Fun

News Feed - 2023-07-13 07:07:00

Ana Paula Pereira1 hour agoWhat to expect from the first Coinbase-SEC hearingAs the first hearing since the SEC lawsuit on June 6, the conference is expected to be "procedural and administrative," though it may also give a sense of the litigation"s tone.425 Total views19 Total sharesListen to article 0:00NewsJoin us on social networksA pre-motion hearing set to take place on July 13 between the Securities and Exchange Commission (SEC) and crypto exchange Coinbase should provide a sense of the litigation tone and its potential impacts on the broader crypto industry, legal sources told Cointelegraph. 


Previously scheduled for August, the conference is a typical request presented by any party seeking a ruling on a specific matter prior to the trial. In this case, the motion was requested by Coinbase in late June. The exchange wants Judge Katherine Polk Faila to dismiss the complaint filed by the regulator on June 5.


As the first hearing between the parties, the conference will likely be "procedural and administrative heavily", explained Mark Kornfield, securities and regulatory attorney. "Coinbase will try to position this case as one that is ripe for early dismissal on any number of grounds. Including that the tokens are not securities under the Howey test and thus the commission is overstepping its jurisdictional authority," Kornfield added.Screenshot of Coinbase"s motion on June 28. Source: CourtListener.


In its reply to the motion on July 7, the SEC made strong criticisms of the exchange, including that it was aware of possible violations of securities laws, and it is deliberating “ignoring more than 75 years of controlling law under Howey” in an attempt “to construct its own test for what constitutes an investment contract.“


Coinbase"s motion also refers to its initial public offering in 2021. According to the exchange, the SEC is now seeking charges for activities “exhaustively described” to the regulator and the general public in the past years.


Although the SEC was aware of Coinbase"s business activities, the claim could not be enough to win a case in court. According to corporate and securities lawyer Roland Chase, the federal securities laws governing the "going public" process are disclosure-based. “All that the SEC is authorized to do by Congress is to review the going public documents and provide comments and ask questions in an effort to improve the company’s disclosure to potential investors,” Chase told Cointelegraph.


Chase also noted that to go public, Coinbase reported to the SEC that it would subject each asset to a comprehensive legal analysis before allowing it to trade on its platform to ensure securities are not traded. "The SEC eventually got comfortable with all this disclosure and cleared Coinbase to go public," he explained, adding that the SEC "now thinks that Coinbase is, in fact, trading securities on its platform. In addition, it thinks that Coinbase is offering its own unregistered securities."


Without an agreement between the parties, the case may take years to be resolved. A well-known example is Ripple"s legal battle that has been dragging on since 2020 when the SEC also deemed that its token XRP was a security. In a recent video about the ongoing litigation, Ripple CEO Brad Garlinghouse said the SEC has “knowingly created confusion about the rules, and they used that confusion through enforcement.”


Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?# Coinbase# Business# SEC# United States# RegulationAdd reactionAdd reactionRelated NewsWho invented NFTs?: A brief history of nonfungible tokensWhy a Bitcoin ETF approval would be a big dealBlackRock Bitcoin ETF could unlock $30 trillion worth of wealth, Bloomberg analyst saysCrypto firms won’t leave US despite apparent hostility: Merkle Science CEOMark Cuban, John Reed Stark clash over the cause of FTX’s collapseFBI searched Kraken co-founder’s home in March: Report

News Feed

The ‘Undo Button’ Wallet Tool Gives Users the Ability to Reverse Ethereum Transactions
The "Undo Button" Wallet Tool Gives Users the Ability to Reverse Ethereum Transactions On Thursday, November 12, 2020, the blockchain firm Kirobo launched a tool
Senators Introduce Bill to Limit Use of China’s Digital Currency in the US — ‘This Is a Major Financial and Surveillance Risk’
Senators Introduce Bill to Limit Use of China"s Digital Currency in the US — "This Is a Major Financial and Surveillance Risk" Several U.S. lawmakers have introduced a bill to pr
Guneet Kaur13 hours agoWhat is generative AI?Generative AI leverages large data sets and sophisticated models to mimic human creativity and produce new images, music, text and more.775 Total viewsListen to article 0:00Ov
Fed’s dovish move will slash $625M in interest income for stablecoins
Ana Paula Pereira3 hours agoFed’s dovish move will slash $625M in interest income for stablecoinsCCData estimates stablecoins will lose approximately $625 million in interest income for each 50-basis point cut. Further
Price analysis 7/5: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay6 hours agoPrice analysis 7/5: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBThe strong bounce in Bitcoin and select altcoins shows solid demand at lower levels, suggesting traders are buying the curr
Bitmex Charged With US Rules Violations — Owners Face Criminal Charges, Prison
Bitmex Charged With US Rules Violations — Owners Face Criminal Charges, PrisonCryptocurrency derivatives trading platform Bitmex has been charged with illegally operating in the U
Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000
Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000 Bitcoin was trading lower to start the week, after the token briefly rose above $25,000 during
Idaho Warns of Crypto Scams Promising 80% Returns Every 24 Hours
Idaho Warns of Crypto Scams Promising 80% Returns Every 24 Hours The finance department of the U.S. state of Idaho has warned investors of a series of cryptocurrency scams promisin
Moneygram Launches USDC Crypto-to-Cash Program in Certain Markets
Moneygram Launches USDC Crypto-to-Cash Program in Certain Markets Moneygram, a remittance and payments company based in the U.S., has announced the integration of USDC, a dollar-pe
Turner Wright8 hours agoUK financial watchdog restricts Binance partner from issuing crypto adsThe Financial Conduct Authority’s marketing requirements for crypto firms went into effect on Oct. 8, requiring some to par
Mike Novogratz Says Bitcoin Could Return to $30,000 Next Month
Mike Novogratz Says Bitcoin Could Return to $30,000 Next Month Galaxy Digital CEO Mike Novogratz says he wouldn’t be surprised if the price of bitcoin returns to $30,000 nex
LMACD Indicator Reveals Where The Bitcoin Price Is After Rejection From $97,000
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu