Former SEC Lawyer Reveals Possible Reasons for Delay in Enforcement Action Against Coinbase Amid Ripple Lawsuit
Former SEC lawyer Marc Fagel has suggested that the US Securities and Exchange Commission (SEC) may be awaiting a ruling in the Ripple lawsuit before taking legal action against Coinbase. Fagel noted that it typically takes 30-60 days after a Wells submission is received for an enforcement action to be filed, and the submission was made around April 19. The SEC had issued a Wells Notice to Coinbase in March, alleging violations of federal securities laws. Ripple has been in a legal battle with the SEC for over two years, with a summary judgment decision expected imminently.
Coinbase Adds Support for Osmosis (OSMO) DeFi Altcoin Under "Experimental Label"
Coinbase has added support for Osmosis (OSMO), an altcoin based on the Cosmos (ATOM) blockchain, under its "Experimental Label" for less liquid and riskier tokens. Osmosis is an Automated Market Maker (AMM) protocol that aims to enable cross-chain transactions using Inter-Blockchain Communication (IBC). Its native governance token, OSMO, is currently trading at around $0.5986 and is ranked 110th by market capitalization. OSMO has already been listed in Binance's "Innovation Zone" for assets that may be more prone to rapid price changes.
Coinbase's Layer 2 Blockchain Base Has No Plans to Issue Network Tokens, According to Newly Released Roadmap
Coinbase has launched a testnet for its own Layer 2 blockchain called Base, but has clarified that it has no plans to launch a token for the blockchain. The Base roadmap confirms that it will operate like most other Ethereum Layer 2 blockchains, using ETH as a way to conduct transactions and pay for gas fees.
Coinbase Releases Roadmap for Mainnet Launch of Ethereum Layer 2 Network Base
Coinbase has released a roadmap for the mainnet launch of its Ethereum Layer 2 network, Coinbase Base. The roadmap outlines five criteria that must be met before the launch, and Coinbase has already satisfied two of them. The Base network is designed to be low-cost, safe, and developer-friendly, and is completely secured by the Ethereum blockchain. There have been rumors that Coinbase Base plans to launch its own network token, but the company has denied these claims.
Coinbase Reports Strong Q1 Earnings Despite Net Loss and Uncertain Q2 Projections
Coinbase, a leading cryptocurrency company, reported a 22% sequential growth in net revenue to $736 million in Q1 2023, with a 37% reduction in recurring operating expenses. However, the company still incurred a net loss of $79 million during the period.
Bitpanda Teams with Coinbase to Connect U.S. Exchange with European Banks for Crypto Services
Bitpanda, an Austrian-based crypto exchange and trading platform, has partnered with Coinbase to connect the US exchange with European banks interested in offering digital assets to their customers. The partnership will allow Coinbase to use Bitpanda Technology Solutions to connect directly with banks and fintechs. Bitpanda's COO, Lukas Enzersdorfer-Konrad, said that despite the bearish crypto market, banks in Europe are keen to offer crypto to their customers, especially now that the Markets in Crypto-Assets regulatory framework has been adopted. Bitpanda's crypto connectivity is already in place with several banks and fintech platforms.
Aave Considers Implementing Version 3 on Coinbase-Backed Layer 2 Blockchain Base
Aave's governing forum is considering the implementation of its version 3 on Base, a Layer 2 blockchain supported by Coinbase. The proposal was put forward by Francis Gowen, a protocol specialist at Flipside Crypto and a delegate and contributor to Aave.
Base Release Mainnet Path
Base, an Ethereum Layer 2 (L2) network built on the OP Stack that offers a secure and low-cost way for developers to build decentralized apps onchain, is gearing up for a mainnet launch with safety and security as its top priorities. The launch criteria include demonstrated testnet stability, Optimism’s successful upgrade of Bedrock, and completion of reviews and audits. Base has no plans to issue a network token. During the Genesis Window following Mainnet Genesis begins, developers will be able to begin deploying their dapps to Base securely, easily, and reliably while receiving fast technical support from the Base core team via Discord.
Coinbase will add support for Osmosis (OSMO) on the Osmosis network
Coinbase will add support for Osmosis (OSMO) on the Osmosis network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on <a href="https://twitter.com/coinbase">@Coinbase</a> & <a href="https://twitter.com/CoinbaseExch">@CoinbaseExch</a> in the regions where trading is supported.
Coinbase Pushes for Crypto Regulatory Clarity in United States amid SEC’s Enforcement Action
Coinbase and Ripple Labs are leading the push for clear cryptocurrency regulations in the United States, where companies have struggled to get regulatory clarity from the Securities and Exchange Commission (SEC). While other leading markets like European countries have already enacted clear crypto rules, most US-based crypto companies have opted to focus overseas for future growth prospects. Coinbase has filed a reply in the third circuit to the SEC’s argument against a petition for a writ of mandamus, stating that the need for the court’s intervention is much needed to compel the SEC in the rulemaking case. The SEC has taken more than ten months in issuing a reply to Coinbase’s claims, thus warranting the mandamus.
