Ripple Could Gain A New Ally Against The SEC, BitBoy
Crypto influencer Ben Amstrong, alias Bitboy, has dropped a hint regarding the ongoing XRP lawsuit. The influencer asserted that Ripple and XRP could get a new ally in the ongoing SEC lawsuit.
Coinbase Won't Support Gala Games V2 Token Airdrop—Why Not?
Cryptocurrency exchange Coinbase has announced that it will not support the upcoming token airdrop for Gala Games' V2 token. The decision comes amid concerns about the legality of the airdrop and the potential risks associated with supporting it.
Coinbase Launches International Exchange for Derivatives
Coinbase announced the launch of a new platform called Coinbase International Exchange, which enables institutional users outside of the US to trade ethereum and bitcoin perpetual futures.
COIN Pumps 14% After Coinbase Posts Bullish Q1 Earnings Report
The cryptocurrency Coin pumped 14% after Coinbase posted a bullish Q1 earnings report. Coinbase, one of the largest cryptocurrency exchanges in the world, reported strong revenue and user growth in Q1 2023, and made bullish comments about the future prospects of the digital asset industry.
Coinbase Faces Existential Risk as SEC Increases Scrutiny on Crypto
Coinbase, one of the largest cryptocurrency exchanges in the world, is facing an existential risk as the US Securities and Exchange Commission (SEC) increases its scrutiny of the company's activities. The SEC has reportedly sent Coinbase a Wells notice, which is a formal warning that the agency is planning to sue the company over its planned launch of a lending product called Coinbase Lend.
Coinbase Legal Chief Takes Pre-Emptive Strike Against US SEC
Coinbase's Chief Legal Officer, Paul Grewal, has cited a court precedent confirming that the "Petition Clause" protects the right of individuals to appeal to courts and other forums for the resolution of legal disputes. Grewal's statement is a pre-emptive strike against the US Securities and Exchange Commission (SEC) amid its legal fight for regulatory clarity over crypto. The move comes after a court ordered the SEC to respond to Coinbase's complaint within 10 days. Coinbase filed a lawsuit against the SEC after the regulator failed to provide clarity regarding guidelines and rules on crypto trading, listing, and staking. Meanwhile, Ripple and Coinbase's chief legal officers had a meeting offsite, as both companies face legal difficulties from the SEC.
BitBoy Mentions Potential Key Ally to XRP Against SEC
Coinbase could become a key ally for Ripple and XRP in their ongoing legal battle with the US SEC, according to BitBoy, a prominent crypto influencer. This comes after the Chief Legal Officers of Ripple and Coinbase, Paul Grewal and Stuart Alderoty, respectively, recently had a meeting. While the details of the meeting are unknown, it has led to speculation of an alliance between the two companies. Notably, Coinbase recently filed a lawsuit against the SEC, seeking regulatory clarity for the crypto industry. This move has elicited excitement within the XRP community, with many believing an alliance with Coinbase would be beneficial for both companies.
Cointime News Wrapup-Afternoon: US Vice President Gathers Top Tech CEOs to Discuss Dangers of AI
The US vice president and top Biden administration advisors have held a meeting with CEOs from the AI industry to discuss concerns about the risks associated with AI.
Coinbase Posts $79M Net Loss But Beats Expectations
Coinbase Global reported its fifth consecutive quarter of losses, posting a loss of $79 million, much lower than the $430 million loss in the same period last year. Its total revenue was $772.5 million, 37% lower than Q1 2022, and its total trading volume fell to $145 billion, resulting in a 63% fall in total transaction revenue. Coinbase's regulatory issues continue with threats of SEC enforcement action and lawsuits. However, company stock surged almost 9% in after-hours trading, hitting $53.75 on May 4. Shares in Coinbase have gained 60% since the beginning of the year but remain down 84% from their peak price of $343 in November 2021.
Coinbase Q2 2023 Outlook Highlights Potential Market Trends for Crypto Investors and Traders
Coinbase has released its Q1 2023 Shareholder Letter, which includes its Q2 2023 outlook. The average crypto market cap in April 2023 was $1.3 trillion, up 17% from Q1's average, but crypto asset volatility was 25% lower. Coinbase generated approximately $110 million in total transaction revenue in April 2023. For Q2 2023, Coinbase expects a sequential decline in subscription and services revenue due to a decline in the USDC market cap, and a sequential increase in General and Administrative expenses due to higher legal expenses, rent expenses, and Sales and Marketing expenses associated with their NBA partnership.
