Crypto Markets Rebound as Traders Shake Off Regulatory Troubles for Binance and Coinbase
Despite regulatory troubles for Binance and Coinbase, major cryptocurrencies such as Bitcoin and Dogecoin rose by 5% in the past 24 hours, indicating bullish strength. Other major tokens such as Litecoin, XRP, and Shiba Inu also saw gains of up to 4%, leading to a 3.3% rise in the total crypto market capitalization to $1.12 trillion. The bounce back came after a record liquidation event on Monday, which saw over $293 million worth of token-tracked futures products liquidated.
U.S. Court Tells SEC to Respond to Coinbase's Rulemaking Petition Within a Week
The US Court of Appeals for the Third Circuit has instructed the Securities and Exchange Commission (SEC) to clarify its stance on a rulemaking petition submitted by Coinbase. The cryptocurrency exchange had filed a challenge in April, requesting the regulator to respond to its 2022 petition for formal rulemaking in the digital assets sector. The SEC has been given seven days to explain whether it intends to decline Coinbase's request, the reasons for such a decision, or a timeline for a decision. Coinbase's Chief Legal Officer, Paul Grewal, has said that if the SEC's answer to the petition is "no", they have the legal right to question it in court.
Elven's Comments to FASB on Draft Accounting Standards for Crypto Assets Featured on Official Website
The Financial Accounting Standards Board's (FASB) March call for industry-wide comments and suggestions on the FASB's draft accounting standards for crypto assets closed on June 6, 2023. The official website lists comments and suggestions on the draft crypto accounting standards from 78 companies and institutions during this period.
SEC Lawsuits Cause Heavy Losses in Net Worth for Coinbase and Binance CEOs
The net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao have taken a hit due to recent lawsuits by the US Securities Exchange Commission (SEC). Within 30 hours of the SEC suing Binance on June 5 and then Coinbase on June 6, Armstrong's net worth fell by $289m and Zhao's by $1.33bn.
Coinbase CEO Attended “Stand with Crypto commemorative NFT” Activity
Coinbase CEO Brian retweeted the NFT logo action for Guardian Crypto Assets, where participants can cast "Stand with Crypto commemorative NFT" via a three-step link and display the shield on Twitter. The initiator standwithcrypto.eth states that the shield NFT itself does not have any value and is only used as a logo and participants should not believe any investment rumors.
SEC Crackdown on Binance and Coinbase Surge DeFi Trading Volumes 444%
The median trading volume across the top three decentralized exchanges (DEX) jumped 444% in the past 48 hours as crypto investors reeled from the United States securities regulator's recent legal actions against cryptocurrency exchanges Coinbase and Binance.
Robinhood considers delisting tokens named in SEC lawsuits against Binance and Coinbase, says Chief Legal Compliance Officer
Robinhood, a fintech trading app, may delist tokens involved in lawsuits by the SEC against Binance and Coinbase. The company's Chief Legal Compliance Officer, Dan Gallagher, testified before a Congressional committee that they are reviewing the SEC analysis to determine what actions to take.
Kevin O’Leary Predicts End of Unregulated “Crypto Cowboys” Following SEC Lawsuits Against Binance and Coinbase
Canadian entrepreneur and "Shark Tank" star Kevin O'Leary believes that the recent SEC lawsuits against Binance and Coinbase will be a turning point for the cryptocurrency industry, leading to a more regulated and stable environment. O'Leary predicts that Binance will suffer more than Coinbase from the SEC's enforcement action. He also criticizes Coinbase's decision to fight the SEC in court, saying it is a turnoff for institutional investors and has led to a decline in the exchange's stock price. O'Leary believes that many digital asset firms lack the maturity and experience to attract institutional investors and need to become more regulated.
Coinbase’s Chief Lawyer: If We Need To Appeal to the Supreme Court, We Are Ready
Coinbase has signaled a willingness to take its legal battle with the U.S. Securities and Exchange Commission all the way to the Supreme Court, as the agency intensifies its crackdown on tokens it deems to be listed securities. Paul Grewal, Coinbase's chief lawyer, said in an interview: "If we need to appeal to the Supreme Court, we are ready." He also expressed confidence that the company will win, "I think every court that hears this issue will come to a conclusion : SEC basically got it wrong".
Coinbase Shares Plummet on Sec Suit, Shorts Make $307M As Stock Market Crashes
After the SEC sued Coinbase, the company’s stock price fell, and short-sellers pocketed a $307 million intraday mark-to-market profit. According to data research firm S3 Partners, short interest accounts for about 20% of Coinbase’s total stock. Still, short-selling legend Jim Chanos said he was optimistic about his short position: "Fundamentals overlooked are opportunities."
