Crypto lawyer Collins Belton had tweeted on Monday that “the SEC is alleging that Binance, like Trex, Beaxy, Coinbase, and every other crypto trading platform is essentially operating an unregistered exchange, but also provides clearing services and acts as a [broker-dealer]for its customers, and hasn’t registered as any of those.” Source
Traders have withdrawn funds from Coinbase in two waves, data shows. On Monday, net outflows reached $450 million within an hour following the lawsuit against Binance before stabilizing, according to Nansen data. Withdrawals rose again on Tuesday following the suit against Coinbase, then subsided. At the time of publication, net flows for the past hour turned positive, per Nansen. Source
A day after suing Binance, the U.S. Securities and Exchange Commission (SEC) has targeted Coinbase in its latest offensive on the crypto industry. In a new press release, the SEC says it’s charging Coinbase for “operating as an unregistered securities exchange, broker, and clearing agency.” The regulator is also charging Coinbase for “failing to register the offer and sale of its crypto asset staking-as-a-service program.” In its 101-page complaint, the SEC says that the crypto assets offered on the Coinbase Platform, Coinbase Prime, and Coinbase Wallet services are all “crypto…
If there were ever such a thing as an all-star lineup of regulators, the United States House of Representatives Agricultural Committee’s June 6 hearing on digital asset regulation would probably hold the record. The current chair of the Commodity Futures Trading Commission (CFTC) Rostin Behnam was joined by a former chair and a former acting chair of that agency, as well as a former commissioner. Coinbase chief legal officer Paul Grewal also appeared. It was also very long hearing, with Behnam alone speaking and answering questions for over two hours.…
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Binance has added bitcoin non-fungible tokens (NFTs) to its marketplace only one day after the U.S. Securities and Exchange Commission (SEC) filed a complaint against the business. In addition to BTC DeGods, Bitcoin Bandits, Bitcoin Frogs, Bitcoin Pizzas, and Bitcoin Punks, this cryptocurrency exchange’s NFT marketplace will now feature over 25 collections of bitcoin NFTs. The bitcoin community and the cryptocurrency industry are now fixated on NFTs related to bitcoin because of their sudden prominence as…
If your music project is less about live performance and more about the finished product — maybe you’re composing original music for a podcast, metaverse event, YouTube channel, Web3 video game or educational content — you can use AI to speed up the process of composition and arrangement. Of course, the world’s most talented virtuosos can likely do musical scales in their sleep, but with so many elements to sound and video production, it’s becoming standard practice to use AI to insert quick scales, arpeggios, runs and harmonies to original…
Venture capital firm Sequoia announced an impending split that will see the company break into three distinct partnerships serving the United States, China, and Asian markets separately. The move, announced on June 6, is intended to decentralize back office functions for the company. Citing increased global financial complexity and a growing brand confusion, per a post on Twitter, Sequoia said it intends to embrace its “local-first approach.” Here is the global business update we shared with our LPs. pic.twitter.com/lGHIw1tVE5 — Sequoia Capital (@sequoia) June 6, 2023 The change will see…
Bitcoin (BTC) recovered some of its lost ground after the June 6 Wall Street open despite new legal action from United States regulators. BTC/USD 1-day candle chart on Bitstamp. Source: TradingView Analyst sees Coinbase news marking BTC price low Data from Cointelegraph Markets Pro and TradingView tracked an ongoing rebound for BTC/USD, which reached $26,250 on Bitstamp. The pair had dipped to nearly three-month lows of $25,350 earlier in the day amid news that the U.S. Securities and Exchange Commission was suing exchange Coinbase. An accompanying press release referred to acting…
But, by filing suit, the SEC and CFTC do have a remarkable ability to signal what type of businesses or practices are less-than-desired in a functioning economy. And by going after the two biggest fish in crypto, it’s becoming clear that all exchanges are at risk. Scratch any financial firm and you’ll find it bleeds financial infractions, especially in an industry as rough-and-tumble as crypto. Source
The new collection of “a few hundred” digital trunks will open for registration on June 8 to consumers based in the U.S., Canada, France, the U.K., Germany, Japan and Australia. Select customers can then purchase the NFTs on June 16 for €39,000, or about $42,000. As part of the token’s utility roadmap, holders will receive a physical replica of their digital Treasure Trunk, which will also unlock access to upcoming Louis Vuitton products and immersive events. According to a press release, the brand plans to release limited products and experiences…