Cathie Wood’s Ark Invest Buys $8.6 Million in Coinbase Stock As Crypto Exchange Sues SEC
Ark Invest, run by CEO Cathie Wood, purchased more shares in Coinbase Global Inc. on the same day the US-based crypto exchange announced it was suing the Securities and Exchange Commission. The ARK Innovation ETF purchased 122,083 shares, the ARK Next Generation Internet ETF added 20,327 shares, and the ARK Fintech Innovation ETF bought 14,633 shares, totaling nearly $8.6 million at current prices. Coinbase's lawsuit against the SEC follows a petition for a rulemaking that the company filed with the US securities regulator last summer, seeking a yes or no on its request for the commission to draft and approve a digital asset-specific rule. Coinbase can file another lawsuit to make a federal court force the SEC to make a new rule if the regulator declines.
Cointime News Wrapup-Afternoon: Fine Art Photographers Join Forces to Launch NFTs to Battle Climate Change
Rhapsody Curated, a European NFT photography platform, has partnered with three leading fine art photographers to mint their works as NFTs for the first time to raise awareness of, and funding for, the battle against climate change.
XRP Community Celebrates As It Gets Major Support Against the SEC
Coinbase has filed a lawsuit against the SEC in the US Circuit Court, seeking to compel the securities regulatory agency to respond to a rulemaking petition filed last July, asking for regulatory guidance for the crypto industry. The move has been celebrated by members of the XRP community, with supporters of the cryptocurrency taking to Twitter to back Coinbase's decision to pressure the SEC via the lawsuit. However, some critics, such as CryptoBull, have called out Coinbase for de-listing XRP and not supporting Ripple in its legal battle against the SEC. Nevertheless, attorney Jeremy Hogan believes that many XRP supporters no longer consider Coinbase an enemy.
Coinbase CEO Launches “Stand With Crypto” NFT
Coinbase, the largest crypto exchange in the US, filed a lawsuit against the Securities and Exchange Commission (SEC) on Monday, seeking regulatory clarity. The lawsuit comes after the SEC threatened to sue Coinbase over its proposed Lend program, which would allow customers to earn interest on their crypto holdings. Coinbase argues that the SEC has failed to provide clear guidance on the regulatory status of crypto assets and that the agency's actions are "unlawful and unfair." In response to the lawsuit, Coinbase CEO Brian Armstrong minted an NFT and called on the crypto community to "Stand With Crypto" in the fight for regulatory clarity. (coingape)
Coinbase Files Action Against SEC Seeking Clarity on Crypto Regulations
On April 24, Coinbase filed legal action against the U.S. Securities and Exchange Commission (SEC) to compel the regulator to respond to its earlier rulemaking request. Coinbase suggested that the SEC has likely decided to reject its request but has not made any public statement on the issue. The filing is indirectly related to a Wells notice that Coinbase received from the SEC in March, indicating that the SEC could soon file charges against Coinbase. Coinbase plans to fight the SEC in court if it decides to advance. Coinbase CEO Brian Armstrong and his staff met with the SEC and Members of Congress to discuss regulatory issues, including SEC overreach. Coinbase is one of several crypto firms recently targeted by the SEC, and House Republicans have criticized SEC chair Gary Gensler for the regulator's harsh treatment of the cryptocurrency industry. (cryptoslate)
Coinbase Launches "Stand With Crypto" Campaign to Support Sensible Crypto Policy Through NFT Collection and Donations to Advocacy Organizations
The campaign encourages supporters to mint a commemorative NFT with a blue shield symbol representing their collective stand to protect and promote the potential of crypto.
Coinbase and Gemini Join Bid Race for Celsius Network’s Assets: Report
Leading cryptocurrency exchanges Coinbase and Gemini are parts of the two consortiums set to bid for bankrupt crypto lender Celsius Network’s assets at an auction scheduled for Tuesday, the 25th of April, 2023, according to a court filing and report from Fortune.
Gemini, Coinbase Among Bidders for Celsius Network's Assets in Upcoming Auction
Crypto exchanges Gemini and Coinbase are among the bidders for bankrupt crypto lender Celsius Network's assets in an auction scheduled for April 25 in New York. Two consortiums, Fahrenheit and the Blockchain Recovery Investment Committee, are also participating in the bids. NovaWulf Digital Management, the Stalking Horse Bidder, is also disputing the assets with a proposal that includes a cash contribution of $45 million to $55 million and the creation of a new public platform fully owned by Celsius creditors.
The Shanghai Upgrade Could Spark Decentralization In Staking As Big Guns Are Forced To Step Back
The recently implemented Shanghai upgrade in the Ethereum blockchain allows validators to access their staked assets and rewards. However, the SEC and CFTC are increasing their scrutiny of the staking arm of digital asset companies, leading to concerns about centralization. Over 30% of staked ETH is facilitated by exchanges, but regulatory actions against Kraken, Coinbase, and Binance regarding their staking activities have raised concerns. Some commentators argue that the SEC's actions are attempting to make staking completely decentralized, where users deal directly with the protocols without staking pools.
Investment Drama of Bankruptcy Claims Exchange OPNX; Intel Ends Bitcoin Mining Chip Business | Cointime Weekly Apr.16 – Apr.22
Coinbase receives license to operate in Bermuda; Gemini launches derivatives platform; EU Parliament approves crypto rules; HK court recognizes crypto as property; Hitachi establishes $300 million fund.
