Big Win, Big Exit & Big Payouts 🧨
It’s a big week guys… Here’s to our latest win 🍻
Take that, Gary! Thumbs up to Coinbase. They almost now stand side by side with Ripple Labs in the Crypto trophy house having scored a winning goal against the SEC, a sweet first leg victory.
Elsewhere FTX is finally getting ready to open its treasure vault to creditors while the Fed’s top watchdog looks to be avoiding our favorite orange-haired president, and Bybit just pressed pause in India.
The year is starting to come alive guys, you know the crypto world never sleeps.
Here are the Highlights:
- Coinbase secures important win in legal dispute against the SEC, crypto community cheers
- FTX to begin distributing $1.2B to creditors after Trump inauguration
- Bybit Suspends Crypto Trading in India Amid Regulatory Changes
- Fed's Barr to resign early from regulatory job to avoid legal fight with Trump
Coinbase secures important win in legal dispute against the SEC, crypto community cheers
District Judge Katherine Polk Failla of the United States District Court Southern District of New York granted a Coinbase motion for an interlocutory appeal in their lawsuit against the US Securities and Exchange Commission (SEC) in a Jan. 7 ruling. Judge Failla claimed that the parties seek clarity on an “important legal issue,” although they “tussle” over which court has the proper tools to clarify. As a result, Coinbase can now appeal the SEC accusations to the Second Circuit of the US Court of Appeals. Court proceedings will remain halted until a decision comes out on whether an investment contract requires an actual contract.
FTX to begin distributing $1.2B to creditors after Trump inauguration
FTX is preparing to distribute more than $1.2 billion in repayments to the bankrupt former cryptocurrency exchange’s users. FTX, once the world’s second-largest centralized cryptocurrency exchange (CEX), is set to begin repaying users who have been unable to access their funds for over two years. Exchange users who are owed up to $50,000 worth of digital assets have until Jan. 20 to fulfill their repayment requirements. FTX will likely start repaying claims of up to $50,000 after Jan. 20, according to FTX creditor Sunil, who is part of the largest group of more than 1,500 FTX creditors, the FTX Customer Ad-Hoc Committee.
Bybit Suspends Crypto Trading in India Amid Regulatory Changes
Bybit, the second-largest centralized exchange by daily trading volume, announced that it will temporarily halt its crypto trading services in India due to changing regulatory requirements. The suspension will take effect on January 12 at 8:00 am UTC and will impact cryptocurrency trading, new account registrations, and order placements across various products. The company cited its commitment to adhering to applicable laws and regulations as the reason for the decision. While trading services will pause, the exchange confirmed that users will still be able to withdraw funds without restrictions.
Fed's Barr to resign early from regulatory job to avoid legal fight with Trump
Michael Barr, the Federal Reserve's top regulatory cop, said he will step down on Feb. 28, in a surprise move that will avert a potentially messy legal fight with President-elect Donald Trump who is now free to replace him with an official of his choosing. Barr said he was stepping down as the central bank's vice chair for supervision over a year before his term was set to expire in July 2026, but planned to keep his seat on the Fed's Board of Governors. Barr told Congress in November that he intended to serve out his term, but since then has concluded that doing so could risk a potentially harmful dispute with the incoming Trump administration, which the Washington Post reported in October has considered demoting Barr from his regulatory post.
Other Highlights Worth Mentioning
Russia seizes $10M in Bitcoin from ex-official in bribery case - Cointelegraaph
Solana (SOL) Price Eyes $200 as It Hits a Historical Rebound Zone - BeInCrypto
Standard Chartered Launches Crypto Custody Services in Europe - Decrypt
Thailand seizes 996 Bitcoin miners after busting local operation stealing electricity - Cryptoslate