Ripple and Coinbase

SEC legal challenges drive Ripple and Coinbase to call for US crypto laws

Ripple Chief Legal Officer Stuart Alderoty emphasized the company's success in regulated crypto nations on Thursday.

According to Alderoty,

"We need to stop elevating politics over sound policy in the US and look to the way that Singapore, UK, EU, & Dubai have set clear frameworks and licenses. No wonder crypto innovation is thriving in these regions."

Coinbase also sees the Singapore regulatory situation favourably. The Monetary Authority of Singapore (MAS) granted Coinbase a Major Payment Institution license in October.

Ripple and Coinbase are both involved in SEC cases. In October, Judge Analisa Torres dismissed the SEC's move for interlocutory appeal, diverting the market's attention to the current SEC v Coinbase lawsuit. Investors, Coinbase, and the SEC are all waiting for the Court to rule on Coinbase's request to dismiss.

This Monday, Coinbase Chief Legal Officer Paul Grewal replied to the revelation that Hamas had gained access to cryptocurrency by urging the US government to implement crypto laws, stating,

"[...] We urgently need sensible crypto legislation passed in the United States." We need this business to thrive in nations dedicated to the rule of law, rather than being driven to regions where human rights and public safety are of little importance."

The release of the US CPI report has reignited speculation of a Fed rate hike.

A hotter-than-expected US CPI Report pushed BTC, ETH, and the broader market down.

In response to the CPI Report, the overall crypto market value fell by US$11 billion to a low of US$1,017 billion on Thursday. Earlier in the day, the overall crypto market cap reached a high of US$1,033 billion on Thursday.

Bitcoin Analysis

BTC was trading below the 50-day and 200-day exponential moving averages, indicating negative price indications. A bearish cross of the 50-day moving average through the 200-day moving average would indicate additional losses.

The trend line would be activated if BTC fell below the US$26,755 support level.

SEC action, SEC vs. crypto case updates, and crypto-spot ETF news will most likely be key points.

A BTC move through the 200-day and 50-day exponential moving averages would support a BTC rise to US$27,500. A break over US$27,500 would allow the bulls to attack the US$28,187 resistance level.

The 14-day RSI of 45.89 suggests that BTC will drop to the trend line before entering oversold territory.