Coinbase Argues SEC Cannot Retroactively Regulate Digital Asset Exchanges
June 29 (Cointime) - Coinbase has filed a court document stating that the SEC lacks proper jurisdiction to retroactively regulate digital asset exchanges. The document argues that only Congress has the power to regulate digital assets and that there have been no changes to Coinbase's business that would warrant the SEC's action. Coinbase also points out that the staking service the SEC claims is in violation of the Securities Act of 1933 has been offered since at least 2012.
Americans Want Safe, Regulated Crypto Products Including Spot Bitcoin ETFs, Says Coinbase Chief Legal Officer
June 29 (Cointime) - Coinbase's Chief Legal Officer, Paul Grewal, believes that Americans are seeking safe and regulated crypto products, including spot bitcoin ETFs. Grewal's comments come as several companies, including BlackRock, Invesco, WisdomTree, Valkyrie Funds, and ARK Invest, have filed applications for a spot bitcoin ETF.
XRP Holder's Lawyer Weighs in on Coinbase's Motion to Dismiss SEC Lawsuit
June 29 (Cointime) - Coinbase has filed a motion to dismiss the lawsuit filed against it by the SEC, which has been met with reactions from industry leaders. John Deaton, a lawyer representing XRP holders, believes that Coinbase's argument "has teeth" and laid down six points to support his view.
Cboe Amends Ark Bitcoin ETF Application to Include Market Surveillance, Following BlackRock's Lead
June 29 (Cointime) - The Cboe BZX Exchange has updated its ARK 21Shares Bitcoin ETF proposal to include a feature that helps prevent market manipulation and fraud. The amendment includes a surveillance-sharing agreement with a Bitcoin spot trading operator, similar to a feature in BlackRock's proposal for a spot Bitcoin ETF.
US Cryptocurrency Laws Should Take a Reserved Approach, Says SEC Commissioner
June 29 (Cointime) - According to Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission, cryptocurrency laws in the United States should not regulate the technology as if every use is financial. Peirce believes that a legal framework should take a "reserved approach" but provide enough clarity for people to experiment. She also advised the crypto industry to undertake self-regulation and pay attention to counterparty risks, conflicts of interest, and leverage. Peirce thinks that the SEC can do better and that the government needs to have a good reason to prevent people from investing their own money as they choose.
SEC Chair Gary Gensler's Hard Stance on Cryptocurrency Causes Turmoil and Speculation
June 28 (Cointime) - The recent actions taken by the SEC against Coinbase and Binance have caused disruption in the crypto industry, leading to major players making changes. Due to limited demand, Crypto.com is winding down its institutional business in the US, while Robinhood testified about the SEC's lack of assistance in registering as a digital assets broker.
BlackRock Has 50% Chance of SEC Approval for Spot Bitcoin ETF, Says Bloomberg Strategist
June 28 (Cointime) - BlackRock's recent application for a spot bitcoin ETF has a 50% chance of being approved by the SEC, according to Bloomberg's senior ETF strategist Eric Balchunas.
ARK Investment Management Amends Bitcoin ETF Application, Puts It Ahead in Race for Approval
June 28 (Cointime) - ARK Investment Management has updated its Bitcoin ETF application with the SEC, including a surveillance sharing agreement with the CME futures markets and a crypto exchange, likely Coinbase. This puts ARK ahead of its competitors in the race for the first Bitcoin ETF in the US.
Consensys Founder Joseph Lubin Affirms Ethereum Should Be Classified as a Commodity in CNBC Interview
June 28 (Cointime) - Joseph Lubin, the founder of Consensys, has stated in a recent CNBC interview that Ethereum (ETH) should be classified as a commodity. Lubin cited previous statements by regulatory bodies, including the SEC and CFTC, as evidence for his claim.
BlackRock's Bitcoin ETF Application Expected to Receive Approval from US SEC
June 28 (Cointime) - Bitcoin has surpassed the $30k price level as BlackRock, a major investment management company, has applied for a spot BTC Exchange Traded Fund (ETF). Despite previous rejections due to concerns of fraud and market manipulation, experts predict that the US Securities and Exchange Commission (SEC) is likely to approve BlackRock's request.
