Summary:
SEC v Coinbase ruling favors Coinbase, challenging SEC's enforcement tactics
Ripple's case outcome could significantly impact XRP's price
Bitcoin dipped below $90k, rebounding on rumors of pro-crypto executive orders
BTC's price trends depend on US economic data and developments in the Strategic Bitcoin Reserve
Potential for substantial growth in the crypto market as financial advisors increase exposure
SEC Faces Judicial Fallout as Chair Gensler’s Term Ends
The SEC v Coinbase case took an unwelcome turn for the SEC, with the Third Circuit Court ruling in Coinbase’s favor. Coinbase Chief Legal Officer Paul Grewal stated,
“We just won our petition for a writ of mandamus at the Third Circuit. The Court held that the SEC’s order was conclusory and insufficiently reasoned.”
Judge Bibas remarked on the SEC’s enforcement tactics, emphasizing that they risk banning an entire industry.
Ripple’s Chief Legal Officer Stuart Alderoty celebrated the ruling, indicating that Gensler’s anti-crypto agenda is faltering.
“Huge congratulations to Paul Grewal and Coinbase for their win today. His selective enforcement of securities laws was a covert attempt to ban the industry outright.”
This ruling may pressure the SEC to reconsider its appeal in the Ripple case.
XRP Price Trends: Legal Battle Drives Sentiment
On January 13, XRP rose by 0.80%, closing at $2.5245. XRP’s price trajectory is heavily influenced by the Ripple case, with potential declines if the SEC files its opening brief. Conversely, if the SEC withdraws its appeal, XRP could surpass its 2018 record high of $3.5505.
Explore our expert analysis on the SEC’s next move and its implications for XRP’s future.
Bitcoin Dips Below $90K, Rebounds on Policy Rumors
Meanwhile, Bitcoin (BTC) faced volatility on January 13, dipping below $90k for the first time since November. The decline was brief, as buyers supported a rebound amid speculation of pro-crypto executive orders from the Trump administration.
BTC recovered losses as rumors circulated about Trump's potential reversal of Biden’s veto on the SEC’s SAB 121 regulation.
Bitwise, a BTC-spot ETF issuer, highlighted US demand potential, indicating substantial room for growth among financial advisors.
Bitcoin Price Outlook
On January 13, BTC dipped by 0.10%, closing at $94,493. BTC’s price trends are influenced by US economic data, BTC-spot ETF market flows, and developments related to the Strategic Bitcoin Reserve (SBR).
Hotter-than-expected US inflation numbers could impact sentiment negatively, while progress toward a US SBR may support new highs. BTC could break below the $90,742 support level if bipartisan resistance arises against the SBR.
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