coinbase
Coinbase refutes ‘baseless’ BiT Global wBTC suit
No 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.
Source link
Leverage Shares by Themes has launched a new exchange-traded fund (ETF) tied to the Nasdaq-listed cryptocurrency exchange Coinbase (COIN) stock despite a downturn in the crypto-related shares.
The Leverage Shares 2X Long Coinbase Daily ETF (COIG) is designed to deliver twice the daily return of Coinbase’s stock price, offering traders an amplified exposure to the U.S.’s largest cryptocurrency exchange. The ETF, which carries an expense ratio of 0.75%, is listed on Nasdaq, according to a press release.
The launch comes amid a significant cryptocurrency market downturn that saw bitcoin (BTC) drop by around 19% over the last three months, from over $105,000 to now stand at wrought $84,000. COIN shares saw even worse performance, losing nearly 42% of their value during the same period.
The new ETF allows investors to take advantage of Coinbase’s stock performance volatility without directly holding shares.
These types of single-stock leveraged ETFs, for both longs and shorts sides, are typically used for short-term trading due to the high levels of risks associated with daily compounding. The profits and losses for both types of these are amplified when the prices of the underlying stocks move significantly.
Source link
Coinbase has filed a FOIA request against the US Securities and Exchange Commission (SEC), riding on the highs of the dismissal of its case against the securities regulator. A glance at the document reveals that the US-based crypto exchange is seeking a raft of information on the SEC’s expenditure in its crypto war.
Coinbase Wants Full Disclosure Of SEC Spending In Its Enforcement Actions
US-based crypto exchange Coinbase is seeking information on the SEC’s spending in its war against major entities in the cryptoverse. Coinbase has filed a Freedom of Information Act (FOIA) request against the securities regulator to obtain information on the fiscal handling of its crypto lawsuits.
According to the document, the exchange is seeking information between April 2021 and January 2025 on the Commission’s spending. Coinbase’s request spans the total annual expenditures for digital asset investigations and enforcement actions against the industry.
Coinbase is also seeking information on the number of SEC full-time staff and details of their compensation packages. Furthermore, the FOIA request wants similar information on third-party contractors including their working hours and compensation packages.
Of particular concern is the Crypto Assets and Cyber Unit with Coinbase’s filing requesting the annual budget of the unit and compensation of its staff. Several cases initiated by the unit have been dismissed with the latest being Kraken’s case dismissal with prejudice.
“The previous SEC spent four years attacking a lawful industry, and American taxpayers were left holding the bill,” said Coinbase in a statement. “How much did you end up paying? We intend to find out.”
Several High-Level Crypto Lawsuits Will Drive The Bill Up
Following the filing of the FOIA request, the cryptoverse scans the horizon for the release of figures by the SEC. The SEC has nine possible defenses in the form of exceptions to the FOIA like internal personnel rules among others.
The release of the figures could run into millions of dollars, accentuated by a streak of high-profile crypto lawsuits. During the period under review, the SEC dragged Coinbase, Ripple Labs, Gemini, and Binance to court over alleged breaches of capital market rules.
The SEC case dismissal against Coinbase has triggered a wave of similar actions for affected entities. The dismissals are in sharp contrast to the heightened enforcement actions by the Gary Gensler-led agency.
SEC Commissioner Hester Pierce has criticized regulation by enforcement previously deployed by the SEC while hailing its new forward-thinking approach.
Aliyu Pokima
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.
Source link
Altcoins
Brian Armstrong Calls Memecoins ‘Canary in the Coal Mine,’ Predicts Tokenization of Identity, Songs, Votes and More
Coinbase CEO Brian Armstrong says that memecoins are the canary in the coal mine, foreshadowing a broader trend of the tokenization of culture.
In a new interview with CNBC, Armstrong says he expects memecoins to eventually lead to the tokenization of identities, votes and art.
“Memecoins in the broadest sense, I think we should find a way for artists to get paid. Anyone should be able to put artwork and get paid for it. I do think memecoins are a canary in the coal mine, that more and more of the world is going to get tokenized and put on-chain.
Every asset class, every vote, every identity, every song, every Instagram post, whatever – in the future I think more and more of these things are going to tokenized. Now, we also need to make sure people are following the law and not doing pump-and-dump schemes or insider trading, and there probably has been a little bit of that in the memecoin space which is not helping anybody.
In every crypto cycle, there seems to be people who rush in and they forget these lessons of the past, but insider trading should obviously be prosecuted and people should avoid doing that unless they want to go to prison.”
However, Armstrong admits that recent controversies surrounding memecoins – including Argentinian President Javier Milei’s LIBRA promotion – haven’t been a great look for the industry. But, he says that there is still a positive underlying path forward for digital assets.
“I do think we’re in the early stages of this industry so it’s the Wild West a little bit with memecoins right now. There’s good that comes with that which is a lot of innovation is happening.
There’s some bad happening as well from what I understand, it sounds like President Milei accidentally shared that information without actually understanding exactly what he was sharing if you believe his comments.
My hope is that this gets cleaned up and people continue to think long-term about how are we going to create real value for the billions of people in the world who need an updated financial system.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Source link
Can a Meme Coin Fund the Future of Scientific Research?
Analyst Confirms XRP Price Is Still On Path To $130
Proof-of-Work Crypto Mining Doesn’t Trigger Securities Laws, SEC Says
Crypto campaign donations are democracy at work — former Kraken exec
1 Million Bitcoin In New Whale Hands—A Mega BTC Rally On The Horizon?
Argentina’s Senate Hosts First-Ever Conference On Bitcoin Regulation
Justin Sun Stakes $100,000,000 Worth of Ethereum Amid Calls for ‘Tron Meme Season’
Cardano wallet Lace adds Bitcoin support
Donald Trump Vows to Make America the ‘Undisputed Bitcoin Superpower’
Will Trump Announce Zero Tax Gains in Today’s Crypto Summit Talk?
Avalanche (AVAX) Drops 4.5%, Leading Index Lower
Tether’s US treasury holdings surpass Canada, Taiwan, ranks 7th globally
Here’s Where Support & Resistance Lies For Solana, Based On On-Chain Data
President Trump To Address The Digital Assets Summit Tomorrow
Analyst Says Bitcoin Primed for ‘Party Time’ if BTC Breaks Above Critical Level, Updates Outlook on Chainlink
24/7 Cryptocurrency News4 months agoArthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025
Bitcoin2 months agoExpert Sees Bitcoin Dipping To $50K While Bullish Signs Persist
24/7 Cryptocurrency News2 months agoAptos Leverages Chainlink To Enhance Scalability and Data Access
Bitcoin5 months agoBitcoin Could Rally to $80,000 on the Eve of US Elections
Altcoins2 months agoSonic Now ‘Golden Standard’ of Layer-2s After Scaling Transactions to 16,000+ per Second, Says Andre Cronje
Bitcoin4 months agoInstitutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals
Opinion5 months agoCrypto’s Big Trump Gamble Is Risky
Price analysis5 months agoRipple-SEC Case Ends, But These 3 Rivals Could Jump 500x
✓ Share: