Day: June 6, 2023

Coinbase Violated Securities Laws With Staking Program, Multiple U.S. State Regulators Allege

The ASC action doesnโ€™t forbid Coinbase from offering staking as a service as long as it complies with the law, but the order itself was the result of a task force of 10 state securities regulators in the U.S., namely Alabama, California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington and Wisconsin. Source AllegeCoinbaselawsMultipleProgramRegulatorsSecuritiesStakingStateU.SViolated CryptoX Portal

The Implications of Growing Cryptocurrency Acceptance for Major Retailers and Companies

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Major merchants and businesses are now accepting digital currencies as a genuine payment option, demonstrating how quickly cryptocurrencies have acquired recognition as a payment mechanism. This change will have a big impact on how business will operate in the future and how widely cryptocurrency will be used. This article examines the effects of big businesses and stores accepting cryptocurrencies more and more. We can better comprehend how cryptocurrencies are changing the traditional payment landscape by looking at the advantages, difficulties, and potential repercussions of this development. The Acceptance of Cryptocurrencies…

Optimism successfully completes โ€˜Bedrockโ€™ hard fork, reducing deposit times, layer-1 fees

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The Optimism network concluded its โ€œBedrockโ€ upgrade on June 7, reducing deposit times, lowering layer-1 fees and enacting additional security features, according to an announcement from network developer OP Labs. The upgrade is part of a series of reforms the developer says will help create a โ€œSuperchainโ€ of scaleable Web3 networks based on Optimismโ€™s OP Stack software. โœ…OP Mainnetโ€™s migration to Bedrock has concluded and the Bedrock sequencer has started up. Key external OP Mainnet infrastructure is starting to come back online. You can track infrastructure status here:https://t.co/XTtaArdI03 โ€” Optimism…

SEC’s Latest Crackdown Against Coinbase and Binance Could Drive Crypto Firms Out of the U.S.

โ€œI suspect we will see more and more moves like this,โ€ Andrew Lawrence, co-founder and CEO of Censo Inc., an on-chain custody solution said. โ€œYes, the U.S. is the biggest market, but people who are building in the crypto industry are doing so not because of the size of the market now, but because of the size of the market in the future and people are seeing that this future is not looking good in the United States.โ€ Source

Coinbase reminds world it tried to โ€˜embrace regulationโ€™ as SEC sues for violations

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โ€œCoinbase has embraced regulation since we were founded over a decade ago,โ€ the cryptocurrency exchangeโ€™s chief legal officer, Paul Grewal,ย told the United States Congress on June 6. โ€œThe SEC [Securities and Exchange Commission] allowed us to become a public company in April 2021, which makes us unique in the crypto industry.โ€ Coinbase was sued by the SEC for alleged securities law violations on June 6, a day after the agency sued Binance and two and a half months after receiving a Wells notice warning the U.S.-based exchange of possible impending…

SEC files motion for restraining order against Binance

The United States Securities and Exchange Commissionย filedย an emergency motion in the District of Columbia U.S. District Court for a temporary restraining order against Binance, Binance.US and CEO Changpeng Zhao (CZ) on June 6 requesting eight actions.ย  The first requested actions are the freezing of the assets of Binance.US and repatriation of fiat and cryptocurrency held by U.S. customers or for the benefit of U.S. customers. In addition, it prohibits the defendants from destroying, altering or concealing records and other sets conditions on discovery.ย  According to the filing: โ€œThis relief is…

SEC Seeks Temporary Restraining Order to Freeze Binance.US Assets

“The SEC respectfully submits that this relief is necessary on an expedited basis to ensure the safety of customer assets and prevent the dissipation of available assets for any judgment, given the Defendantsโ€™ years of violative conduct, disregard of the laws of the United States, evasion of regulatory oversight, and open questions about various financial transfers and the custody and control of Customer Assets โ€“ including by Defendants who claim they are not subject to the Courtโ€™s jurisdiction โ€“ as described in the Complaint, Memorandum of Law, and supporting materials,”…

BTC Price Rallies Above $27,000 as Crypto Market Shrugs Off SEC Lawsuits Against Binance, Coinbase

The broader crypto market also regained ground since Monday, albeit somewhat less than BTC. ETH, the second largest crypto by market value, was recently changing hands at slightly below $1,900, up 4.5% from Monday, same time. ADA and SOL, the tokens of the smart contract platforms Cardano and Solana, recently rose more than 1% a day after plunging more than 8% and 10%, respectively. Binanceโ€™s BNB native token was also in positive territory, while Polygonโ€™s MATIC was down 1%. The SEC listed those tokens and nine others as unregistered securities…

Coinbase CEO responds to SEC suit, says team is โ€˜confidantโ€™ in facts and law

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Coinbase CEO Brian Armstrong has responded publicly to the United States Securities and Exchange Commission (SEC) lawsuit against his company, stating in a tweet that the team is โ€œconfident in our facts and the lawโ€ and that it welcomes the chance โ€œto finally get some clarity around crypto rulesโ€ in court. Regarding the SEC complaint against us today, we’re proud to represent the industry in court to finally get some clarity around crypto rules. Remember:1. The SEC reviewed our business and allowed us to become a public company in 2021.2.…