“Window is officially Jan 5th to Jan 10th. Really this means that any potential approval orders are going to come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10. Mark your calendars people.”
Seyffart responded to a Scott Johnsson post on X (previously Twitter). Johnsson highlighted a January 5, 2024, deadline for rebuttal submissions relating to the Franklin and Hashdex applications.
Notably, there were no further updates relating to in-kind and cash-created subscriptions/redemptions.
While the markets are hopeful of the SEC approving the BTC-spot ETFs, the courts retargeted the SEC.
Ripple Chief Legal Officer Stuart Alderoty Targets the SEC
On Friday, Ripple Chief Legal Officer Stuart Alderoty sent another swipe at the SEC. After highlighting a Wall Street Journal article on Thursday, it was the US courts on Friday.
– Court finds the SEC demonstrated “hypocrisy” by making inconsistent arguments to the Court and not acting out of a “faithful allegiance to the law.” SEC v Ripple, 7/12/22
– Court agrees that the SEC defaulted on its duty to respond in good faith to Coinbase’s petition for crypto rulemaking. In Re: Coinbase, 6/6/23
– Court finds that the SEC’s “inconsistent treatment of similar products is arbitrary and capricious.” Grayscale v SEC, 8/29/23
– Court orders SEC to show cause why it should not be sanctioned for making false and misleading representations to the Court. SEC v Debt Box, 11/30/23.”
The increasing number of adverse comments from the courts bodes well for Ripple. Ripple and the SEC are currently engaged in remedies-related discovery. On the conclusion of discovery (February 12, 2024), the SEC must file its remedies-related brief by March 13, 2024.
The SEC v Ripple case entered its final stage in November. The parties are working toward a final penalty for XRP sales to institutional investors.
XRP gained 1.07% on Friday, ending the session at $0.6129.
BTC held above the 50-day and 200-day EMAs, affirming bullish price signals.
A BTC move through the Friday high of $39,011 would support a break above the $39,600 resistance level to target $40,000.
The market focus remains on BTC-spot ETF-related news and regulatory activity.
A drop below the $38,000 handle would give the bears a run at the $37,600 support level.
The 14-Daily RSI reading of 65.94 suggests a BTC move to the $39,600 resistance level before entering overbought territory.
BTCUSD 021223 Daily Chart
ETH held above the 50-day and 200-day EMAs, affirming bullish price signals.
An ETH move through the Friday high of $2,110 would bring the $2,143 resistance level and the $2,200 handle into play.
However, a break below the $2,021 support level would support a fall to the $1,926 support level.
The 14-period Daily RSI at 61.47 suggests an ETH move to the $2,143 resistance level before entering overbought territory.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.