Crypto

Before suing Coinbase, SEC asked it to trade only in bitcoin -FT

Published

1 year ago

July 31, 2023

Before suing Coinbase, SEC asked it to trade only in bitcoin -FT

July 31 (Reuters) – The U.S. Securities and Exchange Commission (SEC) had asked Coinbase (COIN.O) to stop trading in all cryptocurrencies except bitcoin before suing the cryptocurrency platform in June, the Financial Times reported on Monday, citing CEO Brian Armstrong.

“We really didn’t have a choice at that point. Delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US,” Armstrong told the FT.

“It kind of made it an easy choice … let’s go to court and find out what the court says,” he added.

The SEC had accused Coinbase of operating illegally because it failed to register as an exchange. It also alleged that Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon.

The SEC told FT that its enforcement division did not make formal requests for “companies to delist crypto assets”.

“In the course of an investigation, the staff may share its own view as to what conduct may raise questions for the commission under the securities laws,” FT said, citing the SEC.

The regulator sued Binance in June, with both civil cases part of SEC Chair Gary Gensler’s push to assert jurisdiction over the crypto industry.

Gensler has labeled the crypto industry a “Wild West” that has undermined investor trust in the U.S. capital markets. Crypto companies say the SEC rules are unclear, and that the agency is overreaching by trying to regulate them.

The SEC and Coinbase did not immediately respond to a Reuters request for comment on the report.

Reporting by Juby Babu in Bengaluru; Editing by Sonia Cheema and Savio D’Souza

Our Standards: The Thomson Reuters Trust Principles.

Related Topics:AMERS BISV BISV08 BLKCC BLKCC1 BLR CLJ CMPNY CRYCUR CRYPLX EXCA FIN FINS FINS08 FNMKT FRX FTECH GEN INVBIS INVS08 JUDIC LEGAL MTPIX NAMER NEWR PUBL PXP REG REGS REUTERS-LEGAL Tech TECH08 TMT TOPCMB TOPNWS us

Click to comment

Crypto

Dogecoin Up 3%, Shiba Inu Up 4%: What Is Going On?

Published

5 hours ago

November 22, 2024

Press Room

Dogecoin Up 3%, Shiba Inu Up 4%: What Is Going On?

Dogecoin DOGE/USD and Shiba Inu SHIB/USD are trading around 3% higher in a single day boosted by the optimism in the cryptocurrency market.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin	$0.3923	$57.6 Billion	+2.8%	+5.3%
Shiba Inu	$0.00002496	$14.7 Billion	+4.2%	+3.1%

Trader Notes: Analysts see bullish potential for the top two meme coins.

Crypto chart analyst Ali Martinez predicts a potential rally for Shiba Inu, suggesting SHIB could hit $0.00049 if it mirrors DOGE’s pattern.

Trader Javon Marks highlights SHIB’s daily chart with a possible bull pattern confirmation. A breakout target of $0.000081—216% above current levels—could see SHIB surge more than 200%.

For Dogecoin, Altcoin Sherpa notes the recent correction as not bearish, seeing opportunities for buyers with another leg up expected soon.

Crypto Amsterdam observes DOGE hovering in a mid-range phase, suggesting $1 could be on the horizon.

Meanwhile, trader Kevin forecasts a DOGE breakout by Saturday.

Statistics: IntoTheBlock Data shows:

Large transaction volume increasing for DOGE (+41.1%) and SHIB (+44.9%).
Daily active addresses rising by 34.9% for DOGE and 10.7% for SHIB.
SHIB transactions above $100,000 up from 332 to 399 in one day.

Shibarium Activity: Daily transactions climbed from 4.66 million on Nov. 20 to 4.75 million on Nov. 21.

Read Next:

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

Crypto

Bitcoin nears $100,000 as investors bet on crypto-friendly Trump policies

Published

15 hours ago

November 21, 2024

Press Room

Bitcoin nears 0,000 as investors bet on crypto-friendly Trump policies

World’s popular digital currency rises as high as $99,073 on expectations Trump will ease legal and regulatory hurdles.

Bitcoin is nearing the $100,000 mark as crypto enthusiasts bet that United States President-elect Donald Trump will usher in a more welcoming regulatory environment for digital assets.

The world’s most popular digital currency rose as high as $99,073 on Thursday, extending its surge since Trump’s re-election on November 5.

The commodity has risen more than 60 percent since election day as investors anticipate Trump’s incoming administration to ease regulatory and legal hurdles to its use.

Trump, who called the asset a “scam” during his first term, accepted campaign donations in cryptocurrency, and has pledged to make the US “the crypto capital of the planet” and accumulate a national bitcoin reserve.

Trump and his three sons in September also announced the launch of their own crypto business, World Liberty Financial, which investors have taken as a promising sign of the president-elect’s belief in the sector.

In another bullish signal for the sector on Thursday, United States Securities and Exchange Commission (SEC) chair, Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions targeting the sector, confirmed that he would step down in January.

Trump had pledged to fire Gensler on “day one” of his administration, though the president does not have the authority to remove the SEC chair before the end of his or her term.

While viewed by supporters as a ticket to big returns and financial freedom, Bitcoin and other cryptocurrencies are known for their volatility and have faced government crackdowns in several parts of the world.

After climbing to a record high of $69,000 in late 2021, Bitcoin plunged to less than $16,000 over the following year.

The commodity burst past its previous peak in March after gaining more than 300 percent since November 2022.

Crypto

Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News

Published

23 hours ago

November 21, 2024

Press Room

Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News