Tag: Coinbase

Coinbase appeals SEC rulemaking petition denial as promised

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Coinbase is continuing its efforts to ensure adequate legislation on cryptocurrency used as securities. After the United States Securities and Exchange Commission (SEC) denied Coinbase’s petition for rulemaking on cryptocurrency on Dec. 15, the crypto exchange appealed the decision on the same day. Coinbase chief legal officer Paul Grewal promised immediate action as soon as the SEC’s denial became known. On Dec. 18, the U.S. Third District Court of Appeals ordered the SEC to file the record of its decision by Jan. 24, 2024. In its appeal, Coinbase documented the…

Ripple, Coinbase, a16z invest $78M in pro-crypto PAC ahead of US elections

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Ripple CEO Brad Garlinghouse has publicly announced the company’s intent to support “pro-crypto’ candidates during the 2024 United States election season. The company is among a group to have pledged a total of $78 million to support the Fairshake political action committee (PAC). Fairshake announced that prominent industry firms and players had contributed to a significant “war chest” to back candidates who support American crypto and blockchain innovation and responsible regulation in the upcoming 2024 elections. The list includes individuals like Coinbase CEO Brian Armstrong, Tyler and Cameron Winklevoss, Circle, Coinbase,…

Coinbase ends GiveCrypto initiative, prompting crypto charity scrutiny

Coinbase is winding down the GiveCrypto initiative, citing its failure to create a lasting impact. In a blog post on Dec. 15, Coinbase said its non-profit initiative founded by the exchange’s head Brian Armstrong was “unable to create lasting change purely through unconditional cash transfers.” According to the exchange’s statement, the initiative participants “returned to the same baseline” after the cessation of payments, prompting a reevaluation of the initiative’s approach. “Unfortunately, we were unable to create a lasting impact with recipients, who returned to the same baseline after payment ceased.”…

Coinbase, Ledger, Trump, SafeMoon, NFT Trader: Weekly Recap

Today’s Weekly Recap dives into U.S. regulators’ rejecting Coinbase’s petition for clear rules; the Ledger hack; SafeMoon’s bankruptcy; former U.S. President Donald Trump’s new NFTs; and the massive breach at NFT Trader. Regulatory efforts One of the highlights this week was a slew of events related to crypto regulations. Chairperson of the U.S. CFTC Rostin Behnam claimed in a CNBC interview on Dec. 12 that most crypto assets are commodities under existing laws, as opposed to the SEC’s stance. Stablecoin issuer Tether reaffirmed its readiness to work with U.S. authorities…

SEC faces accusations of contradiction in Coinbase rulemaking dispute

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In the ongoing legal dispute between Coinbase Global Inc. and the U.S. Securities and Exchange Commission (SEC), the XRP holder’s lawyer, John Deaton, has accused the SEC’s top official, Gary Gensler, of ‘gaslighting’ the public and disagreed with his stance on cryptocurrencies. The development in Coinbase’s rulemaking request occurred when the SEC rejected the trading platform’s petition based on three reasons. These reasons encompass applying current securities laws to cryptocurrencies, the SEC’s engagement with the crypto securities markets through rulemaking, and the significance of preserving the Commission’s discretion in establishing…

Ethereum’s dominance to persist despite Solana’s investor appeal, Coinbase says

Although investors ‘have been heavily’ allocating to Solana throughout 2023, Ethereum will still be the top smart contracts platform in 2024, Coinbase says. In a new report titled “2024 Crypto Market Outlook,” Coinbase noted that throughout 2023, net fund inflows to Solana-related (SOL) investment funds were second only to Bitcoin (BTC), surpassing Ethereum (ETH) and other multi-asset funds flows. Analysts at the U.S.-based crypto exchange attributed the surge in Solana investment to the network’s ability to handle high transaction volumes and low fees, which they say are necessary to support…

Solana’s BONK Rockets 40% on Coinbase Listing

Solana, the blockchain network hosting Bonk, has experienced an impressive run in 2023. Earlier this month, SOL saw a remarkable 50% jump in just a few days, indicating a strong bullish trend.   The crypto market is seeing another boom in the altcoin space as Solana-based memecoin, Bonk (BONK), witnessed a 40% surge in the past 24 hours following the announcement of its listing on the prominent exchange, Coinbase Global Inc (NASDAQ: COIN). This development positions BONK as the third-largest meme coin on the platform, trailing behind the giants Dogecoin (DOGE) …

Cathie Wood’s Ark Invest sells another $42.6m Coinbase shares, $1.6m in GBTC

Ark Invest, the investment firm led by Cathie Wood, has again sold a substantial portion of its holdings in Coinbase Global Inc. (COIN) as the crypto exchange’s stock value soared to a 20-month high. The latest move comes amidst a broader reshuffling of the firm’s portfolio in response to recent market dynamics. On Dec. 13, Ark Invest sold 283,104 shares of Coinbase, valued at approximately $42.6 million, across two of its funds. The sale is part of a larger trend with the firm’s weekly sales reaching $56 million, as per…