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2023-10-05 12:08:53 Coinbase’s Attempt to End SEC Lawsuit Should Be Rejected, U.S. Regulator Argues

U.S. regulators argued Tuesday that Coinbase Inc.’s attempt to toss out the securities law violation it faces should be rejected, asserting the crypto exchange’s justification contains “fatal flaws.” The Securities and Exchange Commission (SEC) sued Coinbase (COIN) in June, saying the U.S.-based company failed to register as a securities exchange with the markets regulator. Coinbase has tried to get that case dismissed, asking the judge to make a pre-trial ruling that crypto changing hands isn't the same as an investment contract.

SEC said in a filing Tuesday. At stake is the court’s eventual interpretation of who is getting the so-called Howey test right: Coinbase, with its narrower view, or the SEC, which says Howey is meant to be flexible and widely interpreted when it defines a security that must be regulated by the SEC. “This case turns on whether Coinbase intermediated transactions in ‘investment contracts’ and whether customers on Coinbase’s trading platform therefore were entitled to the protections afforded by the federal securities laws that require intermediaries of securities transactions to register with the SEC,” the regulator said. Coinbase has argued that crypto trades don’t meet this definition of an investment contract, because no actual contract is established in a transaction.

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2023-10-05 12:06:24 Coinbase’s Attempt to End SEC Lawsuit Should Be Rejected, U.S. Regulator Argues

U.S. regulators argued Tuesday that Coinbase Inc.’s attempt to toss out the securities law violation it faces should be rejected, asserting the crypto exchange’s justification contains “fatal flaws.” The Securities and Exchange Commission (SEC) sued Coinbase (COIN) in June, saying the U.S.-based company failed to register as a securities exchange with the markets regulator. Coinbase has tried to get that case dismissed, asking the judge to make a pre-trial ruling that crypto changing hands isn't the same as an investment contract.

SEC said in a filing Tuesday. At stake is the court’s eventual interpretation of who is getting the so-called Howey test right: Coinbase, with its narrower view, or the SEC, which says Howey is meant to be flexible and widely interpreted when it defines a security that must be regulated by the SEC. “This case turns on whether Coinbase intermediated transactions in ‘investment contracts’ and whether customers on Coinbase’s trading platform therefore were entitled to the protections afforded by the federal securities laws that require intermediaries of securities transactions to register with the SEC,” the regulator said. Coinbase has argued that crypto trades don’t meet this definition of an investment contract, because no actual contract is established in a transaction.

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2023-10-04 11:22:05 Ether Futures ETFs See Low Volume in First-Day Trading

It was a slow start for the first day of trading for futures-based ether exchange-traded funds (ETFs). A total of nine of the ETFs offering exposure to ether futures came to market on Monday. Five will hold only ether futures, while four will hold a mix of bitcoin and ether futures. One of those funds, Valkyrie’s Bitcoin Strategy ETF (BTF) – soon to be renamed – has been in existence for about two years as a bitcoin-only fund, but is changing its strategy to include ether.

The rest of the vehicles are new to market. “Pretty meh volume for the Ether Futures ETFs as a group,” said Bloomberg ETF analyst Eric Balchunas. Among the more popular of the new ETFs today, VanEck’s Ethereum Strategy ETF (EFUT) traded just shy of 25,000 shares at a price roughly averaging $17 per share for total dollar volume of just $425,000. As comparison, the ProShares Bitcoin Strategy ETF (BITO) – which launched in October 2021 amid a raging crypto bull market – traded more than $1 billion in in dollar volume on its first day. The crypto industry continues to await a decision from the U.S. Securities and Exchange Commission (SEC) over numerous recent and older applications for both spot bitcoin and spot ether ETFs.

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2023-10-02 22:56:01 Brazil rolls out blockchain-based digital ID

Over 214 million Brazilians will soon be using blockchain technology for digital identity, the government recently announced. Rio de Janeiro, Goiás and Paraná will be the first states to issue identification documents on-chain through a private blockchain developed by Serpro, Brazil’s national data processing service. The entire country should be able to issue identity documents through blockchain technology by Nov. 6, reads a decree on Sept. 25.

According to Alexandre Amorim, president of Serpro, the immutability and decentralization of blockchain made it an ideal technology for the country’s digital identification project. As per the local government, the national ID project is crucial in targeting organized crime, allowing government sectors to work together, offering a simpler way to access services and streamlining administrative records. The city of Buenos Aires, Argentina, recently disclosed a similar initiative, allowing residents to access identity documents via a digital wallet. The newly adopted technology will allow a more secure data exchange between the Federal Revenue and government departments, said the announcement.

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2023-10-01 11:06:31 OX Price Crash By Over 50% After The Arrest Of Zhu Su

OX price crashed by over 50% after Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital detained at Changi Airport while attempting to leave Singapore on September 29th. Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital, was reportedly detained at Changi Airport while attempting to leave Singapore on September 29th. His fellow co-founder, Kyle, received a similar order, compelling him to cooperate with the liquidator’s ongoing investigation.

The crypto market didn’t remain unaffected by this news. The Open Exchange Token, OX, witnessed a staggering 50% price crash as news of Zhu Su’s arrest spread. Additionally, Lookonchain reported that an individual who had been accumulating 304,599 OX tokens (valued at $7,000) over the past month hastily sold them off upon hearing of Zhu Su’s arrest. The question arises: Was this move a result of strategic foresight or mere luck? Wu said that the arrest stemmed from Zhu Su’s refusal to cooperate with liquidators and provide requested information, leading to contempt of court charges. Such a lengthy sentence for contempt is uncommon in legal proceedings.

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2023-09-29 09:07:17 Xiang Xiang Unicoin Arrested By Hong Kong Police In JPEX Case: Report

Two other people and Xiang Xiang Unicoin arrested by Hong Kong police in the Unicoin crypto case. Investigation ongoing; total funds involved reach HK$1.499 billion. According to Sing Tao Daily, the Hong Kong police have made significant strides in the ongoing JPEX case, with three more individuals taken into custody, bringing the total number of arrests to 15. One of the newly apprehended suspects is a 29-year-old Internet celebrity, “Xiang Xiang,” whose real name is Liang.

The other two individuals arrested are a 23-year-old named Zhong and a 28-year-old named Huang. Zhong Nan, the 23-year-old, holds the position of director at Lupin, another over-the-counter cryptocurrency exchange store. She is an employee of Unicoin, an over-the-counter cryptocurrency exchange shop, and is popularly referred to as the “Unicoin Resident Analyst” on social media. Her YouTube channel and Instagram account, where she shares investment insights and photos, have earned her the “Goddess of the Coin Industry” title among local netizens. The police have emphasized that their investigation is ongoing, and further arrests are not ruled out. The Commercial Crime Bureau’s officers are actively pursuing leads to provide crucial information to aid the investigation.

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2023-09-28 08:51:13 Binance vs. SEC Lawsuit Granted Extension Amid Legal Showdown

Binance and the U.S. Securities and Exchange Commission (SEC), a recent development has granted the cryptocurrency exchange some additional time to respond to court orders. The first court order instructed the defendants to provide an explanation for why specific documents pertaining to the SEC’s motion to compel discovery should remain sealed or redacted. The second order required the defendants to justify the sealing of documents connected to the SEC’s response supporting its motion to compel.

Now, BAM Trading and BAM Management have until September 27th to respond to these orders to show cause. Importantly, the SEC did not oppose their request for an extended deadline. In response, Binance, Binance.US, and Changpeng Zhao have sought to dismiss the SEC lawsuit, arguing that the regulator has not “plausibly alleged” various securities-related violations. They also contend that the SEC is attempting to assert authority over digital assets without clear legislative backing from Congress. This legal battle continues to unfold, with further developments expected in the near future. The Binance vs. SEC lawsuit, its founder Changpeng Zhao, and two U.S.-based Binance entities, BAM Trading Services Inc.

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2023-09-27 08:59:26 MAV zkSync Integration Is Now Available On Binance

Binance, a leading cryptocurrency exchange, has successfully integrated the Maverick Protocol (MAV) onto the zkSync Era network, opening doors for deposits and withdrawals. However, it’s important to note that deposits on the zkSync Era network will take approximately 24 hours to be credited to users’ Binance accounts. This delay is attributed to zkSync Era’s Finality mechanics, which ensure the utmost security and reliability of transactions.

Maverick Protocol stands as a groundbreaking DeFi platform, aimed at bolstering liquidity and optimizing capital usage within the DeFi sector. Its innovative Dynamic Distribution AMM empowers liquidity providers by enabling them to stake a price range and dictate how that liquidity should respond to market price fluctuations. In the realm of blockchain technology, zkSync Era is a ZK rollup solution, characterized by its trustless protocol. It leverages cryptographic validity proofs to facilitate scalable and cost-effective transactions on the Ethereum network. Notably, zkSync Era performs computation off-chain while storing most data off-chain as well. This approach maintains Ethereum’s high security standards while significantly reducing transaction fees.

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2023-09-25 09:11:21 Skybridge Founder: Every Wall Street Firm Will Sell Bitcoin ETF to Clients — 'Next 10 to 20 Years Are Remarkably Bullish'

Skybridge Capital founder Anthony Scaramucci has explained why he is still bullish on bitcoin. Emphasizing that every Wall Street firm is going to have a bitcoin exchange-traded fund (ETF) in their arsenal that they will sell to their clients, he predicted: “The next 10 to 20 years are remarkably bullish.” He added: “If you got your bitcoin, I wouldn’t sell your bitcoin, you made it through winter.”He believes that young people “will be mainstreaming bitcoin” in the same way his generation “mainstreamed the internet.”

The Skybridge Capital founder cautioned that headwinds are still in the macro environment, including higher interest rates, an enforcement-centric Securities and Exchange Commission (SEC) chairman, and negative sentiment around crypto adoption. Nonetheless, he remains optimistic about BTC, stating: “As wealth is created in society, a portion of that wealth is going to get chipped off for digital assets, most likely bitcoin.” He also reiterated his long-standing view that “Bitcoin is better than gold.” Scaramucci further expects the approval of bitcoin exchange-trading funds (ETFs) to be a game changer. He anticipates massive and widespread adoption of BTC once bitcoin ETFs become commonplace. The Skybridge Capital founder opined:

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2023-09-24 21:37:13 JPMorgan says Ethereum's activity post-Shanghai upgrade has been 'disappointing'

Ethereum has fallen short of expectations in terms of network activity following the Shanghai upgrade implemented in April, according to JPMorgan. "While the shift from proof-of-work to proof-of-stake that resulted from the Merge upgrade meant that the energy consumption for the Ethereum network collapsed by more than 99%, the Ethereum supply is shrinking and staking rose sharply (with the amount of ether staked up by 50% since the Shanghai upgrade).

Ethereum's daily transactions, daily active addresses and total value locked (TVL) of decentralized finance (DeFi) protocols on the network have all experienced declines, the analysts noted. The fall in Ethereum activity suggests that various "bearish forces" of the last year, including the FTX and Terra collapses, U.S. regulatory uncertainty and crackdown, the fading of interest in crypto by institutional investors and the drying up of venture capital funding, may have outweighed the positive impact of the Shanghai upgrade on Ethereum's network activity, according to the analysts. The Shanghai upgrade allowed Ethereum validators to withdraw the staked ether that has been locked in the network.

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