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A federal judge has allowed Coinbase to pursue an interlocutory challenge in the Second Circuit Court of Appeals in its ongoing case with the U.S. Securities and Exchange Commission (SEC), citing conflicting rulings on crypto’s legal status. Judge Katherine Failla granted the exchange’s appeal of her March 2024 order, which had denied the company’s motion for judgment. A Big Legal Win for Coinbase Paul Grewal, Coinbase’s chief legal officer, acknowledged the development in a January 7 X post: “Over the strenuous objection of SEC, Judge Failla has granted our motion for leave to pursue an interlocutory appeal and stayed the district court litigation.” Fox Business reporter Eleanor Terrett described the decision as “a big legal win for Coinbase,” explaining that the judge had granted a rare interlocutory appeal, permitting the exchange to challenge the SEC’s assertions in the Second Circuit Court of Appeals. The Financial watchdog initially lodged its complaint against Coinbase on June 6, 2023, claiming that the company had failed to register as a broker, national securities exchange, or clearing agency while performing all three functions. The lawsuit also alleged that it had violated securities laws by offering tokens such as SOL, ADA, and MATIC, which it argued are securities under the Howey Test. In response, the exchange filed a motion in June 2023 seeking to dismiss the lawsuit, arguing that the tokens in question do not have the contractual obligations typical of securities and that its operations fall outside the SEC’s jurisdiction. In response, the court partially granted and denied this motion in March 2024, pushing it to move for certification for an interlocutory appeal. Conflicting Opinions In her January 7 ruling , Judge Failla certified the order for appeal, stating that it involved a “controlling question of law” about the application of the Howey Test to crypto assets, an issue that involves several conflicting opinions. She noted that resolving this would help conclude the SEC’s enforcement action against Coinbase. She also highlighted the unresolved issues from other high-profile cases involving the regulator, such as its actions against Ripple Labs. She explained that the decision in Ripple brought distinctions between token sales to institutional investors and retail buyers, an argument Coinbase has urged courts to adopt. She also highlighted Coinbase’s argument that commodities have inherent value independent of their ecosystems. However, Failla rejected the platform’s narrower interpretation of Howey, emphasizing that the absence of formal contractual obligations does not exempt crypto assets from being securities if buyers reasonably expect profits from others’ efforts. “There is indeed substantial ground to dispute how Howey is applied to crypto assets and the role of the surrounding digital ecosystem in that analysis,’’ read the document. Failla acknowledged the uncertain legal landscape and wrote that the Howey Test’s application to digital ecosystems is a “difficult issue of first impression for the Second Circuit.” The post Judge Pauses SEC Lawsuit Against Coinbase appeared first on CryptoPotato .
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Toncoin Could See A 65% Surge In The Next 43 Days—Here’s Why
The cryptocurrency market has shown heightened activity in early 2025, with Toncoin (TON) emerging as one of the spotlighted assets following an analysis shared by a CryptoQuant analyst, Burak Kesmeci. According to recent data, the 90-day percent return metric for TON indicates the early stages of an uptrend, raising expectations of a sustained rally in the coming weeks. This trend has been observed historically, with similar metrics signaling substantial gains in past bull cycles. Related Reading: Toncoin Price Recovery Continues — Is The Dwindling Staking TVL Ratio Bullish? Historical Data Suggests Strong Price Potential Kesmeci disclosed that historical analysis reveals that TON has previously demonstrated notable performance following reversals in the 90-day percent return metric. For example, in August 2023, TON rose from $1.72, delivering a 65% gain over 70 days. Similarly, in February 2024, the asset surged by 258% in just 43 days after a similar metric reversal. The most recent example, recorded in November 2024, saw TON climb 32% within 11 days. These instances suggest that when the 90-day percent return metric crosses into positive territory, it often serves as a precursor to significant upward price movement. The current trend, which began just seven days ago, has sparked optimism among investors who are considering short-term accumulation strategies. Kesmeci reveals that if historical trends persist, TON could experience a median gain of 65% over the next 43 days. The analyst wrote: Currently, we observe that the “90-day percent return” metric for TON has entered a bull trend for the fourth time. It has been only 7 days since this reversal. Based on previous data: Expected duration: 43 days (median value) Potential percentage return: 65% (median value) These insights suggest that TON is likely to continue its upward trend in the short term. However, it is worth noting that market conditions and external factors, such as overall sentiment in the cryptocurrency sector, could influence the trajectory of this trend. Toncoin Market Performance Since the year began, Toncoin has been unable to make a significant movement towards the upside. Instead, the altcoin has continued to face consistent decline. Over the past two weeks, TON has now plunged by a double-digit performance of nearly 12%. This has brought the asset’s price to currently trade below $6 as of today marking a 7.5% decline in the past 24 hours. Interestingly, despite the consistent decline from TON in recent weeks, the asset’s daily trading volume has seen an opposite trend. Related Reading: Toncoin Consolidates: Could A Breakout Push TON Higher? Particularly, in the past 7 days, TON’s daily trading volume has moved from $200 million last Wednesday to now sitting at roughly 344 million as of today. Given the current trend in TON’s price, it is worth noting that this increase in TON’s trading volume might be from the continuous selling pressure in the TON market. Featured image created with DALL-E, Chart from TradingView Crypto Potato
Peter Schiff: ‘US Govt Won’t Be’ Buying Bitcoin: Is That True?
Before winning the 2024 presidential election in a landmark victory for the cryptocurrency sector, former president Donald Trump promised to establish a national Bitcoin reserve. As a result, crypto markets have been making big bets on Bitcoin’s price increasing throughout 2025. But Trump hasn’t yet committed the federal government to making any new Bitcoin purchases. His more modest plan is to simply freeze the Bitcoin the government has already seized from those like Ross Ulbricht, who broke the law. So does that mean Schiff is right, and the government won’t be buying Bitcoin, even with Trump in charge? That’s not necessarily so. Wyoming Senator Cynthia Lummis (R-WY) has a more radical proposal for the government in Washington to purchase one million BTC over five years. Accordingly, unless Schiff knows something that markets don’t yet, it is entirely possible that the pro-crypto Republican Congress and White House could send the government on a BTC buying spree in Trump’s second term. Peter Schiff: Govt Won’t Be Buying Bitcoin Once it becomes obvious that the U.S. Govt. won’t be buying #Bitcoin , those who bought hoping to front-run that buying will sell. @saylor will be forced to accelerate his leveraged Bitcoin purchases to prevent a crash. But this will only delay the crash until $MSTR crashes first. — Peter Schiff (@PeterSchiff) January 8, 2025 After MicroStrategy announced its most recent monster purchase of Bitcoin—1,070 BTC for $101 million—the asset’s price surged within an hour. “But this will only delay the crash until $MSTR crashes first,” Schiff added. Lifelong Goldbug ‘Hates’ BTC ‘Speculative Mania’ It’s not that I hate Bitcoin itself. I hate the speculative mania in Bitcoin that has caused a huge misallocation of capital, which will cause millions to lose sums far greater than they can afford, and which will tarnish the image of sound money and libertarian principals. — Peter Schiff (@PeterSchiff) January 8, 2025 In reply to a commenter who asked, “Why do you hate Bitcoin so much, Peter?” the global hedge fund capitalist answered, “It’s not that I hate Bitcoin itself. I hate the speculative mania in Bitcoin that has caused a huge misallocation of capital.” It’s true that there are winners and losers in the volatile cryptocurrency exchange markets and that there are frequently BTC bubbles with steep corrections. But it’s not necessarily a flaw inherent to Bitcoin or to the cryptocurrency’s most vocal supporters. Crypto markets aren’t really different from stocks in this regard. They’re just more extreme because of the liquidity and velocity of these 24-hour-a-day markets, managed by automated Internet trading platforms and open to anyone around the world to participate. Of course, Schiff would be sure to add that he doesn’t like that about stock markets either. The post Peter Schiff: ‘US Govt Won’t Be’ Buying Bitcoin: Is That True? appeared first on CryptoPotato . Crypto Potato
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