Gensler Resigns, SEC Overruled, and FTX Payout
Bitcoin Breaks $99,000—All Eyes on $100K
Early this morning, Bitcoin hit a staggering $99,502.92, just shy of the historic $100,000 mark. This milestone underscores growing optimism in the crypto market, fueled by factors like increased institutional adoption and regulatory shifts. The market is now watching closely to see if Bitcoin can cross this psychological barrier over the weekend.
Solana Meme Coin Frenzy
Solana is witnessing a wave of 40,000-50,000 meme coins created daily, thanks to its low transaction costs and developer-friendly environment. Platforms like TikTok amplify these projects, with stories of investors turning $30 into thousands. However, the space remains rife with risks, including rug pulls and low utility.
Matt’s Take:
Meme coins are the ultimate speculative play—part Gen Z gambling, part social media hype. If you're tempted to jump in, target projects tied to current cultural trends with strong marketing. But remember, this is gambling, not investing. Don’t bet more than you’re willing to lose.
Gary Gensler Resigns as SEC Chair
Gary Gensler, chair of the SEC since 2021, announced his resignation effective January 20, 2025, coinciding with Donald Trump’s inauguration. His tenure was marked by aggressive crypto regulation, including lawsuits against Coinbase and Binance, earning both praise for investor protection and criticism for stifling innovation.
Matt’s Take:
Gensler’s exit marks the end of an era for crypto’s toughest regulatory environment. With pro-crypto figures rumored to be in line for leadership roles, the industry may see more constructive engagement under Trump’s administration.
Texas Court Strikes Down SEC’s “Dealer Rule”
A Texas federal court invalidated the SEC’s “Dealer Rule,” which sought to expand the definition of securities dealers to include DeFi and crypto firms. Judge Reed O’Connor ruled the regulation exceeded the SEC’s authority.
Matt’s Take:
This ruling is a massive win for the industry. It sets a precedent limiting the SEC’s ability to unilaterally expand its oversight and reflects growing judicial skepticism of regulatory overreach.
Charles Schwab Eyes Direct Crypto Offerings
Incoming CEO Rick Wurster confirmed plans to offer direct cryptocurrency investments, signaling optimism about regulatory clarity. Schwab clients already participate through ETFs and futures, but the firm aims to take a bigger leap into the digital asset space.
Matt’s Take:
This is a major signal that traditional finance sees crypto as indispensable. With heavyweights like Schwab stepping in, expect a surge in mainstream adoption and legitimacy.
FTX to Repay Customers in March 2025
FTX plans to begin repaying $16.5 billion to customers starting March 2025. Customers will receive 119% of their original cash deposits, but crypto holders won’t get their assets back directly, as the firm is liquidating other assets to fund repayments.
Matt’s Take:
FTX’s repayment strategy is commendable, but the lack of in-kind payments stings, especially with Bitcoin’s price soaring since the collapse. This highlights the importance of self-custody—not your keys, not your coins.
Crypto Prices and Market Cap
Bitcoin (BTC): $97,531 (+0.7% in 24h, +10% in 7d)
Ethereum (ETH): $3,293 (-1.2% in 24h)
Solana (SOL): $254 (+1.7% in 24h)
XRP: $1.44 (+29% in 24h)
Cardano (ADA): $0.90 (+14.5% in 24h)
Market Cap: $3.25 trillion
Bitcoin Dominance: $1.93 trillion
Ethereum: $397.7 billion
Matt’s Final Thoughts:
Bitcoin is on the brink of history as it nears $100K, with broader market optimism driving altcoin gains. The weekend could bring new highs or a much-needed consolidation. Have a great weekend, and happy hodling!