Coinbase Receives Three Times More Law Enforcement Requests in 2021, Mostly from the US
Coinbase, a cryptocurrency exchange, received three times more law enforcement requests in 2021 than it did in 2020, with almost half of the 13,079 requests coming from the United States. The majority of requests were related to criminal investigations, and Coinbase aims to provide anonymized or aggregated data where possible. While the total number of requests increased by 6% from the previous year, it pales in comparison to the 127,766 requests received by Verizon in the first half of 2021. Coinbase CEO Brian Armstrong recently expressed frustration with the U.S. Securities and Exchange Commission's response to the company's requests for guidance, and the company has also received a subpoena from the Commodities Futures Trading Commission.
Coinbase CEO Praises Canada's Streamlined Crypto Regulations and Expands Operations
Coinbase CEO Brian Armstrong praised Canada's streamlined regulatory approach to cryptocurrency during a fireside chat in Toronto. This approach demands compliance with strict investor protections and has led to significant exchanges like FTX and Binance exiting the Canadian market. Coinbase officially commenced operations in Canada in August, tapping into the substantial Canadian interest in cryptocurrencies. Armstrong envisions a future where crypto plays a pivotal role in payments, with a focus on reducing transaction delays and integrating crypto wallets with internet browsers.
Coinbase CEO: Met with SEC 30 times in the past 18 months, no clear feedback
Brian Armstrong, CEO of cryptocurrency exchange Coinbase, stated that despite the company's attempts to seek clarification from regulatory authorities, it is still facing criticism from the SEC. He stated that Coinbase has met with the SEC 30 times in the past 18 months. He said, "Apart from Bitcoin, we haven't really received any feedback from them about which assets they believe are securities and which are not. All we received was a Wells notice." Armstrong said that if the company cannot obtain clarification from the SEC, "we need to use the courts to establish precedent," and he also hopes that "Congress will take action and pass new legislation," mentioning two bills currently under consideration in the House of Representatives.
Coinbase shares top $130 pre-market
According to market data on November 29th, Coinbase Global, Inc. (COIN) stock price broke through $130 before market opening, currently trading at $130.30, with a daily increase of 1.58% and a rise of over 75% in the past month.
Coinbase Tokenization Head: Revised UK Legislation Will Allow Stablecoins or Other Asset Trading Pairs
Anthony Bassili, Coinbase's Asset Allocation and Tokenization Director, commented on the "UK government's consultation on digital securities sandbox" on social media, stating that the initial draft of the sandbox included all banks, bonds, stocks, and private chain stores. 19 respondents gave their opinions.
People familiar with the matter: Coinbase is working with CFTC to determine the scope of trading data sharing
According to a source confirmed by media outlet Decrypt, Coinbase is working with the CFTC to determine which trading data can be shared.
People familiar with the matter: Coinbase receives subpoena from CFTC related to Bybit
The Block cited sources as saying that Coinbase has sent emails to some customers stating that they have received a subpoena from the US regulatory agency CFTC regarding Bybit. In the email, Coinbase stated: "You do not need to take any action, but Coinbase may respond to the subpoena unless a motion to quash is served or other opposition is made to the subpoena served on the court before November 30, 2023, including sending information about your Coinbase account to the Commodity Futures Trading Commission." According to its enforcement manual, the CFTC has certain powers to investigate, including through voluntary statements and subpoenas. In an article in May, Coinbase stated that US law requires Coinbase to collect information, including matters related to subpoenas.
Coinbase's stock price surges after Binance's forced departure from the US
Coinbase's stock price rose by 4% on Monday, reaching its highest level since April 2022 and increasing the year-to-date rally to 260%. The surge in price is attributed to Binance's forced departure from the US, which has resulted in Coinbase's CEO becoming 20% richer. Despite the recent increase, Coinbase's shares are still down 70% from their November 2021 high. Analysts believe that the crypto market can now focus on positive developments such as regulatory clarity and the potential approval of a bitcoin ETF, and that Coinbase may benefit from its overseas derivative trading business and its role as a broker for a U.S.-approved bitcoin ETF. Other pandemic-era market favorites, including Shopify, Roku, and Affirm Holdings, also hit 2023 highs on Monday, but are still down more than 50% from their 2021 peaks. Binance CEO CZ has stepped down as part of a $4 billion settlement with the US, while Binance's Changpeng Zhao has managed to maintain his multibillion-dollar fortune despite a guilty plea.
BitGo Left Out as Coinbase Dominates Custody Services for Bitcoin ETFs
Coinbase has been the only third party chosen to provide custody services for bitcoin ETF applications, leaving BitGo, a major crypto custodian, on the sidelines. BitGo CEO Mike Belshe has stated that his company is in talks with ETF issuers and is working with "many" of the applicants. While Coinbase has dominated the race to provide custody services for bitcoin ETFs, several firms, including VanEck and Global X, have yet to choose their custody partner, leaving the possibility for BitGo or crypto exchange Gemini to appear on someone's bitcoin ETF application eventually. The concentration of bitcoin custody with one custodian, Coinbase, has raised concerns, but regulatory clarity in the US limits the number of suitable companies for the role.
A giant whale deposited 6 million SUPER into Coinbase and made a profit of about US$1.3 million.
According to Scopescan monitoring, a whale that has accumulated 2 years of SUPER deposited 6 million SUPER (2.4 million US dollars) into Coinbase, earning about 1.3 million US dollars.
