/cloudfront-us-east-2.images.arcpublishing.com/reuters/4ZLWIUA7AZOPZJHKTRMA2LRHVM.jpg "Coinbase files legal challenge to push SEC to write rules on crypto")
April 24 (Reuters) – Coinbase International Inc (COIN.O) filed a petition on Monday in an effort to compel the U.S. Securities and Change Fee to create new guidelines for digital belongings, the corporate mentioned in a weblog submit, within the newest escalation of the cryptocurrency trade’s tensions with the securities regulator.
Coinbase filed a petition for rulemaking with the SEC final yr through which it urged the regulator to offer readability on the circumstances below which a digital asset is a safety and create a brand new market construction framework that’s appropriate with cryptocurrencies.
The SEC has not responded publicly to that petition, which led to Coinbase submitting the authorized problem, mentioned Coinbase Chief Authorized Officer Paul Grewal within the weblog submit.
“Coinbase and different crypto firms are going through potential regulatory enforcement actions from the SEC, although we’ve got not been instructed how the SEC believes the legislation applies to our enterprise,” mentioned Grewal.
The petition can be filed within the U.S. Courtroom of Appeals for the Third Circuit.
The crypto trade largely believes it operates in a regulatory grey space not ruled by current U.S. securities legal guidelines, and that new laws is required to manage the sector.
SEC Chair Gary Gensler has mentioned cryptocurrency corporations ought to adjust to current legal guidelines and that new crypto-specific rules are usually not mandatory.
Coinbase disclosed in March the agency had been instructed that SEC workers supposed to advocate enforcement motion towards the corporate. The corporate mentioned in a weblog submit on the time that it was prepared to struggle any forthcoming enforcement motion in court docket.
In July, when Coinbase additionally submitted its petition for rulemaking, the agency disclosed an SEC probe into its asset itemizing processes, staking applications and yield-generating merchandise.
Reporting by Hannah Lang in Washington
Enhancing by Chris Reese
Our Requirements: The Thomson Reuters Belief Rules.
![[Analysis] “Cryptocurrency Holders Surge Over the Past Two Years”](https://media.bloomingbit.io/prod/news/0eb0e2f0-759d-451b-9469-9e34bbdfbd33.webp "[Analysis] “Cryptocurrency Holders Surge Over the Past Two Years”")
Image=Santiment
It has been observed that the number of cryptocurrency holders has surged over the past two years.
On the 23rd (local time), the on-chain analysis platform Santiment reported on X (formerly Twitter) that “the number of cryptocurrency holders has significantly increased over the past two years. The number of non-empty wallets for the top 4 cryptocurrencies by market capitalization has generally increased.”
Specifically, Bitcoin (BTC) has 54.7 million wallets (a 27% increase), Ethereum (ETH) 134.9 million wallets (a 47% increase), Tether (USDT) 657 million wallets (a 66% increase), and Ripple 575 million wallets (a 28% increase).
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The global logistics industry is undergoing a seismic shift, driven by the integration of blockchain technology and cryptocurrency.
These innovations promise to enhance transparency, efficiency, and security across the supply chain. From tracking shipments to streamlining cross-border payments, the synergy between blockchain and cryptocurrency is setting new benchmarks for the logistics sector.
Blockchain technology, essentially a decentralized ledger system, enables secure and transparent recording of transactions. For logistics, this translates into the ability to track goods in real-time, authenticate the origin of products, and mitigate fraud. Key benefits include:
Traditional cross-border payments in logistics are often marred by high fees, long processing times, and currency exchange risks. Cryptocurrencies, like Bitcoin and stablecoins, are addressing these challenges by:
Several real-world applications highlight the impact of blockchain and cryptocurrency in logistics:
Despite its potential, the adoption of blockchain and cryptocurrency in logistics is not without hurdles:
The integration of blockchain and cryptocurrency in logistics is still in its nascent stages but holds immense promise.
Industry players are investing in pilot projects to explore scalability and operational viability. The convergence of these technologies with artificial intelligence and IoT will further revolutionize the sector, enabling predictive analytics, autonomous supply chains, and more.
Blockchain and cryptocurrency are not just buzzwords but transformative tools reshaping the logistics landscape.
By fostering transparency, reducing costs, and expediting processes, these technologies are addressing long-standing inefficiencies in the supply chain.
As adoption accelerates, businesses that embrace this revolution stand to gain a significant competitive edge in an increasingly digital and globalized economy.
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The performance of Bitcoin (BTC -0.53%) this year has been nothing short of extraordinary. It’s now up about 46% since the election on Nov. 5, and 146% year to date. Best of all, Bitcoin recently broke through the $100,000 price level to hit another all-time high just north of $108,000.
But what if I told you that there is another top cryptocurrency that is up more than 120% since the election, and 430% year to date? And that this cryptocurrency also just set a new all-time high? That cryptocurrency is Sui (SUI -3.69%), which now ranks 14th among all cryptocurrencies with a $13 billion market cap.
If you’ve never heard of Sui, that’s understandable. The cryptocurrency only launched in May 2023, just as the market was emerging from the crypto winter of 2022. So, in many ways, its launch flew under the radar of investors. There were bigger issues to consider. The industry was still coping with the aftermath of the collapse and scandal of crypto exchange FTX in November 2022, and nobody was very interested in hearing about another new cryptocurrency launch.
But fast-forward to August 2024. That’s when 21Shares — the company that partnered with Cathie Wood’s Ark Invest on the launch of spot exchange-traded funds (ETFs) for Bitcoin and Ethereum (ETH -0.79%) — released a research report on Sui, detailing all of its unique characteristics. For example, it described how a new technical upgrade suddenly made Sui faster than any other top blockchain by a substantial margin. It pointed out how Sui was rapidly growing in terms of total value locked (TVL), which is a key metric showing the relative strength of a particular blockchain.
Image source: Getty Images.
The title of the report (“Is Sui a Solana (SOL -0.00%) Killer?”) was very provocative, at least for crypto investors. It suggested that Sui had the technological chops to take on Solana, which now ranks as the fifth-largest cryptocurrency. For several years now, Solana has been positioned as the next Ethereum, so Sui being tabbed as a potential Solana killer is a big deal. In fact, 21Shares suggested that there might be a $68 billion market opportunity for Sui if it was able to take on Solana and win.
My primary concern right now with Sui is that it may be overheating. Just like Bitcoin, it is smashing through all-time high after all-time high. Right now, Sui is trading at about $4.50 after briefly testing the $5 price level. From the perspective of crypto traders, $5 presents the same psychological price barrier for Sui that $100,000 did for Bitcoin. It took Bitcoin a while to break through the $100,000 level, so Sui may not be able to break through the $5 price level by the end of this year.
But, in 2025, watch out. Just take a look at this comparison chart of Bitcoin and Sui since the presidential election. That leads me to think that the market is very bullish on Sui’s prospects under the Trump administration.
Bitcoin / U.S. dollar chart by TradingView
Moreover, consider the trading volume that Sui is now seeing on Coinbase Global (COIN 1.75%). Sui has become one of the 10 most popular cryptocurrencies on the platform in terms of 24-hour trading activity. Granted, the trading volume in Sui is nowhere near that of Bitcoin or Ethereum. But there’s more activity in Sui than in popular cryptocurrencies such as Chainlink, Litecoin, Cardano, Shiba Inu, and Avalanche.
Best of all, Sui has a major new product launch coming in 2025. It’s a $599 handheld gaming device that is currently available for pre-order online. If that product launch is a success, then it could be off to the races for Sui. It could easily double in price to hit the $10 price level.
This cryptocurrency could soar even higher if it ever realizes its full potential as the next Ethereum. Imagine if you had invested in Ethereum just 18 months after its launch. Most likely, you’d be a crypto millionaire by now. In December 2016, Ethereum was trading around $5, which is roughly where Sui is trading right now. Today, Ethereum trades for about $3,400.
That said, I can’t emphasize enough how speculative Sui is. It is still a baby in crypto terms. It has only been around for 18 months, and it can be difficult to get good data and reliable information about it. So, do your due diligence before investing in Sui, and keep your expectations in check. An investment opportunity like Ethereum might only come around once in a lifetime, so it’s asking a lot for it to happen with Sui as well.
Dominic Basulto has positions in Bitcoin, Ethereum, SUI, and Solana. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Ethereum, SUI, and Solana. The Motley Fool has a disclosure policy.
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