Co-founder of Stacks: Bank of America Once Closed Accounts related to Trading with Coinbase, now Restored
Muneeb, co-founder of Stacks, stated that Bank of America recently closed his account, which he had used for 15 years, without giving any reason. Muneeb suspects that the closure of his account is related to his Bitcoin transactions on Coinbase.
Coinbase's Market Cap Soars While Uniswap's Remains Stagnant Despite Broader Crypto Rally
Despite the recent surge in global equities and cryptocurrencies, the market capitalization of DeFi exchange Uniswap has remained steady at around $4 billion, while Coinbase's market cap has increased from over $7 billion to nearly $25 billion. The ratio between the two firms' market caps has hit a yearly high of 6.2 on July 13.
Coinbase Temporarily Halts Staking Services in Four US States Amid SEC Legal Proceedings
Coinbase, a US-based cryptocurrency exchange, has temporarily suspended its staking services in California, New Jersey, South Carolina, and Wisconsin in response to legal proceedings from the Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Coinbase in June for offering unregistered securities, and regulatory bodies in 10 US states initiated legal proceedings, suspending certain services. However, users based in Alabama, Illinois, Kentucky, Maryland, Vermont, and Washington will continue to be eligible to stake their crypto as before the regulatory actions were taken. A pre-motion hearing between the SEC and Coinbase, held on July 13, offered insights into the litigation's tone and potential impact on the broader crypto industry.
Coinbase Enables XRP Trading for German Residents, 55% Cumulative Seven-Day Performance Achieved
Coinbase has announced that XRP is now available for trading to its users in Germany, following the US court declaration that XRP is not a security. Many other exchanges, including Gemini, Bitstamp, Kraken, BitGo, Crypto.com, and Binance US, have also reactivated support for XRP after attaining regulatory clarity. While the news has received positive feedback from the crypto community, a skeptic has voiced concerns about potential losses for buyers and argued that market participants who remain invested in XRP rely on fostering a fear of missing out (FOMO) to ensure sufficient liquidity for their exit strategies. XRP trades at $0.7282, with over 55% cumulative seven-day performance.
Cathie Wood’s Ark Invest Sells $53 Million In Coinbase Shares, Buys Meta and Robinhood
Cathie Wood's Ark Invest has sold some of its Coinbase shares as the stock price hit a yearly high, marking the second time this week that the firm has offloaded some of its holdings. The sale amounted to 478,356 shares worth $53 million. Meanwhile, Ark Invest has purchased shares in Meta Platforms and Robinhood Markets.
SEC argues approving S-1 application for IPO does not mean regulatory complianc
The SEC has stated in court that approving a company's S-1 application to go public does not mean that the agency endorses the business or confirms its regulatory compliance. The SEC trial counsel emphasized that the approval of an S-1 is not a blessing of the entire business, and there is no evidence that the SEC looked at specific assets and made specific determinations. The comments have raised questions about why the SEC would allow a non-compliant business to go public and allow Americans to invest in it. Coinbase is currently facing a case brought by the SEC for alleged unregistered securities offerings dating back to 2019.
Base Ethereum Layer 2 Chain Launches Mainnet for Builders, No Network Token Planned
Base, an Ethereum Layer 2 chain built on OP Stack in collaboration with Optimism, has announced the availability of its mainnet for builders to deploy their products. The network aims to provide hands-on support for developers and has already launched various tools to support their efforts. Base plans to launch publicly in early August and is powered by Coinbase, offering users access to decentralized apps and blockchain protocols. The team has completed all necessary criteria for the mainnet launch and has no plans to issue a network token.
Coinbase halts new asset additions to staking product in four states amidst legal proceedings
Coinbase has announced that retail clients in four states will no longer be able to add new assets to its staking product due to ongoing legal proceedings. Ten states, including California and New Jersey, have filed actions against the exchange to halt its staking program, arguing that it constitutes an unregistered security offering. Despite this, Coinbase maintains that staking is not a security and has been engaging with policymakers to keep its program intact. The staking services will continue to operate normally in other states where there are no ongoing legal proceedings.
Coinbase Shares Decline After Gangbuster Session, But Financial Institutions Increase Price Target
Coinbase's shares experienced a decline on Friday, following a surge in value the day before. Despite this, financial institutions have increased their price targets for the stock. COIN was trading at $103.50 at 3:31 p.m. in New York, down 3.3% from the previous day. The company's involvement in the proposed launch of spot bitcoin exchange-traded funds has contributed to its recent success, and the decision that Ripple Lab's sales of XRP on exchanges did not violate securities laws has also had a positive impact. WedBush and Needbush have both increased their price targets for Coinbase, with the latter raising its target from $70 to $120.
Ripple CTO Regrets Not Buying Coinbase Stock After Positive XRP Ruling
David Schwartz, the CTO of Ripple Labs, expressed regret for not buying shares of Coinbase after the positive ruling on XRP's status. While Coinbase's stock has since decreased by 4%, it outperformed its peers on Wall Street in the past few days, with a 29% increase in the past five days. Other stocks in the digital currency ecosystem, such as MicroStrategy, also saw significant gains following the XRP ruling. Schwartz's tweet about missing out on Coinbase stock received mixed reactions from the community, with some warning about potential legal trouble.
