Coinbase Argues Against SEC Proposal To Regulate Decentralized Exchanges
June 15 (Cointime) - Coinbase, the cryptocurrency exchange that has been in a public dispute with the U.S. Securities and Exchange Commission (SEC), has sent a letter to the regulator opposing a proposal to regulate decentralized exchanges like centralized ones.
Bitcoin Supply on Crypto Exchanges Hits Lowest Level Since February 2018 Amid SEC Accusations
June 14 (Cointime) - According to data from Santiment, the supply of Bitcoin on crypto exchanges has reached its lowest point since February 2018. The recent drop is attributed to the accusations made by the SEC against major exchanges Binance and Coinbase for offering unregistered securities to US customers. The data also shows a steady decline in supply since 2020, indicating that traders and investors are opting for self-custody.
Mysterious Ethereum Whale Moves $738 Million Worth of ETH to Multiple Wallets and Coinbase
June 14 (Cointime) - The actions of an Ethereum whale, who owns $738 million worth of ETH, have left the cryptocurrency community puzzled. The individual amassed 1.5 million ETH between 2016 and 2017 and then transferred the entire amount on Dec. 1, 2018. The ETH was broken down into smaller chunks and distributed to different wallets before being reaggregated into larger portions of 150K ETH each. Recently, the whale transferred 450K ETH to an address associated with Coinbase, raising questions about the motivations behind these actions.
Bitcoin Exchange Supply Drops to 5-Year Low Amid SEC Lawsuits and Altcoin Surge
Bitcoin has been consolidating around $26,000, but recent SEC lawsuits against Binance and Coinbase have led to outflows from exchanges. On-chain data provider Santiment reports that Bitcoin's exchange supply has dropped to a 5-year low as users choose self-custody amid regulatory uncertainty.
Members of the Hong Kong Legislative Council: We Have Already Contacted Coinbase, and We Will Jointly Understand the Development Opportunities in Hong Kong
Johnny Ng, a member of the Hong Kong Legislative Council, tweeted that he has contacted Coinbase and will jointly understand the development opportunities in Hong Kong. Any news about the next step will be communicated to everyone here! Jonny NG previously stated that global cryptocurrency exchanges including Coinbase are welcome to come to Hong Kong to apply for compliance exchanges and negotiate listing plans, and he is willing to provide assistance. Both OKX and the Huobi compliant entity were previously listed on the Hong Kong Stock Exchange.
SEC Has Not Decided on Clarifying New Crypto Rules After Coinbase’s Request
The U.S. Securities and Exchange Commission has not yet decided whether to clarify new crypto rules following a request from Coinbase, the country's largest crypto exchange. The SEC stated in a filing that it "has not decided what action to take on Coinbase's rulemaking petition."
SEC Anticipates 120-Day Response Time to Coinbase's Request for Rulemaking
The SEC has stated that it may take up to 120 days to respond to Coinbase's request for rulemaking. The agency has not yet decided on a course of action and has dismissed Coinbase's request for a faster response, citing the potential weakness of its claim. In a filing with the US Court of Appeals for the Third Circuit, the SEC argued that the petition should be denied.
Binance.US Market Depth Shrinks by 76% Following SEC Lawsuit, BTC/USD Trades at Premium
Binance.US, the American arm of Binance, has seen a significant drop in market depth and share following the U.S. Securities and Exchange Commission's legal action against Binance. Market makers and traders have left the exchange, causing liquidity to dry up and Bitcoin to trade at a premium of $234 on Binance.US compared to Coinbase.
SEC Profits from Enforcement Efforts in Crypto Industry
The US Securities and Exchange Commission (SEC) has intensified its crackdown on the cryptocurrency sector, including filing lawsuits against Coinbase and Binance, and has profited from its enforcement efforts. According to the annual report for the fiscal year 2022, the regulatory agency generated an income of $14.1 billion during that period, which is an increase of $1.9 from $12.2 billion in 2021.
SEC Lawsuits Against Binance and Coinbase Seen As Natural Progression of Chair’s Views on Crypto Securities, Says Linklaters’ Joshua Klayman
Not everyone in the crypto community views the recent SEC lawsuits against Binance and Coinbase as arbitrary or unfair. Joshua Klayman, the US head of fintech and blockchain at law firm Linklaters, believes that the lawsuits are a natural result of SEC chair Gary Gensler's long-held views on cryptocurrencies as securities.
