Key ideas:
- LBRY's appeal to the First Circuit raises new challenges for the SEC amid debates over digital assets.
- Coinbase CEO Brian Armstrong steps up calls for unregulated AI, citing rapid innovation needs.
- The current saga between the SEC and Coinbase could herald significant changes to the US crypto regulatory landscape.
LBRY Filing Deadline Set in Case of Appeal
LBRY Appeal: On Friday, defense attorney James Filan shared the latest twist in the US digital asset space, saying:
โIn LBRY's appeal, the First Circuit Court of Appeals in Boston ordered LBRY to file its brief by November 1, 2023. LBRY is appealing the court's ruling that LBRY offered and sold unregistered securities in violation of the Act. of Securities of 1933โ.
LBRY's appeal will be one more headache for the SEC to deal with. Pending sentences in the ongoing SEC cases against Ripple and Coinbase (CURRENCY) could shed water on the SEC and the regulation-by-enforcement mantra.
Coinbase CEO Brian Armstrong and AI regulation
AI is becoming a highly debated topic. US regulatory oversight of the digital asset space has made cryptocurrency advocates more vocal about regulation and innovation. Coinbase CEO Brian Armstrong continues to call on Capitol Hill to provide a crypto regulatory framework that supports innovation and growth. The alternative is the SEC's current regulation-by-enforcement approach that stifles innovation and growth across the US digital asset space.
Instead, Armstrong is asking regulators to let AI evolve freely. On Saturday, the CEO of Coinbase had this to say say,
โCount me as someone who believes AI should not be regulated. We need to move as quickly as possible for many reasons (including national security). And the track record of regulation is that it has unintended consequences and kills competition and innovation, despite the best intentions.โ
Armstrong went on to say:
โWe have enjoyed a golden age of innovation in software and the Internet, largely because it is unregulated. AI should do the same. The best protection is to decentralize it and open it up to let the cat out of the bag.โ
Coinbase is embroiled in a battle against the SEC and a motion Discarding Could Materially Change the US Crypto Landscape
Technical analysis
bitcoin analysis
btc remained below 50 and 200 days It's not, reaffirming bearish price signals. The 50-day EMA crossed the 200-day EMA, sending a sell-off warning. A BTC drop below $26,500 would support a move towards the trendline. A break below the trend line would leave the $25,506 support level in sight.
However, a BTC break through the $26,755 resistance level would support a BTC move towards the EMAs. However, BTC would need a favorable crypto event to give the bulls a run towards $27,000. The ongoing SEC cases against Ripple and Coinbase and progress toward BTC spot ETFs remain focal points.
The 14-day RSI reading of 49.73 supports a BTC decline through the trendline before entering oversold territory.
Ethereum Analysis
ETH It sat below the 50-day and 200-day EMAs, reaffirming bearish price signals. A break of the $1,626 resistance level would support a move for ETH towards the 50-day EMA. Favorable comments related to the SEC cases against Ripple and Coinbase would boost buyers' appetite.
However, a return of ETH to $1,550 would put the $1,502 support level into play.
The 14-day RSI reading of 40.53 supports a drop for ETH to the $1,502 support level before entering oversold territory.
