Coinbase Top Official Responds to XRP Relisting in Latest Interview
In a recent interview, Coinbase's Chief Legal Officer, Paul Grewal, responded to questions about the company's decision to relist XRP on its platform. Grewal stated that the decision to relist XRP was based on a number of factors, including the resolution of the SEC's lawsuit against Ripple, which had accused the company of selling XRP as an unregistered security. Grewal also noted that Coinbase had conducted its own analysis of XRP and had concluded that it was not a security. The relisting of XRP on Coinbase is seen as a significant development for the cryptocurrency, which has been embroiled in regulatory uncertainty over the past year.
US SEC Asked To Reply In 10 Days To Coinbase Complaint
The US Securities and Exchange Commission (SEC) will reportedly reply within the next 10 days to a complaint filed by Coinbase over its lending product. Coinbase had announced plans to launch a lending product that would allow users to earn interest on their cryptocurrency holdings. However, the SEC recently threatened to sue Coinbase over the product, claiming that it constitutes a security and therefore requires regulatory approval. Coinbase has since pushed back against the SEC's claims, arguing that the lending product is not a security and does not fall under the SEC's jurisdiction. The outcome of the case is expected to have significant implications for the cryptocurrency industry as a whole, particularly in terms of regulatory clarity around the classification of digital assets.
Cointime News Wrapup-Afternoon: CEX Trading Volumes Decline in April After Months of Growth
Trading volumes on centralized crypto exchanges have fallen in April for the first time in three months, according to blockchain data provider Kaiko.
Coinbase Legal Head Meets Ripple Chief Legal Officer; Will Coinbase Relist XRP?
The Chief Legal Officers of Coinbase and Ripple, Paul Grewal and Stuart Alderoty respectively, recently met for an offsite meeting amid the ongoing regulatory battle for clear regulations from the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The meeting between the two companies comes as they both seek regulatory approval from the SEC. Coinbase has gone international as it awaits clear rules, while Ripple Labs and its executives await a summary judgment in the long-running lawsuit with the SEC. (coingape)
Coinbase to Cease Issuing New Bitcoin-backed Loans via Borrow Service
Coinbase is stopping the issuance of new loans through its Borrow service, a product that allows certain US customers to post crypto as collateral to receive a cash loan. In an email sent to Coinbase Borrow customers on May 3, the exchange said that from May 10 customers won’t be able to take out new loans with Coinbase Borrow. The service allows users to borrow from the exchange against up to 40% of their Bitcoin holdings, with a $1 million limit. It requires no credit check and users pay a nearly 9% annual percentage rate for the service. Coinbase has not publicly addressed why it closed Borrow, but it comes in the backdrop of a regulatory scuffle between Coinbase and the Securities and Exchange Commission. (Cointelegraph)
Coinbase to Stop New Loans Against Bitcoin in Borrow Service from May 10, 2023
Customers in select US states can use Coinbase Borrow to obtain loans of up to $1 million by using Bitcoin as collateral.
Coinbase to Stop Issuing New Loans Via Coinbase Borrow
Customers of the U.S.-based exchange who used the program – which allowed customers to borrow fiat loans up to $1 million against as much as 30% of their bitcoin holdings, with interest – received an email on Wednesday informing them that the last day to take out new loans would be May 10.
Crypto Exchange Coinbase Faces Legal Action Over Biometric Data Collection
The Nasdaq-listed cryptocurrency exchange Coinbase has been accused of illegally collecting face templates and fingerprints of its customers in violation of Illinois’ biometric privacy law.
Coinbase’s Trading Volumes Dwindle Ahead of Earnings, Retail Volume Could Have ‘Bottomed Out’
Coinbase is slated to deliver its first-quarter earnings after the close on Thursday, and all eyes will be on trading volumes and monthly transacting users after the period was dominated by regulatory concerns.
Coinbase to Add Support for Sperax (SPA) on Arbitrum Network
May 3 (Cointime) - Coinbase, one of the world’s largest cryptocurrency exchanges, has announced that it will soon be adding support for Sperax (SPA) on the Arbitrum network.
