Analyst Predicts 70% Chance of Coinbase Winning SEC Case!

The SEC finds itself in some hot water as Coinbase is pushing back hard in its legal struggle with the regulator.

Author

Danielle du Toit
January 22, 2024

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Here's what we've got for you today:

  • Coinbase has a 70% Chance of a Full Dismissal of SEC Lawsuit

  • X Launches Dedicated Payments Account, Crypto Community Speculates

  • New Solana Mobile 2 Outperforms Saga in Pre-order Frenzy

  • Gemini Sparks Speculation About XRP Listing With Cryptic Tweets

⚖️ Coinbase has a 70% Chance of a Full Dismissal of SEC Lawsuit

The SEC now finds itself in hot water as both Coinbase and Ripple are pushing back and finding traction in their respective legal battles against the regulator.

  • Elliott Stein, Bloomberg's senior litigation analyst, initially doubted Coinbase's ability to refute the SEC's charges, especially regarding its staking rewards program and business structure.

  • After attending a five-hour court hearing, Stein's view completely changed, leading him to believe that Coinbase has a 70% chance of winning the SEC's lawsuit.

  • The SEC alleges that Coinbase functions as an unregistered broker, a claim that Coinbase strongly denies, pointing out the absence of clear guidelines for crypto exchanges to register for a license.

Expectations are high that the X app will roll out in-app payment features by the middle of 2024.

  • Elon Musk's X has set up a dedicated account for a payments feature, sparking discussions in the crypto community about the potential inclusion of cryptocurrencies.

  • The new account is yet to post anything but it is verified with a gold badge and has an X logo, confirming its official association with the X platform.

  • Musk's history of using Dogecoin (DOGE) for Tesla merchandise payments and his social media mentions of it lead many to speculate that DOGE might be the first cryptocurrency to be integrated into X's payment system.

Not only does Solana’s Mobile 2 pre-orders have the crypto community talking, but the Solana blockchain also witnessed a massive surge in stablecoin transfer volume in January.

  • The Solana Mobile 2 received over 30,000 pre-orders within the first 30 hours of its announcement, surpassing the total sales of its predecessor.

  • The new device, while remaining Android-based, offers upgrades including a built-in crypto wallet and a seed vault for enhanced digital asset security, along with a dedicated decentralized application (DApp) store.

  • Additionally, Solana's blockchain experienced a huge increase in stablecoin transfer volume, with over $300 billion in transfers recorded in January alone.

The crypto community is buzzing with anticipation about Gemini's tweets regarding XRP, suggesting that a relisting on their platform might be on the horizon.

  • Crypto exchange Gemini has sparked speculation in the crypto community with a series of playful tweets featuring wordplays on "X" and "R" from XRP.

  • The tweets included phrases like “Don’t forget about XRP,” “xcited about xrp,” and “xrriving shortly,” which could hint at a potential relisting of XRP.

  • Gemini delisted XRP in 2020 in the middle of Ripple Labs' legal issues with the SEC.

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