Coinbase & Robinhood Surge as SEC Poised to Drop Lawsuit – Bitcoin Eyes $100K

The SEC’s newest transfer in direction of dropping its lawsuit in opposition to Coinbase couldn’t solely enhance sentiment for crypto tokens as soon as thought of securities beneath the earlier administration but in addition positively impression Robinhood’s (HOOD) inventory, a significant participant within the crypto alternate area.

Whereas the SEC hasn’t but voted on the Coinbase case, its seemingly determination could possibly be a giant win for the crypto trade, which has confronted strict enforcement beneath President Biden. In June 2023, Robinhood needed to take away tokens accused of being securities, however after Donald Trump’s election victory, the alternate added again some tokens, together with Solana’s SOL.

Exchanges May Add Extra Tokens, Crypto Companies May Take into account U.S. IPOs 

With the Coinbase case prone to be dropped, exchanges like Robinhood might really feel extra assured including tokens to their platforms, which may enhance buying and selling income. In addition to, Robinhood just lately reported a 115% improve in fourth-quarter income, pushed by increased crypto buying and selling earnings.

The highest 5 tokens, primarily based on market cap, that had been beforehand thought of securities embrace BNB, Solana (SOL), Cardano (ADA), Tron (TRX), and Toncoin (TON).

This growth may additionally encourage extra firms to go public in U.S. markets. A number of crypto companies, corresponding to Blockchain.com, BitGo, Gemini, eToro, Bullish International, Ripple, and Circle, are already rumored to be eyeing potential preliminary public choices (IPOs) within the U.S.

COIN Surges 5%, HOOD Rises 4%, BTC Nears $100K

Coinbase (COIN) noticed a 5% improve in shares forward of Friday’s market open, following the information.

The general crypto market additionally rose, with Bitcoin (BTC) nearing $100,000 for the primary time since early February. Tokens beforehand labeled as securities by the SEC beneath Gary Gensler’s management additionally gained, as market sentiment improved.