DL News’ Post

Coinbase Prepared to Delist Tether \(USDT\) Amidst Potential US Regulatory Shift Introduction: Coinbase CEO Brian Armstrong has indicated that the exchange would comply with potential new U.S. legislation that could force the delisting of Tether’s USDT stablecoin. This comes amidst growing scrutiny and potential regulatory changes for stablecoins in the U.S. Key Points: * Regulatory \[…\] #cryptonews #bitcoin - https://lnkd.in/dvrsrD7S

Coinbase's announcement to suspend Wrapped Bitcoin (wBTC) trading reveals significant market implications amidst a $1 billion lawsuit from BiT Global Digital. While Coinbase claims compliance and risk management, critics question the integrity of its decisions—especially in light of recent listings of meme tokens. This decision raises essential questions about anti-competitive practices and the future of centralized exchanges. With less than 1% of wBTC transactions occurring on Coinbase, the broader market impact might be limited, but the implications for user trust and regulatory scrutiny are far-reaching. As the crypto landscape evolves, we may witness a shift towards decentralized finance, challenging the dominance of centralized platforms. The outcome of this lawsuit could set crucial precedents and redefine asset management standards in our ever-changing crypto world. What are your thoughts on the future of centralized crypto exchanges?

Building a company like Coinbase is like solving a puzzle with missing pieces which is very painful. No wonder they have so few competitors. Emilie Choi (President & COO Coinbase)explains that in regular tech companies , they tend to ship products w/ very few bugs - they get to rarely worry about regulatory rules & can focus and iterate purely on user delight. But for companies like Coinbase they must review extensive case law before shipping a single feature, need to think about how the Securities and Exchange Commission (SEC) might interpret that feature. They've no clear rules or guidelines to follow & are in Constant risk of regulatory action. She gives a specific eg w/ Assets , Coinbase views certain assets as commodities (like Bitcoin and ETH). SEC can arbitrarily decide they're unregistered securities, No clear written guidelines for classification & they had to shut down wallet fees due to SEC action. Throughout the yrs Coinbase has been a cockroach made it out successful, it's such a tough uphill battle.

🔥🔥🔥 Coinbase Introduces 1:1 EUR to EURC Conversions Amid MiCA Compliance 💵 Coinbase is set to introduce 1:1 conversions between the euro (EUR) and its MiCA-compliant stablecoin, EURC, starting on August 28th, 2024. This move allows users to convert euros directly into EURC without any fees in supported regions. 🔎 Key Features of the Conversion: 🔘1:1 Conversion: Users can seamlessly exchange EUR and EURC at a one-to-one ratio, ensuring that EURC remains pegged to the value of the euro, similar to how USDC is pegged to the dollar. 🔘MiCA Compliance: EURC is compliant with the European Union’s Markets in Crypto Assets (MiCA) regulation, which provides a legal framework for cryptocurrencies and stablecoins within the EU. 🔘No Fees: The conversions available on Coinbase Advanced will have no associated fees, making it an attractive option for users looking to move between fiat and stablecoin assets efficiently. 🤔 Upcoming Changes: On August 29th, Coinbase will launch a new EURC-USDC order book, while retiring its existing EURC-EUR and EURC-USD order books. This move is designed to streamline trading and conversions between fiat and stablecoins. ✅ This development comes as euro-pegged stablecoins continue to gain traction, especially within the Ethereum ecosystem, where they represent a significant portion of non-USD stablecoins.

The Controversy Over Exchange Listing Fees: Binance & Coinbase come under scrutiny Simon Dedic, CEO of Moonrock Capital, accused Binance of demanding high listing fees. Binance allegedly requested 15% of a project’s total token supply, equating to $50–$100 million. Binance co-founder Yi He refuted these claims, emphasizing a strict screening process. Coinbase has faced similar accusations, with claims of high fees for listing. Centralized exchanges (CEXs) dominate trading volumes, but decentralized exchanges (DEXs) are gaining attention. The debate over transparency and fairness in exchange listings continues to grow. The Controversy Over Exchange Listing Fees In a recent revelation, Simon Dedic, CEO of Moonrock Capital, has sparked a heated debate over the costs […] https://lnkd.in/giWERAe4

Securities or Not? Coinbase Faces Lawsuit Over Crypto Clarity 🤔 Coinbase faces a new class-action lawsuit in California, accused of misleading investors by selling digital assets like Solana's SOL and Polygon's MATIC, which are argued to be securities. The lawsuit alleges Coinbase has acted contrary to state securities laws since its inception by functioning as a securities broker, a role acknowledged in its user agreement. This case compounds Coinbase's existing legal challenges, including a significant dispute with the U.S. Securities and Exchange Commission. Despite these issues, Coinbase reported strong financial results for Q1 2024, with substantial revenue and income growth. The lawsuit seeks investment rescissions, statutory damages, and injunctive relief, spotlighting ongoing regulatory and compliance debates in the crypto industry.

"Judge Denies BiT Global's Request to Halt Coinbase's Delisting of WBTC" A federal judge has denied BiT Global's request for a temporary restraining order to prevent Coinbase from delisting Wrapped Bitcoin (WBTC). The court found insufficient evidence of immediate harm to justify the intervention. Coinbase's decision to delist WBTC stems from concerns over its control potentially shifting to Justin Sun, co-founder of the Tron network. Sun's involvement has raised questions about centralization and governance, prompting Coinbase to act preemptively to protect its platform and users. BiT Global argued that the delisting could negatively impact WBTC's market position and investor confidence, but the court ruled that these claims did not demonstrate an urgent or irreparable threat. The ruling allows Coinbase to proceed with its decision, highlighting the complexities of managing risks in the decentralized finance ecosystem.

As the European Union’s Markets in Crypto-Assets Regulation (MiCA) approaches full enforcement, Coinbase is taking significant steps to comply with its requirements. Last week, Coinbase Europe, Coinbase Germany, and Coinbase Custody International delisted several stablecoins, including Tether’s USDT, PAX, PYUSD, GUSD, GYEN, and DAI. These actions reflect MiCA’s stringent regulatory framework, which aims to bring greater oversight to crypto assets. While USDT remains the second most traded asset on Coinbase globally, regulatory uncertainties surrounding its MiCA compliance have prompted the exchange to restrict these assets in Europe. Coinbase has stated it will review the potential relisting of stablecoins that achieve MiCA compliance in the future. https://lnkd.in/eD8nWjbR

🔥 BitGo's CEO Responds to Controversy Surrounding New Partnership with BiT Global 🔥 Bold moves often attract sharp critiques. Recently, BitGo's collaboration with BiT Global has stirred the crypto community, questioning the intent and implications of this alliance. ⚡ Key Points: 1. **Strategic Vision**: BitGo aims to expand its custodial services and offer more robust security solutions through this partnership. 2. **Criticism Faced**: Critics argue the potential risks associated with BiT Global's regulatory challenges, casting doubt on the prudence of this move. 3. **CEO’s Stand**: BitGo’s CEO defends the decision, emphasizing due diligence and the long-term benefits for clients. 🔍 Notable Stats: - Over $40B in digital assets secured by BitGo - BiT Global's user base surpassed 1 million in Q1 2023 It's imperative for industry leaders to balance innovation with caution. This partnership seeks to bolster security and trust, crucial in today's volatile crypto market. Your turn: What’s your take on alliances between major crypto entities? Do they promise innovation or pose undue risks? Share your insights 🚀👇 #CryptoPartnership #BitGo #BiTGlobal #DigitalAssets #CryptoSecurity #BlockchainTechnology Read More: