Coinbase Tried to Rein in a Renegade SEC That's Trying to Rein in a Renegade Industry
The SEC rejected Coinbase's petition for crypto rulemaking, marking yet another refusal to provide regulatory clarity for an industry that badly wants it.
Coinbase files for court review over SEC's rejection of rulemaking
Coinbase has officially raised legal questions against the Securities and Exchange Commission (SEC) for rejecting its petition for rulemaking starting in 2022. Coinbase's Chief Legal Officer, Paul Grewal, stated on X that "we have now filed with the Third Circuit to challenge the SEC's arbitrary and capricious denial of our petition to establish a crypto rule. We thank the court for its consideration once again." Grewal called this decision "arbitrary and capricious." Coinbase argued in its petition review that the SEC's rejection was "an abuse of discretion, contrary to law, and in violation of the Administrative Procedure Act."
U.S. SEC vetoes rulemaking petition filed on behalf of Coinbase
The US Securities and Exchange Commission (SEC) has rejected a rule-making petition submitted by Coinbase (COIN.O).
Fed's Williams: We're not really discussing rate cuts right now
On December 15th, William Williams of the Federal Reserve stated that we have not yet truly discussed interest rate cuts. The economy and inflation are still highly uncertain. We need to be prepared for further policy tightening. (Jinshi)
Traders price in 2024 Fed rate cut of 150 basis points for first time
On December 14th, traders priced in for the first time a 150 basis point rate cut by the Federal Reserve in 2024. <br>
SEC serves suit to evasive Richard Heart in Finland, but not in person
The suit was served via an alternate method, as process servers were unsuccessful in contacting Richard Heart in person for months.
Binance and Binance.US argue SEC did not meet "Howey Test" requirements in latest filing
Binance, Binance.US, and Changpeng Zhao have filed a reply to the SEC's lawsuit, arguing that the regulator did not meet the requirements of the "Howey Test." The filing states that the SEC did not show that the exchanges' U.S. customers had any contracts that would meet the definition of an "investment contract." Binance also pushed back against the SEC's adding the exchange's guilty plea with the DOJ and consent order with FinCEN, or Zhao's own DOJ plea, in the ongoing case. The filing argues that securities laws wouldn't apply the same way the Bank Secrecy Act or International Emergency Economic Powers Act did.
Binance responded to the SEC’s supplementary briefing: the settlement agreement with the US DOJ has no substantial connection with the SEC’s accusations
On December 13th, Binance submitted documents to the federal court in the District of Columbia, stating that the settlement agreement reached between Binance and the US DOJ and FinCEN is not substantively related to the SEC's charges against Binance, and that the SEC's supplemental briefing did not provide new and effective evidence in this case.
The SEC met with BlackRock for the third time to discuss spot Bitcoin ETFs. This discussion focused on whether to allow physical creation models.
On December 13th, Bloomberg analyst Eric Balchunas cited regulatory memorandum documents stating that BlackRock had its third meeting with the SEC on December 11th to discuss details of its physical Bitcoin ETF. The attendees of the third meeting included Rachel Aquirre, the head of BlackRock's US iShares products, and mostly lawyers.
The market expects the Fed to start cutting interest rates in March 2024
On December 12th, futures contracts tied to the Federal Reserve policy rate are expected to begin lowering interest rates in March 2024. (Jinshi)
