Bitcoin Breakthroughs: Court Overturns SEC Rule, Gensler Resigns, Goldman Expands Crypto Operations, and China's Evolving Stance

99K Problems, But Bitcoin Ain’t One

On Thursday, November 21, 2024, bitcoin reached a record-breaking milestone, briefly surpassing $99,000 before settling back to $98,000.

This latest surge has sparked widespread anticipation, with speculation on whether bitcoin will reach the highly anticipated $100,000 mark by the end of the week.

Federal Court Strikes Down SEC’s Dealer Rule, Delivering Major Win for Bitcoin Advocates

The U.S. District Court for the Northern District of Texas struck down the SEC's "Dealer Rule," ruling that the agency exceeded its statutory authority.

This decision marked a significant victory for the Texas Blockchain Council, Blockchain Association, and Crypto Freedom Alliance of Texas.

It protects the digital asset industry from what critics called the SEC’s overreach and arbitrary rulemaking, reinforcing the limits of the agency’s regulatory powers under the Exchange Act. Industry leaders praised the ruling as a crucial step toward safeguarding innovation and ensuring a pro-crypto regulatory environment.

Gary Gensler to Step Down as SEC Chair, Signaling a Turning Point for Bitcoin

The announcement of Gary Gensler’s resignation as SEC Chair via X, formerly Twitter, will be effective January 20, 2025.

His departure marks a significant moment for the cryptocurrency industry. Known for his tough regulatory stance, Gensler's exit follows former President Donald Trump’s campaign promise at the 2024 Bitcoin Conference in Nashville, TN, to remove Gensler on “day one” of a potential new term.

The industry anticipates a shift toward more balanced regulations under new leadership, fostering more transparent rules and greater institutional adoption of digital assets.

Goldman Sachs Eyes Move Into Crypto Trading

Goldman Sachs plans to spin off its cryptocurrency platform into a new company focused on creating and trading blockchain-based financial instruments with strategic partners like Tradeweb Markets.

Pending regulatory approvals, the spinout, expected within 12 to 18 months, aims to target financial institutions with tokenized real-world assets and permissioned blockchain solutions, capitalizing on the growing demand for tokenized Treasury bills and ETFs.