Coinbase Financial News

Major crypto exchange Coinbase continues its pushback against the US securities regulator, telling the agency that it would be a "well-resourced adversary" if sued.

WASHINGTON — Coinbase said on 27 April it would fight the Securities and Exchange Commission over the agency's claim that much of its business is illegal and try to convince a court that Wall Street regulators lack the authority to oversee cryptocurrency markets.

Executives of cryptocurrency exchange Coinbase took their company’s regulatory issues to the public on April 27, with chief legal officer Paul Grewal speaking at Consensus 2023 and appearing with CEO Brian Armstrong in a video released on YouTube.

The launch of "Robinhood Connect," a fiat-to-crypto on-ramp featuring support for decentralized applications (DApps) and self-custody wallets, was announced at Consensus 2023 on April 27.

Crypto exchange Kraken is taking the fight against the United States Internal Revenue Service (IRS) and its demand to present critical exchange user information to the court. The exchange deemed IRS’s demand for customer information as an “unjustified treasure hunt.”

Coinbase Global Inc filed a petition on Monday in an effort to compel the U.S. Securities and Exchange Commission to create new rules for digital assets, the company said in a blog post, in the latest escalation of the cryptocurrency exchange's tensions with the securities regulator. Coinbase filed a petition for rulemaking with the SEC last year in which it urged the regulator to provide clarity on the circumstances under which a digital asset is a security and create a new market structure framework that is compatible with cryptocurrencies. The SEC has not responded publicly to that petition, which led to Coinbase filing the legal challenge, said Coinbase Chief Legal Officer Paul Grewal in the blog post. «Coinbase and other crypto companies are facing potential regulatory enforcement actions from the SEC, even though we have not been told how the SEC believes the law applies to our business,» said Grewal.

Analysts from the prominent New York-based investment bank H.C. Wainwright have declared an end to “crypto winter.”

The Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, has been at the forefront of the United States' cryptocurrency crackdown. In the last few months, the agency has filed several enforcement actions against major crypto companies that allegedly violated security laws.

Technology investor Cathie Wood’s fund ARK Invest has bought Coinbase stocks for $8.7 million, while filing yet another application to list a bitcoin-backed exchange-traded fund (ETF).

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A California court ruled Apple violated state competition laws by barring app developers from using alternative in-app payment methods apart from its own that included a 30% commission.

The Bitcoin (BTC) price has shrugged off concerns about sudden movements in long-term dormant wallets, as well as ongoing regulatory uncertainty with Coinbase now suing the US SEC for a lack of clarity on crypto rules, and posted a strong rebound back to the north of the $28,000 level for the first time in four days.

Tamadoge (TAMA), the crypto token that powers the Shiba Inu-dog-themed gaming-focused Tamaverse web3 ecosystem, has seen a sharp pullback in the last few days.

A Commodity Futures Trading Commission official said Tuesday that she hopes to find a «path forward» in the regulator's legal battle with crypto exchange Binance, noting that no decision has been taken yet on whether to settle the case or take it to court.

The SEC did not provide a public response but has since taken a tougher stance on the crypto sector, taking action against several firms and sending a Wells Notice to Coinbase itself in connection with the exchange’s listing of potential unregistered securities. In recent days Coinbase CEO Brian Armstrong has expressed his frustration with the regulatory regime and publicly flirted with the idea of moving the firm's headquarters out of the US.Now, Coinbase has filed an action to "compel the SEC to respond yes or no to our July 2022 petition asking the SEC to use its formal rulemaking process to provide guidance for the crypto industry," says chief legal officer Paul Grewal in a blog.Continues Grewal: "From the SEC’s public statements and enforcement activity in the crypto industry, it seems like the SEC has already made up its mind to deny our petition.

As crypto exchange Coinbase makes a push toward a sensible regulatory environment for the crypto space, the exchange launched a nonfungible token (NFT) collection to gain the community’s support. However, not everyone is excited about the move, with some not even sure if it will have any impact at all. 

On Apr. 24 the Southern district court of New York held the first jury hearing on the case against former OpenSea product manager Nathaniel Chastain, who’s being accused of insider trading with nonfungible tokens (NFTs).

Coinbase has asked a court to compel the Securities and Exchange Commission to respond to its July 2022 petition that asked for clearer crypto regulation guidelines.

Bitcoin has been experiencing a significant drop in value over the past few weeks, causing many investors and analysts to speculate about the future of the cryptocurrency market. As the world's largest digital currency, Bitcoin has a significant impact on the broader cryptocurrency market, and its movements are closely monitored by traders and investors.

To fend off a regulatory clash at home, Coinbase has been trying to expand into international markets. But some analysts are sceptical that the company can catch up to its deeply entrenched rivals overseas.

Regulators in the United States have choked out the cryptocurrency sector to the point of death according to Bitcoin (BTC) bull and billionaire tech investor Chamath Palihapitiya.