Biden’s crypto tax rule targets DeFi trading, stablecoins, and NFTs, sparking legal and Congressional challenges. The Biden administration’s move against the digital asset space comes with less than a month remaining until Trump’s inauguration. It also reflects the administration’s stance on crypto despite the election result.

SEC’s Ripple case deadline looms; an appeal could force XRP de-listings, while a withdrawal could drive demand. The ongoing SEC v Ripple case remains a focal point. The agency requested a 90-day extension in October to file its appeal-related opening brief, taking the deadline to January 15. The SEC intended to appeal against the summary judgment and final judgment. An appeal against the summary judgment would be significant as it would challenge the Programmatic Sales of XRP ruling.

BTC falls below $95K, pressured by ETF outflows, Biden’s crypto tax rule, and Fed rate uncertainty. Risk aversion also affected the US BTC-spot ETF market. According to Farside Investors:

Fidelity Wise Origin Bitcoin Fund (FBTC) registered net inflows of $208.2 million.

ARK 21Shares Bitcoin ETF (ARKB) had net inflows of $112.6 million.

Excluding BlackRock’s (BLK) iShares Bitcoin Trust’s (IBIT) net inflows totaled $367.3 million. The US BTC-spot ETF market could report net outflows for the fifth time in six sessions, keeping BTC below the $100k psychological level and its all-time high of $108,231.