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ETF Uncertainty and SEC Activity Leaves BTC at Sub-$30,000
It was a quiet Saturday session, leaving investors to consider the latest SEC moves in the digital asset space.
News of the SEC turning to the public for comment on the ARK Invest spot BTC ETF application continued to test buyer appetite. The SEC has yet to comment on the other spot BTC ETF applications.
Uncertainty surrounding the likely outcomes of the SEC v Binance and SEC v Coinbase cases remained headwinds.
On Friday, Republican Senator Cynthia Lummis, crypto lobbyists, and professors called on the Court to dismiss the SEC lawsuit against Coinbase.
The respective parties filed Amicus Curiae briefs. The Cynthia Lummis brief stated,
“Through this case, the SEC seeks primary influence over economic, political, and legal questions under active consideration by Congress and multiple agencies.”
The brief went on to say,
“The SEC’s assertion of authority in this case is out of step with active legislative efforts.”
Notably, the filing also highlighted the inconsistency between the SEC’s treatment of virtually all crypto assets as securities versus other jurisdictions, adding,
“The SEC is not suited to the talks of crafting a holistic regulatory framework for crypto assets, particularly through a judicial enforcement action.”
On Saturday, Coinbase CEO Brian Armstrong responded to the Amicus Curiae brief filings, saying,
“TIL amici is the plural of amicus (friend of the Court) – lawyers love their Latin. In any event, thank you so much to the MANY firms who wrote in supporting our case against the SEC.”
The Day Ahead
It will likely be a quiet Sunday session. However, SEC v Ripple-related chatter, ETF updates, and Binance and Coinbase (COIN)-related news will move the dial.
US lawmaker chatter and SEC activity would also need consideration after the Amicus Curiae brief filings.
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