The outcome of the SEC v Terraform Labs lawsuit has influenced demand for cryptocurrencies among buyers. Nevertheless, advancements in the BTC-spot ETF sector continue to positively drive market momentum.
The entire cryptocurrency market cap dropped by 0.53% to $1.56 trillion from Monday to Saturday morning, resulting from increased scrutiny by US lawmakers and the SEC v Terraform Labs/Do Kwon ruling. However, advances in the BTC-spot ETF domain helped limit the market's losses.
Judge Rakoff's verdict on the SEC v Terraform Labs case had a negative impact on the cryptocurrency market as the ruling categorized TerraUSD and Luna as securities. Despite denying the motion for Summary Judgment from both the SEC and the Defendants, the trial is set to commence on January 29, 2024. This ruling potentially gives the SEC legal authority over token sales to institutional investors, implying significant implications for the US crypto market.
Coinbase's upcoming oral arguments with the SEC on January 17, 2024, regarding a motion to dismiss, add a layer of complexity to the legal landscape. The company's shares plummeted by 6.68% on Friday, ending an eight-week winning streak.
On December 29, BTC-spot ETF issuers completed the remaining SEC-imposed requirements, such as removing references to In-kind creation and naming Authorized Participants (APs). Notably, multiple issuers, including Bitwise, BlackRock, Fidelity, Franklin Templeton, Invesco/Galaxy, Valkyrie, VanEck, and WisdomTree, submitted amendment S-1s, with some offering waivers for fees and announcing major APs.
The SEC Stabilization Act and the #FireGaryGensler movement gained attention, with GOP Majority Whip Tom Emmer endorsing #FireGaryGensler and co-leading the SEC Stabilization Act with Warren Davidson. Both initiatives aim to oust Gary Gensler and overhaul the SEC in response to his recent anti-crypto statements.
MicroStrategy made a significant purchase of 14,620 BTC for approximately $615.7 million, bringing their total BTC holding to 189,150 BTC, acquired for an average price of $31,168 per BTC. Additionally, the company's founder, Michael Saylor, expressed optimism about BTC's future, citing the potential impact of BTC-spot ETFs and the Bitcoin halving event on demand.
Subscribe to our daily newsletter and get the best forex trading information and markets status updates
Trade within minutes!
Comment (0)