Coinbase Legal Battle With SEC & Withdrawals Surge! What Investors can Expect?

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Coinbase Fights Back: Sues SEC for Clarity on Digital Asset Regulations

  • Coinbase has initiated legal proceedings against the SEC, seeking a federal court order to compel the regulator to disclose its response to Coinbase’s July 2022 petition.
  • The petition requested clarification on whether the SEC would regulate digital assets, like cryptocurrencies, using existing securities regulation frameworks.
  • The SEC has not publicly responded to the petition yet, but has been increasing enforcement actions and warnings against crypto exchanges, including Coinbase.
  • Coinbase’s chief legal officer, Paul Grewal, stated that the lawsuit was filed to force the SEC to share its decision and highlight the need for regulatory clarity in the crypto industry, as Coinbase and other companies face potential enforcement actions without knowing how the SEC views the applicability of the law to their business.

Ripple vs. SEC: Judgment Delayed Again — Could This Be the Reason?

  • The recent Congressional hearings involving SEC Chair Gary Gensler may impact the outcome of the Ripple vs. SEC lawsuit.
  • Experts had predicted that the Summary Judgement in the lawsuit could be issued before May 6, 2022, but it is highly unpredictable when Judge Analisa Torres will actually give the judgment.
  • XRP influencer Mr. Huber believes that there may be several more Congressional hearings of the SEC Chair before Judge Torres makes her ruling on the Summary Judgement.
  • The impact of the Congressional hearings on Court rulings cannot be underestimated, potentially affecting the outcome of the lawsuit in favor of Ripple and XRP holders.

ETH Withdrawals Heat Up: Latest Data Reveals Balanced Deposits in Third Round!

  • The third round of ETH withdrawals has seen almost equal amounts of deposits, according to data from analytics platform Nansen.
  • Kraken, a crypto exchange, was responsible for a large portion of the withdrawals, as it had halted its Ethereum staking services previously.
  • Nansen reports that 2.3% of the total withdrawable ETH remains from Kraken.
  • Despite concerns over a massive exodus of staked Ethereum following the Shapella upgrade, recent data shows that there is still a significant appetite for staking Ether, with 1.07 million ETH being deposited since April 12.

Amazon NFT Marketplace Launch Hits a Delay, Crypto Enthusiasts Await the Arrival!

  • Amazon’s NFT marketplace, “Amazon Digital Marketplace,” delayed from April 24 to May 15 due to technical and commercial challenges.
  • 80 NFT collections, including popular ones like Bored Ape and Beeple, selected for launch day.
  • NFT marketplace will be available on Amazon’s website, but won’t accept crypto payments and will be on a private blockchain.
  • Amazon’s partnership with Ava Labs, Chainlink, and VeChainThor signals its continued entry into the Web3 ecosystem and adoption of blockchain technology.

Five Individuals Charged in $2M Scheme for Manipulating Securities and Defrauding Investors.

  • Two US citizens and a South African national are accused of manipulating the market for a virtual asset called HYDRO.
  • They allegedly used a trading bot to place fake orders to create false demand and profit from HYDRO at inflated prices.
  • Two other individuals, a former CEO of Moonwalkers and a blockchain engineer at Hydrogen Technology, were also charged for their involvement in the scheme.
  • The accused face charges of conspiracy to commit securities price manipulation and wire fraud, with a maximum penalty of 5 to 20 years in prison if convicted.

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