First Mover Americas: Coinbase Responds to the SEC’s Lawsuit
The latest price moves in crypto markets in context for June 29, 2023.
This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..
In its first legal response to the U.S. Securities and Exchange Commission’s (SEC) lawsuit, crypto exchange Coinbase (COIN)that digital assets listed on its platform fall outside the regulator’s (SEC) purview. at the beginning of June, alleging that a dozen of the cryptocurrencies offered through its wallet or trading platforms were unregistered securities. In , filed early Thursday, Coinbase claimed that these cryptos are not investment contracts and therefore not securities. It's an argument Coinbase has advanced before in public statements, but Thursday's filing goes into further detail explaining the company's position: cryptos on the exchange's secondary market platform are not part of any arrangements where a promoter is selling an asset tied to a contract, said the company, referring to language in the Supreme Court’s precedent-setting Howey case.
Germany's financial watchdog has decided to grant crypto exchange Binance a custody license, news publication Finance Forward on Thursday. The report added that it's unclear if the denial was a formal decision from the Federal Financial Supervisory Authority (BaFin) or an intention expressed in ongoing discussions. "While we are unable to share details of conversations with regulators, we continue to work to comply with BaFin‘s requirements,” a Binance spokesperson said in an emailed statement to CoinDesk. “As expected, this is a detailed and ongoing process,” the spokesperson continued. “We are confident that we have the right team and measures in place to continue our discussions with regulators in Germany.”
The native token of decentralized finance (DeFi) protocol Compound (COMP) has by more than 50% over the past four days alongside a spike in volume and outflows on Binance. COMP was trading at $45.98 at press time, higher by 51.4% since Sunday and doubling in value from its June 10 low of $22.89, according to . Lookonchain noted that deposited $3.5 million worth of tether (USDT) to Binance on June 26 before withdrawing 50,000 COMP tokens ($2.26 million) on Wednesday and an additional 120,000 tokens ($5.5 million) on Thursday. COMP is one of a number of altcoins that have been rallying along with bitcoin's charge back above the $30,000 level. The likes of , indicating a positive shift in sentiment after three-months of low volatility trading at range lows.
Edited by Stephen Alpher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
Real World Assets (RWAs) bring real-world financial instruments such as bonds, real estate, and credit onto the blockchain, enabling tokenization, programmability, and global accessibility of traditional financial assets. With U.S. interest rates peaking, monetary policy turning dovish, and ETFs paving the way for institutional capital to enter the crypto space, RWAs have emerged as a leading theme capturing growing institutional attention.
VIPBitget VIP Weekly Research Insights
The Base chain has recently seen several major strategic developments: Coinbase has integrated DEX routing for Base on its main app, bridging the gap between CeFi and DeFi liquidity; Shopify has partnered with Base to expand real-world applications and user access points. At the same time, Circle and Coinbase stocks have surged by over 700% and 50% respectively, creating a wealth effect that may spill over into the Base ecosystem—boosting both its TVL and token prices. Recommended projects include: 1) AERO (Aerodrome)—The leading DEX on Base, showing strength despite market downturns; well-positioned to benefit from Coinbase integration. 2) BRETT—A flagship memecoin on Base with over 840,000 holders; likely to lead the next Base memecoin rally. 3) New tokens on Bitget Onchain—Offer early access to emerging Base memecoins while helping users avoid high-risk tokens.
VIPBitget VIP Weekly Research Insights
Recent bullish news surrounding a potential Solana ETF has reignited market optimism. The SEC has asked issuers to update their S-1 filings, signaling that ETF approval could be near. This development has boosted confidence in the Solana ecosystem. As a high-performance Layer-1 blockchain, Solana (SOL) offers fast transactions and low fees, making it a hub for DeFi and NFT activity, while also drawing increasing institutional interest. Jito (JTO), the leading liquid staking protocol on Solana, saw its token surge 17% after JitoSOL was included in a Solana ETF prospectus. Its MEV optimization further enhances network value. Jupiter (JUP), Solana's top DEX aggregator with a 95% market share, recently launched a lending protocol, highlighting strong growth potential. These tokens offer investors early exposure ahead of a possible ETF approval and a chance to benefit from Solana's expanding ecosystem.
Can Solana Ride the Nasdaq Hype to Close Q2 Above $160?
Solana's price rise is fueled by renewed institutional interest and growing trader participation, positioning SOL for a potential breakout above $160.
Crypto prices
More
