Regulation
Binance Lawsuit Halts For 60 Days, Will US SEC Drop More Crypto Cases?
In a major development, crypto exchange Binance and the U.S. Securities and Exchange Commission (SEC) have filed a joint motion to pause the legal proceedings for 60 days. This is the first major development in the Binance lawsuit after Chairman Mark Uyeda took charge of the SEC last month. As per the joint motion filed with the court, both parties have cited the establishment of the crypto task force under Hester Peirce as the reason behind it.
Binance Lawsuit to Pause for 60 Days, What’s Next?
Both parties in the Binance lawsuit have filed a joint motion to pause the legal proceedings for a period of 60 days. The filing cites the potential implications of the SEC’s newly formed crypto task force by Chairman Mark Uyeda, under the leadership of crypto mom Hester Peirce. The motion was filed on February 10, 2025, in the U.S. District Court for the District of Columbia.
Both parties agree the task force’s work could impact case resolution. At the end of the 60-day period, they will submit a status report on whether an extension is needed. The temporary pause aims to conserve resources and potentially avoid further court proceedings if an early resolution is reached. The motion notes this would eliminate the need to address Binance’s pending motions to dismiss the amended complaint, as per the filing.
Last month in January, both Binance and founder Changepng Zhao (CZ) filed a motion to dismiss the ongoing Binance lawsuit stating that the US SEC has failed to demonstrate how its complaint satisfies the Howey test. They further argued that the SEC has not provided a clear framework for the court to differentiate between tokens sold as investment contracts and those sold as commodities, such as Bitcoin (BTC) and Ether (ETH).
Will US SEC Drop More Lawsuits Like Ripple, Kraken, Etc?
Following the development in the Binance lawsuit, Fox Business journalist Eleanor Terrett anticipates that other non-fraud crypto cases involving entities such as Ripple, Coinbase, and Kraken may follow a similar path. The move highlights a potential shift in how regulatory cases against cryptocurrency firms are being approached under the SEC’s new leadership.
The Story is developing further….
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- NYSE Arca has filed for Grayscale Cardano ETF, seeking to list a Cardano Trust under the ticker GADA.
- Bitcoin Pepe presale launches on February 11, 2025.
- Bitcoin Pepe aims to build a Layer-2 solution for Bitcoin leveraging Solana’s speed and low fees and Bitcoin’s security.
On February 10, 2025, NYSE Arca filed a 19b-4 form with the SEC to list the Grayscale Cardano Trust, marking a significant step toward the first US spot Cardano (ADA) ETF.
Notably, the ADA ETF filing coincides with the launch of Bitcoin Pepe’s presale, which is scheduled to go live today (February 11, 2025).
SEC has 45 days to give feedback on the Grayscale Cardano ETF
According to the NYSE Acra filing, Grayscale, a leading crypto asset manager, has partnered with NYSE Arca to propose the Grayscale Cardano Trust under the ticker GADA, seeking to list and trade shares on the NYSE. The trust would hold Cardano’s ADA tokens, with each share representing fractional ownership of the assets, minus expenses.
The filing, submitted under NYSE Arca Rule 8.201-E, reflects the growing institutional interest in altcoin ETFs, following the SEC’s approval of Bitcoin and Ethereum spot ETFs last year. The trust’s net asset value will be calculated daily using an index price from regulated exchanges like Coinbase and Kraken, with Coinbase Custody safeguarding assets and BNY Mellon serving as administrator.
Following the news, the price of Cardano’s native token, ADA, had surged by over 14% to $0.7948 at press time. However, regulatory hurdles remain, as the SEC previously categorized Cardano as security in lawsuits, and the absence of CME ADA futures could delay approval.
Nevertheless, the SEC has 45 days to approve, deny, or extend its review, with market optimism tempered by caution over regulatory challenges.
Bitcoin Pepe presale, the first Bitcoin meme ICO, launches today
As the crypto community celebrate the Cardano ETF proposal that could impact the price of ADA if approved, another crypto project, Bitcoin Pepe, is set to launch the world’s first meme-focused ICO on Bitcoin today with 50% of its BPEP token supply will be available pre-market.
Starting at $0.021, BPEP’s price will increase by 5% after each stage sells out, with early investors potentially seeing gains of over 4x before exchange listings.
Besides the presale, the Bitcoin Pepe project aims to build a Layer-2 solution for Bitcoin, combining Solana’s speed and low fees with Bitcoin’s security, introducing the PEP-20 token standard to enable meme coin launches on the blockchain.
Bitcoin Pepe seeks to unlock $2 trillion of dormant Bitcoin capital for the $100 billion meme coin market. It offers a meme-friendly ecosystem, including a decentralized exchange akin to Solana’s pump.fun.
While the project has garnered over 10,000 social media followers and reflects retail enthusiasm for meme coins, its speculative nature carries significant risks just as with any other memecoin project.
However, the Bitcoin Pepe presale launch aligns with a broader meme coin boom, following successful raises by projects like Pepe Unchained and Wall Street Pepe, signalling a possible presale success.
Notably, both the Grayscale Cardano ETF filing and Bitcoin Pepe’s presale highlight the dynamic evolution of the cryptocurrency market, with regulated investment vehicles and speculative ICOs catering to diverse investor appetites.
With the Cardano ETF awaiting clearance by the US SEC, investors could try the Bitcoin Pepe presale for possible returns once it gets listed on exchanges once the presale concludes.
Bloomberg analysts James Seyffart and Eric Balchunas have revealed their predictions for the Solana, XRP, Dogecoin, and Litecoin ETFs. As part of their predictions, they outlined the approval odds for each of these crypto ETFs.
Bloomberg Analysts Give Take On Crypto ETFs
In an X post, Bloomberg analyst James Seyffart stated that he and Eric Balchunas were putting out relatively high odds of approval across the board with a focus on Solana, XRP, Dogecoin, and Litecoin for now.
These Bloomberg analysts put the odds of approval for Solana ETFs at 70% in 2025. Meanwhile, they put the approval odds for XRP, Dogecoin, and Litecoin ETFs at 65%, 75%, and 90%, respectively.
These analysts had previously predicted that the US Securities and Exchange Commission (SEC) would likely approve a Litecoin ETF first because of its non-security status. Moreover, the Commission is already engaging with Canary Capital on its Litecoin ETF. So far, Canary, Grayscale, and CoinShares are the three issuers that have filed to offer a Litecoin ETF.
Dogecoin ETFs have higher odds than the Solana and XRP ETFs because these analysts believe that there is a huge likelihood that the SEC also views the top meme coin as a commodity, like Litecoin. However, the Solana ETFs have an edge over the Dogecoin ETFs as the US SEC has acknowledged the 19b-4s for the former.
Why XRP ETFs Have The Lowest Approval Odds
The Bloomberg analysts explained that the XRP ETFs have the lowest approval odds because of the Ripple SEC lawsuit. According to them, the SEC is unlikely to approve an XRP ETF until it settles the litigation against Ripple.
This comes just as legal expert Jeremy Hogan predicted that the Ripple lawsuit would end before the XRP ETF approval. The lawyer explained that he holds this opinion because of how long it takes before the Commission approves such funds. Legal expert Marc Fagel previously predicted that the Ripple SEC case could end as soon as Paul Atkins takes office as the SEC Chair.
Paul Atkins’ Confirmation Could Still Take A While
The US Senate would need to confirm Paul Atkins before he can assume office as the SEC Chair. In an X post, FOX journalist Eleanor Terrett explained how this could still take a while.
She mentioned that the Senate needs to approve dozens of new administration members, and cabinet members are usually the first to get confirmed. Currently, the Senate still needs to decide on nine cabinet members.
As such, Atkins’ confirmation is unlikely to happen anytime soon. The US SEC Chair nominee will need to have his hearing before the Banking Committee, although a date has not been set. The Senate will proceed to vote if his nomination advances out of the committee.
The journalist mentioned that the Senate didn’t confirm former SEC Chair Gary Gensler until April 2021 despite being nominated by Joe Biden in January. Similarly, Gensler’s predecessor, Jay Clayton, wasn’t confirmed until May 2017 after Donald Trump nominated him in January 2017.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin (BTC) frenzy is sweeping across the US following Donald Trump’s victory in the November presidential election, with Kentucky becoming the latest state to introduce legislation aimed at establishing a Bitcoin reserve.
Kentucky Joins The Bitcoin Reserve Club
Kentucky has become the 16th US state to introduce legislation seeking to create a Bitcoin reserve. Introduced by State Representative Theodore Joseph Roberts, the bill, titled HB376, proposes allowing the State Investment Commission to allocate up to 10% of excess state reserves into cryptocurrencies. The bill states:
The total amount of excess cash invested under subsection (9)(k), (l), and (m) of this section shall not, at the time of the investment is made, exceed ten percent (10%) of the total amount of excess cash invested under subsection (9) of this section.
While the bill does not explicitly mention Bitcoin, its definition of eligible digital assets ensures that only BTC would qualify. According to the bill, any digital asset included in the reserve must have a market capitalization exceeding $750 billion and cannot be a stablecoin.
As of today, BTC is the only cryptocurrency meeting these criteria, with a total market capitalization of over $1.9 trillion at the time of writing. In contrast, the second-largest cryptocurrency, Ethereum (ETH), has a market cap of approximately $334 billion.
With this legislation, Kentucky joins a growing list of states pursuing similar Bitcoin reserve initiatives. Other states that have introduced comparable bills include Arizona, Alabama, Florida, Massachusetts, Missouri, New Hampshire, North Dakota, South Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Utah, Kansas, and Wyoming.
However, despite numerous proposals, none of these bills have been implemented so far. Wyoming’s WYHB201 bill failed to pass a committee vote, while North Dakota’s ND HB1184 bill was voted down in the House.
Conversely, Utah’s HB230 bill has successfully passed the House and advanced to the Senate, marking the first Bitcoin reserve bill to clear a chamber vote. Whether it will pass the Senate remains to be seen.
Could National BTC Reserves Be Next?
Globally, more countries are considering the establishment of strategic BTC reserves, aligning with a recent report suggesting that nation-state adoption will drive the next phase of cryptocurrency expansion.
For example, US Crypto Czar David Sacks recently stated that the federal government is exploring the feasibility of a national BTC reserve. Similarly, Brazil is considering adding BTC to its National Treasury to diversify financial holdings.
Meanwhile, countries such as El Salvador and Bhutan have already accumulated substantial Bitcoin reserves. At press time, BTC trades at $99,620, up 1.5% in the past 24 hours.
Featured Image from Unsplash.com, Charts from Bitcoinlaws and TradingView.com
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