gains. Despite the ongoing SEC v Coinbase case, there have been no recent case-related updates for investors to consider, with a court hearing scheduled for January 17, 2024, where the SEC and Coinbase will present oral arguments on the Coinbase motion to dismiss (MTD).

SEC Chairman Expresses Concerns About Crypto Market

SEC Chair Gary Gensler conveyed a cautionary message to the crypto market on December 14, emphasizing the importance of compliance with securities laws and addressing the prevalence of fraud and bad actors within the crypto space. Referring to the crypto market as the "Wild West," he underscored the global existence of bad actors.

The timing of the message coincided with the third anniversary of the SEC vs. Ripple case. Stuart Alderoty, Chief Legal Officer at Ripple, expressed dismay over government lawyers' conduct, drawing attention to the SEC's handling of dishonesty in the legal process.

In a separate development, the SEC filed a response to an SEC vs. Debt Box court order on Friday, following the presiding Judge's instruction to justify the lack of reprimand for SEC lawyers' false and misleading statements in the SEC vs. Debt Box case.

Additional Updates in the Crypto Space

Michael Saylor, co-founder of MicroStrategy (MSTR), delivered an optimistic forecast for BTC, discussing the Bitcoin halving event and the potential approval of BTC-spot ETFs. Ripple and other crypto firms also contributed to a $75 million fund aimed at supporting pro-crypto US Presidential Election candidates in December.