Coinbase disputes SEC’s crypto authority in final bid to toss regulator’s suit

The United States Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities, the exchange has argued in its final bid to dismiss a lawsuit by the securities regulator

Coinbase claimed the SEC has undertaken a “radical expansion of its own authority” and claimed jurisdiction “over essentially all investment activity,” which only Congress is entitled to do under the major questions doctrine

The SEC sued Coinbase on June 6, claiming the exchange violated U.S. securities laws by listing several tokens it considers securities and not registering with the regulator.

Coinbase filed the motion for judgment on June 29 arguing the SEC was abusing its power and violating Coinbase’s due process rights.

Judge Katherine Polk Failla, who oversees the case, may ask Coinbase and the SEC to appear in court for oral arguments and then issue judgment on the case, dismiss it, or move for it to be heard in front of a jury.

#news #Coinbase #SEC #Regulation

Bitcoin price rockets to $35K as ETF excitement grows

The sudden uptick in price for Bitcoin comes amid a fresh wave of interest in upcoming spot exchange-traded fund (ETF) approvals and a significant increase in overall trading volumes across spot markets.

The surge also came amid developments relating to BlackRock’s proposed spot Bitcoin ETF.

On Oct. 23, an Twitter post from analyst Scott Johnson pointed to two new pieces of information that could hint that a spot Bitcoin ETF approval is getting closer for the investment giant.

Johnson pointed out that BlackRock had secured a specific “CUSIP” license and may soon begin the process of “seeding” its spot ETF product with cash as early as this month.

In response to the post, senior Bloomberg ETF analyst Eric Balchunas noted that seeding an ETF is “typically not a lot of money” and would be just enough to get an ETF going; however, he admitted that it is overall a good sign and marks “another step in the process of launching.”

#news #btc #etf

Sam Bankman-Fried trial moves to final stages

Sam Bankman-Fried’s trial is reaching its final stages over the next few days, with the prosecution scheduled to rest their case on Oct. 26 following the examination of almost 20 testimonies in the case.

The prosecution presented a lineup of witnesses over the past three weeks, including former FTX employees, customers, investors, government officials, and law enforcement agents. At the heart of the case is the central argument that Bankman-Fried intentionally deceived all of them and that he was behind the decisions resulting in the $8 billion gap between FTX and Alameda Research in November 2022.

As for Bankman-Fried’s defense, they still haven’t confirmed whether they will waive the case. In criminal trials, attorneys aren’t required to present a defense. Assuming his legal team will present a case, it will also begin on Oct. 26.

#news #ftx

Atomic Wallet freezes $2M in ‘suspicious deposits’ on exchanges

The freeze resulted from a collaboration between Atomic Wallet, forensic companies and centralized exchanges following reports from users claiming unauthorized transactions from their wallets.

Hacked cryptocurrency wallet Atomic Wallet has frozen $2 million in “suspicious deposits” in a joint effort with major crypto exchanges.

Announcing the news to Cointelegraph on Oct. 19, Atomic Wallet said that blockchain intelligence firms Chainalysis and Crystal have assisted the wallet firm in identifying and containing the threat.

Citing reports from Chainalysis and Crystal, Atomic Wallet reported that the “threat actor” used sophisticated methods to bridge the funds to the Bitcoin blockchain, including bridges and mixers. “Most funds have ultimately ended up on the Tron blockchain and Bitcoin network,” the report reads.

#news #wallet #bitcoin

Coinbase suspends 80 non-USD trading pairs to improve liquidity

Coinbase crypto exchange has been removing dozens of trading pairs in an effort to improve liquidity on its platforms.

The United States-based cryptocurrency exchange Coinbase is removing dozens of trading pairs in order to improve liquidity on its platform.

Coinbase has suspended 80 non-USD trading pairs, including those with cryptocurrencies

Announcing the news on Oct. 16, Coinbase said that the trading pairs’ removals aim to improve “overall market health and consolidate liquidity.” The trading pairs were removed from the Coinbase exchange and other platforms like Advanced Trade and Coinbase Prime at 19:30 UTC on Oct. 16

#news #coinbase #crypto

Coinbase suspends 80 non-USD trading pairs to improve liquidity

Coinbase crypto exchange has been removing dozens of trading pairs in an effort to improve liquidity on its platforms.

The United States-based cryptocurrency exchange Coinbase is removing dozens of trading pairs in order to improve liquidity on its platform.

Coinbase has suspended 80 non-USD trading pairs, including those with cryptocurrencies

Announcing the news on Oct. 16, Coinbase said that the trading pairs’ removals aim to improve “overall market health and consolidate liquidity.” The trading pairs were removed from the Coinbase exchange and other platforms like Advanced Trade and Coinbase Prime at 19:30 UTC on Oct. 16

#news #coinbase #crypto