/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.
Cryptocurrency markets are trading higher, with Bitcoin hovering around $100,000 and Jim Cramer suggesting it is “a winner.”
Cryptocurrency
Price
Gains +/-
Bitcoin BTC/USD
$99,254.71
+0.88%
Ethereum ETH/USD
$3,281.28
-2.1%
Solana SOL/USD
$253.09
-0.8%
Dogecoin DOGE/USD
$0.3987
+3.7%
Shiba Inu SHIB/USD
$0.00002463
+0.3%
Notable Statistics:
Notable Developments:
Top Gainers:
Cryptocurrency
Price
Gains +/-
Stellar XLM/USD
$0.3194
+28.2%
XRP XRP/USD
$1.42
+20.6%
Cardano ADA/USD
$0.9647
+19.9%
Trader Notes: Bitcoin nearing $100,000 sparked mixed sentiments among traders.
Altcoin Sherpa quipped “See you guys at $60,000” when Bitcoin failed to break through the psychological barrier.
Crypto trader Seth highlights a “thick and sticky sell wall” as the obstacle.
Dogecoin founder Billy Markus stated, “maybe bitcoin will become a $99,000 stablecoin.”
Quinten Francois remains optimistic, stating the Bitcoin bull market has “just started.”
Daan Crypto Trades explained that traders are preemptively shifting from altcoins to Bitcoin as it edges closer to the $100,000 milestone.
He predicts a breakout, followed by consolidation could lead to altcoin rebounds. Until then, Bitcoin is expected to continue absorbing liquidity.
Read Next:
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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:
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
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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.
Column: OpenAI just scored a huge victory in a copyright case … or did it?
Bird flu leaves teen in critical condition after country's first reported case
Column: Molly White's message for journalists going freelance — be ready for the pitfalls
Sarah Palin, NY Times Have Explored Settlement, as Judge Sets Defamation Retrial
Trump nominates Dr. Oz to head Medicare and Medicaid and help take on 'illness industrial complex'
Trump taps FCC member Brendan Carr to lead agency: 'Warrior for Free Speech'
/cdn.vox-cdn.com/uploads/chorus_asset/file/25739950/247386_Elon_Musk_Open_AI_CVirginia.jpg "Inside Elon Musk’s messy breakup with OpenAI")
Inside Elon Musk’s messy breakup with OpenAI
Some in the U.S. farm industry are alarmed by Trump's embrace of RFK Jr. and tariffs
