📰 Crypto Weekly Roundup: SEC vs. Crypto and BTC-Spot ETF Developments

In a week of dynamic shifts and pivotal events, here are the five key insights you need to know in the world of crypto:

1. Market Oscillations: SEC v Terraform Labs Impact

The SEC v Terraform Labs ruling stirred a ripple effect, influencing buyer appetite and putting the crypto market in negative territory from Monday to Saturday morning.Despite this, progress toward the BTC-spot ETF market acted as a stabilizing force, preventing more significant downturns.

2. Market Performance: Second Weekly Loss in 11 Weeks

The total crypto market cap experienced a 0.53% dip, totaling $1,560 billion during the week.Escalating scrutiny of the U.S. crypto space, coupled with the SEC v Terraform Labs/Do Kwon ruling, contributed to this second weekly loss in eleven weeks.

3. Regulatory Developments: SEC v Terraform Labs Trial Implications

Judge Rakoff's ruling categorized TerraUSD and Luna as securities, with the trial set to commence on January 29, 2024.The ruling grants the SEC legal jurisdiction over token sales to institutional investors, setting the stage for potential shifts in the U.S. crypto market.

4. BTC-Spot ETF Advancements: Issuers Meet SEC Deadline

BTC-spot ETF issuers, including Bitwise, Blackrock (BLK), Fidelity, and others, fulfilled SEC requirements, submitting amendments by the December 29 deadline.Notably, several issuers named JPMorgan (JPM) as their Authorized Participants (APs), despite CEO Jamie Dimon's anti-crypto remarks.

5. Political Response: GOP Lawmakers and SEC Stabilization Act

GOP Majority Whip Tom Emmer voiced support for the #FireGaryGensler movement and announced co-leading the SEC Stabilization Act with Warren Davidson.

The Act aims to restructure the SEC and remove Gary Gensler, responding to recent controversial remarks and regulatory directions.

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