Weekly Preview: Coinbase v. SEC, token unlocks, and more
For those looking for an exciting week in the cryptocurrency world, there are several significant events to look forward to. While the stock market will be closed on Monday due to the Martin Luther King Jr. holiday, the blockchain will continue to operate, and important developments are scheduled for later in the week.
One of the main events to watch is the legal battle between Coinbase and the SEC. On Wednesday, January 17, Coinbase will face the SEC in federal court in Manhattan. Coinbase is seeking judgment on the pleadings in the SEC’s case against the company. The SEC alleges that Coinbase violated securities laws by selling 13 crypto tokens that it considers unregistered securities. Coinbase contends that the SEC approved its core business when it allowed the company to go public and is exceeding its authority. Crypto attorney James A. Murphy outlines four possible outcomes for the court hearing: an outright win for the SEC, a victory for Coinbase with prejudice, a narrower victory for Coinbase, or Coinbase’s motion being dismissed. If Coinbase’s motion is dismissed, the case will move to discovery for about a year.
Another important event is the upcoming token unlocks. According to Token Unlocks data, there are several significant unlocks scheduled for the upcoming week. ApeCoin (APE), associated with the Yuga Labs ecosystem, will unlock 15.6 million tokens worth approximately $23 million on January 16. Axie Infinity (AXS), a play-to-earn game, will unlock 3.43 million tokens worth about $28 million on January 18. Injective (INJ), the native token of the layer 1 blockchain, will unlock 3.67 million tokens worth approximately $140 million on January 20. Additionally, SPACE (ID), associated with the digital identity platform, will unlock 53 million tokens worth about $16 million on January 21.
Lastly, the World Economic Forum will hold its annual meeting in Davos, Switzerland. The event will feature the participation of several cryptocurrency companies, including Ripple, Circle, Coinbase, Stellar, and Hedera. These companies will aim to make their case for legitimacy on the global financial stage.
Overall, the week ahead promises to be an eventful one in the cryptocurrency world, with key legal battles, significant token unlocks, and crypto companies striving for recognition at a prestigious global forum.