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According to a Dec. 15 release, the U.S. Securities and Exchange Commission has rejected Coinbase’s request for transparent crypto rules. This follows Coinbase’s filing of a narrow action in federal court that would compel the U.S. Securities and Exchange Commission (SEC) to respond yes or no to a July 2022 petition asking the SEC to use its formal rulemaking process. Regulating investments by any name On Dec. 15, Chairman Gary Gensler announced the SEC’s denial of Coinbase’s Rulemaking Petition, citing three reasons: existing laws already apply to crypto securities markets, the SEC addresses crypto securities markets through rulemaking, and the need to preserve Commission discretion in establishing rulemaking priorities. NEW: The @SECGov has denied @coinbase’s petition for the agency to create transparent rules of the road for # crypto . The is SEC standing firm on its belief that “existing laws and regulations already apply to the crypto securities m...

Amid recent geopolitical events impacting investor decisions, a regulatory clash in the U.S. involving crypto exchange Coinbase and the Securities and Exchange Commission (SEC) resurfaces. Since June, Coinbase has been entangled in a legal battle with the SEC over allegations of operating as an unregistered exchange. While there are other ongoing lawsuits in the crypto industry, the Coinbase case has garnered the most attention, indicating how digital assets might be treated under US law in the future. Legal experts and authorities, including the North American Securities Administrators Association (NASAA), have echoed the SEC’s perspective, emphasizing that crypto currencies should adhere to traditional rules despite being a new asset class. Coinbase, on the other hand, argues for the uniqueness of crypto currencies and the need for a fresh regulatory approach. You might also like: Coinbase’s tax chief urges IRS to reevaluate crypto tax regulations Coinbase’...

Coinbase’s director, Conor Grogan, has uncovered blockchain data that sheds light on substantial USDT minting activities orchestrated by Sam Bankman-Fried’s Alameda Research in 2021. The data from the blockchain, as analyzed by Coinbase’s director, Conor Grogan, reveals that Alameda Research redeemed over $38 billion worth of Tether (USDT) tokens in 2021, even though their assets under management did not appear to justify such massive redemptions. Grogan’s findings indicate that the creation of USDT tokens surpassed the total assets held by Alameda Research at the peak of the cryptocurrency market’s bull run in 2021. Grogan also posits that the USDT redemptions, which were seemingly orchestrated by FTX, were likely associated with Alameda’s tokens, totaling a staggering 3.9 billion USDT. A significant portion of this redemption activity occurred during the collapse of Terra’s algorithmic stablecoin. In January 2021, former co-CEO of Alameda,...

Coinbase CEO Brian Armstrong has been actively pursuing the exchange's expansion ambitions in the United Kingdom amid mounting legal issues in the U.S.. Brian Armstrong, CEO of major United States-based crypto currency exchange Coinbase, has condemned the decision of JPMorgan’s subsidiary Chase UK to restrict crypto -related transactions. Brian Armstrong took to X (formerly Twitter) on Sept. 26 to slam Chase Bank for its “totally inappropriate” move to ban its customers in the United Kingdom from making any debit card or wire transfers related to crypto transactions. “U.K. crypto holders should close their accounts if this is how they're going to be treated,” Armstrong wrote. The CEO also urged U.K. officials — including U.K. Prime Minister Rishi Sunak and U.K. Economic Secretary Andrew Griffith — to check whether Chase UK’s actions respect the country’s policy goals. Armstrong expressed hope that Chase UK might change its decision after the officials look into the situation...

Arkham announced it identified nearly $25 billion in Bitcoin in crypto exchange Coinbase’s portfolio. The BTC holdings are approximately 948,000, closer to the 1 million BTC of Satoshi Nakamoto. Coinbase is thus the world’s largest known Bitcoin entity, Arkham analysts said on X. Blockchain intelligence firm Arkham has reported that Coinbase holds Bitcoin (BTC) worth about $25 billion, making the cryptocurrency exchange the world’s largest entity holding the flagship digital asset. Arkham says Coinbase holds nearly 1 million BTC Arkham’s announcement on Friday was that it had identified nearly 1 million BTC on-chain for Coinbase reserves, with this making the US-based crypto behemoth “the largest Bitcoin entity in the world on Arkham.” The holdings account for about 5% of all bitcoin in existence and means the exchange’s BTC is nearly as much as that attributed to Bitcoin creator Satoshi Nakamoto....

The trading volume on Binance.US has massively declined over the past few months. A recent report from Kaiko revealed that the weekly volume on the exchange had registered a 99.2% fall from its yearly high. Specifically, from $5 billion, the number was down to $40 million. Binance US's weekly trade volume has fallen from a yearly high of nearly $5bn to just $40mn. pic.twitter.com/1imacBf9cA — Kaiko (@KaikoData) September 18, 2023 As pointed out in the graph, when the market rallied in Q1, the volume settled on the exchange was fairly high. However, when the correction phase set in, things started going downhill for Binance.US. In fact, as pointed out in the graphic, the SEC’s lawsuit filing made things worse for the exchange. In Q2 2023, the SEC alleged that Binance CEO Changpeng Zhao [a.k.a. CZ] and Guangying ‘Helina’ Chen redirected billions of customer funds to firms controlled by Zhao via intermediary companies. Instead of outrightly ru...

Following the path of Crypto.com, which  earlier  suspended USDT trading after the Ontario Securities Commission (OSC) imposed a ban in 2021, Coinbase seeks to align with Canadian regulatory standards. advertisement Exchanges adjust to new regulations The recent increase in Canadian  regulators ‘ focus on cryptocurrency exchanges has forced several companies to adjust their strategies or flee the country. Due to regulatory issues, OKX and Bittrex Global have already gone, and Binance  aims  to do the same in September. Coinbase is adamant about getting a foothold in the Canadian market. Although trading in stablecoins has been temporarily halted, the exchange has  added  support for Interac e-Transfer to make it easier for customers to make deposits and withdrawals.  Thanks to the country’s widespread crypto literacy and thriving technology sector, Coinbase is still confident in Canada ’s future...

The company beat estimates while non-trading revenue beat trading revenue. New York-based crypto exchange Coinbase reported revenue in the amount of $708 million in the second quarter of 2023, despite the regulatory issues it's faced in recent months, boosted by a custody deal with Blackrock and institutional focus . The exchange said Q2 net revenue reached $663 million, down 10% versus the same period last year, yet beating early estimates on its growing market dominance in the United States as competitors such as Binance are bogged down by regulatory trouble. The crypto exchange’s impressive performance was also attributed to the strong crypto price cycle last quarter where the likes of Bitcoin and other altcoins posted new yearly highs. Early estimate s from the Zacks Consensus Estimate put crypto exchange’s earnings at $643.4 million, a 20.4% decline from the past year during the same time. Another report from Messari suggested that  for the first time, Coinbase's non-...

On July 17, Cathie Wood ’s ARK Invest sold another batch of Coinbase shares. The investment firm reduced its COIN holdings from the ARK Innovation ETF [ARKK] by 127,266 shares. Likewise, 76,788 shares and 44,784 shares were reduced from the Ark Fintech Innovation ETF [ARKF], and ARK Next Generation Internet ETF [ARKW]. In total, 248,838 COIN shares were sold. Based on the last close price of $105.55, they were worth around $26.26 million. Ark Invest’s latest Coinbase Share Transactions | Source: Cathie’s Ark All Coinbase-related transactions of ARK have only been sell transactions so far in July. Prior to the latest selling spree, the firm sold close to 500,000 shares on July 14, and more than 100,000 shares on July 11. However, before that, ARK had been on an accumulation spree. After the last set of transactions, ARK held a total of 10.7 million COIN shares. Thus, Cathie Wood ’s firm’s total COIN position is now roughly worth around $1.13 billion. Ark Invest’s Combined...

Polygon price is up today as traders assess the appointment of a new CEO and amid surging whale activity ahead of a key network update. Polygon (MATIC) price is up today , mirroring upside moves elsewhere in the cryptocurrency market as traders assess a mix of fundamental factors. On July 11, the MATIC price rose 2.32% to $0.75, its highest level in a month — outperforming the crypto market, whose valuation stayed relatively unchanged from the previous day at around $1.14 trillion. MATIC/USD daily price chart versus crypto market capitalization. Source: TradingView New CEO, Polygon's 'decentralized governance' plans MATIC's intraday gains come as a part of a broader price jump that started after Polygon appointed its former chief legal office, Marc Boiron, as the new chief executive officer (CEO) on July 7. Since then, MATIC/USD has gained nearly 15%.   MATIC/USD four-hour price chart. Source: TradingView Boiron's appointment comes more than a month after the U.S...

Senior Coinbase executives, including CEO Brian Armstrong, have been selling their shares amid the stock’s growth over the past month. Despite the Coinbase cryptocurrency exchange facing a securities violation lawsuit in the United States, the company’s stock has been on the rise recently. Coinbase stock has added more than 50% to its value since the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the firm for allegedly offering unregistered securities. According to data from TradingView, Coinbase shares surged 51%, from around $52 on June 6 to $78.7 on July 7. The stock is also up around 133% over the past six months, while year-to-year growth is roughly 50%. Coinbase 30-day price chart. Source: TradingView Amid significant growth, some major Coinbase stockholders have continued selling some of their shares . On July 6, a number of senior Coinbase executives, including CEO Brian Armstrong, sold a combined total of 88,058 shares worth about $6.9 million. Accor...

The platform said Apple wanted Coinbase Wallet to disable NFT transactions, introducing “new policies to protect their profits at the expense of consumer investment in NFTs." The self-custody crypto Wallet from Coinbase said users can no longer send nonfungible tokens, or NFTs, due to interference from Apple. In a Dec. 1 Twitter thread, Coinbase Wallet said the tech company with a more than $2 trillion market capitalization had blocked the latest release of its app in an effort to “collect 30% of the gas fee” through in-app purchases. The platform claimed Apple wanted Coinbase Wallet to disable NFT transactions, introducing “new policies to protect their profits at the expense of consumer investment in NFTs and developer innovation across the crypto ecosystem.” “For anyone who understands how NFTs and blockchains work, this is clearly not possible,” said Coinbase Wallet. “Apple’s proprietary In-App Purchase system does not support crypto so we couldn’t comply even if we tried. ...

The policy clarification stated that participants cannot make threats, use extortion, or access customer data beyond what is accidental or occurs in good faith. In a blog post on November 30, Coinbase sought to clarify its bug bounty program policies in response to the recent Uber data breach verdict. The company stated that it still welcomes “responsible” disclosure of security issues, but users who abuse this process will not be awarded bug bounties: “The key word in all of this is ‘responsible’. In the wake of the recent Uber verdict, there is a lot of concern in the industry about bug bounty submissions becoming extortion attempts. At Coinbase, [...] we’ve put a lot of thought into how we operate our bug bounty program to stay on the right side of the law.” The official Coinbase bug bounty reporting page at HackerOne The verdict Coinbase was referring to was issued on October 5. Joe Sullivan, former Uber security chief, was found guilty of colluding with attackers to cover up ev...

MicroStrategy’s Executive Chairman Michael Saylor believes FTX’s collapse only reinforces the importance of Bitcoin – his favorite crypto asset.  The former CEO spoke at length last week about the primary cryptocurrency’s relationship with the rest of the digital asset market. Is the ‘crypto’ industry helpful or harmful in spreading Bitcoin adoption? Bitcoin’s Unique Attributes In a Coin Stories podcast episode published on Monday, Saylor said the biggest lesson from FTX’s meltdown was “Bitcoin; not crypto.” “This week highlights the contrast between the virtues of Bitcoin and the vices of crypto,” he said. “It illustrates the wisdom of Satoshi.” Satoshi Nakamoto is the pseudonym that the Bitcoin’s anonymous founder used. In his whitepaper, he presented Bitcoin as a means of electronic payment that didn’t require centralized banks to operate. This meant that banks would lack the power to seize user funds, censor transactions, or inflate its native currency through money prin...

After a week-long liquidity crisis followed by a withdrawal freeze, FTX has officially filed for Chapter 11 bankruptcy. Btc Bitcoin $16.846,55 price 2.60274% price change BUY NOW Meanwhile, its high-profile leader and former multi-billionaire – Sam Bankman-Fried (SBF) – has resigned as CEO. In a press release on Friday, FTX announced that it has commenced Chapter 11 proceedings in the United States alongside over 130 affiliated companies.  One of those companies is Alameda Research – a trading desk SBF previously launched. Many believe it deeply intertwines with FTX.  FTX’s new CEO, John Jay Ray III, stated that Chapter 11 is needed to allow FTX to evaluate is situation. He said its aim is to maximize recoveries for stakeholders.  “The FTX Group has valuable assets that can only be effectively administered in an organized, joint process,” he continued. “I want to ensure every stakeholder that we are going to conduct this effort w...

The collapse of the well-established crypto exchange FTX has instilled fear in the minds of participants. Of late, they’ve been moving their funds en-masse towards self-custody wallets and decentralized platform s. As analyzed a day back, the DYDX ecosystem—as a whole—seemed to have benefitted from the ongoing crisis. The decentralized exchange’s native token has been trading at around its quarterly peak. In fact, when zoomed out and viewed, it seems like the downfall of FTX has been a boon for the entire DeFi space. Decentralized Exchange [ DEX ] volume had been in a downtrend over the past few months. Just half the way down November, the number already stands around its 4-month high. From last month’s total of $50.82 billion settled, the number is already up to $84 billion at the moment. If the same pace continues over the next fortnight, November’s aggregate number could head toward the pre-established peaks. Source: The Block The Decentralized x ...