coinbase
A ‘pro-crypto’ congress is coming: Coinbase CLO
Published
4 months agoon
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adminIn an interview, Paul Grewal, Coinbase’s Chief Legal Officer, said that a shift is coming in the U.S. crypto legislative landscape. He forecasted the emergence of a “pro-crypto” Congress following the 2024 elections.
Grewal discussed in a Bloomberg Crypto interview how bipartisan support for crypto and evolving political dynamics will soon lead to more favorable crypto policies. Grewal mentioned how there is a growing interest of both Democrats and Republicans toward crypto and digital assets.
“There’s no question about it; we are going to see a pro-crypto Congress emerge, regardless of the particular outcome in individual races, and of course, the outcome in the presidential race.”
Paul Grewal
This development starkly contrasts the current regulatory environment led by the SEC under Gary Gensler. Gensler has questioned crypto and Bitcoin’s (BTC) legitimacy, emphasizing its association with fraud, manipulation, and illicit activities despite the SEC’s earlier approval of Bitcoin ETFs.
FIT 21
Grewal’s optimism towards Congress seemed rooted in recent bipartisan legislative efforts, such as the FIT 21 bill, which he described as a strong foundation for establishing a clear market structure for cryptocurrencies while ensuring critical investor protections.
The bill, which passed with bipartisan support in the House, is now under consideration in the Senate.
Grewal emphasized the growing recognition among lawmakers of the importance of crypto, as shown by the support of 71 Democrats and Republicans in the House.
Pro-crypto congress
Moreover, Grewal discussed the broader implications of a pro-crypto Congress, suggesting that such a shift could lead to a regulatory environment more focused on legislation than on litigation—a departure from the current SEC approach.
Grewal pointed out the global context, noting how other regions, particularly Europe, have adopted more pragmatic and consistent crypto regulations, which could serve as a good model for the U.S.
“We’re seeing a much more sensible, pragmatic, and still tough approach being taken in Europe, focusing on legislation, not litigation.”
Grewal
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Coinbase refutes ‘baseless’ BiT Global wBTC suit
Published
6 days agoon
December 17, 2024By
adminNo law compels Coinbase to “compromise the integrity of its platform” by doing business with Justin Sun-tied BiT Global, the U.S. crypto exchange wrote.
Coinbase asked a U.S. court to deny BiT Global’s lawsuit in Northern California, which seeks $1 billion in relief and a temporary restraining order on wrapped Bitcoin’s (wBTC)’s delisting.
The Justin Sun-affiliated BiT Global sued Coinbase on Dec. 13 for planning to remove the wrapped Bitcoin (BTC) asset from its U.S.-based exchange. BiT Global claimed delisting wBTC was illegal, would cause irreparable harm to the token’s economics, and was unjustified as Coinbase listed unserious cryptocurrencies like meme coins.
Also, launching cbBTC breached antitrust laws and threatened to create a Coinbase-controlled monopoly in the tokenized Bitcoin marketplace.
The crypto exchange argued that California’s Unfair Competition Law was inapplicable. DefiLlama confirmed that cbBTC ranked outside the top 10 tokenized BTC assets by market capitalization.
Coinbase has the right to choose whom to do business with, and no law requires it to allow bad actors or suspected bad actors onto its exchange… Coinbase does not have anything approaching monopoly power, and because its decision to delist wBTC was proper and justified based on the careful review it undertook and the unacceptable risk of doing business with an entity associated with Mr. Sun.
Coinbase response to BiT Global lawsuit
According to the December 17 court filing, material changes to wBTC’s stewardship, particularly Justin Sun’s majority control of the Bitcoin reserves, prompted Coinbase and other entities to reconsider their support for the asset.
The Securities and Exchange Commission charged Sun and three of his wholly owned companies with federal violations. Additionally, the FBI reportedly opened an inquiry regarding potential terror financing involving Sun.
The U.S. Department of Justice has not indicted Sun by publishing time, neither have authorities issued any arrest warrants for the Tron (TRX) founder.
Coinbase stated that its new wBTC risk assessments, in line with company listing standards, raised red flags, primarily due to Sun’s involvement. The exchange described its decision as “common sense” and necessary to protect its customers. The company also emphasized that delisting wBTC would not impact the token’s overall on-chain activity, which largely takes place on other platforms.
Nor can BiT claim harm, let alone irreparable harm, from being delisted from an exchange where less than 1% of transactions involving wBTC are made. Perhaps that is why BiT sat on its claims for nearly a month before filing suit, belying any urgency for relief.
The U.S. crypto titan asked the California Court to rule against BiT Global’s TRO request and $1 billion relief package, due to the firm’s ties to an allegedly indictable individual and fabricated emergency regarding wBTC.
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Justin Sun Confronts Coinbase CLO on wBTC Delisting and $1B Legal Battle
Published
1 week agoon
December 15, 2024By
adminTron founder Justin Sun has recently confronted Coinbase CLO Paul Grewal in a discussion over the delisting of wBTC from crypto exchange Coinbase. The news caught fire when Justin Sun’s BiT Global, which recently took a major stake in the wBTC ecosystem, slapped a lawsuit on Coinbase for the delisting of wrapped Bitcoin.
Justin Sun Questions Coinbase on wBTC Delisting
Justin Sun’s BiT Global will be suing crypto exchange Coinbase, which decided to delist wrapped Bitcoin (wBTC), and instead launched a competing product cBTC back in September. On November 19, Coinbase announced plans to delist Wrapped Bitcoin (WBTC) starting December 19, 2024, citing a periodic review of its listing standards.
However, delisting the largest tokenized version of Bitcoin i.e. wBTC has grabbed the attention. Earlier this year, BiT Global Trust took custodial rights for WBTC. Now it alleges that Coinbase isn’t following its “fair” listing standard and is removing wBTC to weed out competition for its newly launch cBTC.
Law firm Kneupper & Covey, representing BiT Global, has filed a lawsuit alleging that Coinbase’s decision to delist Wrapped Bitcoin (WBTC) is anti-competitive and violates multiple state and federal laws. The suit claims the delisting will cause significant harm to BiT Global, which recently assumed custodial responsibilities for WBTC under a new arrangement. In a statement on Friday, attorney Kevin Kneupper said:
“We believe this decision sets a terrible precedent for everyone in the cryptocurrency space. If an exchange of Coinbase’s size can delist a cryptocurrency just as it plans to launch its own competing product, who’s safe? And who’s next?”
However, Coinbase CLO Paul Grewal has justified the exchange’s actions noting: “When an asset no longer meets our listing standards, we will drop it. When another asset can meet or exceed market requirements without sacrificing those standards, we will list it. Thank you Bit Global for the chance to show this to a US federal court and on the entire global crypto stage”.
Responding to this, Justin Sun pointed out an earlier statement by Armstrong back from 2021, wherein he stated: “Outside of our listing standards, we do not offer an opinion on the value of each asset. We are asset agnostic because we believe in free markets”. Sun told Grewal that his views don’t match that of Coinbase founder’s.
Listing “Valueless” Meme Coins?
The law firm representing BiT Global stated that Coinbase has recently listed several “fundamentally valueless” memecoins, yet has now deemed Wrapped Bitcoin (WBTC) as failing to meet its standards. The recent one includes the listing of Peanut the Squirrel (PNUT). It added:
“Once the value in wBTC had been demonstrated, Coinbase changed the rules, delisting wBTC from its platform so that it could no longer be traded on the Coinbase platform—and it did so shortly after launching its own knock-off clone called cbBTC”.
In September 2024, Coinbase introduced cbBTC on Ethereum and its Layer 2 network, Base. Since its launch, cbBTC has become the second-largest tokenized version of Bitcoin, boasting a market capitalization of just over $2 billion.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Is Coinbase Victory Assured In The BiT Global Lawsuit?
Published
1 week agoon
December 15, 2024By
adminThe lawsuit filed against Coinbase Global Inc. by Bit Global is drawing intense debate on social media platform X. In a recent post, Coinbase CLO Paul Grewal responded to Tron Founder Justin Sun’s comment on the exchange’s listing standards.
Notably, the discussions stem from the exchange delisting the wBTC token from its platform, which has sparked discussions in the market. Besides, Bit Global, backed by Justin Sun, has sued the leading exchange for delisting the token from its platform recently.
Coinbase CLO Reaffirms Exchange’s Listing Standards
The controversy erupted after Coinbase announced it would delist wBTC on December 19, 2024, following a review of its listing standards. Paul Grewal, Chief Legal Officer (CLO) of the crypto exchange, addressed the matter in a recent social media post, stating, “When an asset no longer meets our listing standards, we will drop it. When another asset can meet or exceed market requirements without sacrificing those standards, we will list it.” Grewal also expressed confidence in defending the exchange’s position in a U.S. federal court, stating:
“Thank you Bit Global for the chance to show this to a US federal court and on the entire global crypto stage.”
BiT Global, backed by Tron Founder Justin Sun, has recently sued the crypto exchange for delisting the token. Besides, the firm, BiT Global, has also acquired a key stake in the wBTC ecosystem. The delisting decision has raised questions, especially after BitGo, the wBTC custodian, announced a new custody structure involving BiT Global.
Critics, including major DeFi players like MakerDAO and Aave, voiced skepticism about this partnership, though wBTC remains part of their platforms. Meanwhile, Justin Sun challenged Grewal’s remarks, sharing a screenshot of Coinbase CEO Brian Armstrong’s earlier statement that emphasized listing “every asset where it is legal to do so.”
This is where BiT Global found a caveat as it claimed the exchange lists memecoins like PEPE with no intrinsic market value
In response, Grewal pointed out that safety and legality are central to the leading crypto exchange’s listing decisions. He added a sharp rebuttal to Sun, saying he looked forward to his deposition under oath in California.
wBTC Price Soars Amid Listing Debate
The Coinbase-wBTC dispute underscores the broader challenges crypto platforms face in balancing innovation with due diligence. For the exchange, the focus remains on ensuring only safe and compliant assets make it to its platform. Coinbase CLO Paul Grewal reinforced this point in his recent X post.
Notably, Justin Sun’s criticism also drew attention to his role in the wBTC ecosystem. The partnership between BitGo, BiT Global, and the Tron ecosystem has faced skepticism within the crypto community. The exchange’s decision to delist wBTC may reflect these concerns.
However, despite the news, wBTC price today noted a surge of 0.64% and exchanged hands at $101,607 as Bitcoin soars. Its trading volume fell 5% to $353 million, while the token saw a 24-hour high of $101,772.65.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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