New Bitcoin Whale Emerges with $261 Million in Crypto, Bitcoin Price Rebounds
June 17 (Cointime) - A new Bitcoin whale has emerged, transferring 10,000 BTC worth $261 million to a brand new wallet with no registered owner. This could indicate a purchase or a whale redistributing their crypto holdings.
Coinbase Urges US Court to Compel SEC Response to Rulemaking Petition
June 17 (Cointime) - Coinbase has urged the US Court of Appeals for the Third Circuit to compel the SEC to respond quickly to its rulemaking petition. The SEC had requested an additional 120 days to respond to the petition, but Coinbase's chief legal officer argues that the government's disregard of a direct inquiry in federal court is unusual.
SEC official defends cryptocurrency crackdown, accuses sector of violating securities laws
June 16 (Cointime) - The U.S. Securities and Exchange Commission (SEC) has faced criticism for its crackdown on the cryptocurrency industry, but enforcement director Gurbir Grewal defended the regulator's actions, citing the industry's failure to comply with regulations. The SEC has been targeting initial coin sales as unregistered securities offerings, as well as crypto firms acting as unregistered exchanges and broker-dealers. Binance and Coinbase, two of the world's largest crypto exchanges, were sued by the SEC last week for allegedly breaking its rules. The crypto sector has called for new rules, but Grewal questioned whether they would be effective in an industry built around noncompliance.
Binance.US Carries Out Major Layoffs Following SEC Lawsuit; Coinbase Loses Market Share to Robinhood
Binance.US has reportedly laid off at least 50 employees from its legal, compliance, and risks departments following the SEC's lawsuit accusing the crypto exchange of violating federal securities laws. The sources requested anonymity as the matter is private. Binance has pledged to defend itself "vigorously" against the lawsuit. Meanwhile, retail crypto traders are reportedly shifting from Coinbase to Robinhood, with analyst Dan Dolev suggesting that Coinbase may be losing market share in retail crypto transaction volume to Robinhood.
Coinbase Lawsuit: More Users Joining to Gain Amicus Curiae Status in SEC Lawsuit
Coinbase users in the SEC lawsuit may be granted Amicus Curiae status, as lawyer John Deaton has asked if users of Coinbase and Binance can unite to fight for themselves. This could be a significant development in the history of the crypto market, as the lawsuits against the exchanges could drag on for a long time.
Coinbase Doubles USDC Rewards to 4% Amid SEC Charges
Coinbase has announced that it now offers 4% rewards on USDC, doubling its previously offered returns on USD Coin. The updated reward rate is subject to change and can be viewed within customer accounts, but has not yet been added to the latest version of the public USDC page.
Report Suggests Bitcoin Halving Market Effects May Be Overblown
June 16 (Cointime) - Coinbase has stated that the impact of the 2024 Bitcoin halving on the market is uncertain due to the asset trading in a relatively shallow market. The company suggests that while markets expect future scarcity to positively impact Bitcoin's price, previous reductions in the asset's emission rate do not offer any clear patterns.
Coinbase Repurchases $64.5 Million in Convertible Senior Notes at 29% Discount
June 16 (Cointime) - Coinbase has reduced its debt by purchasing $64.5 million worth of their Convertible Senior Notes at a 29% discount. The notes were originally due in 2026 and the repurchase was made for around $45.5 million in cash, which constituted 0.5% of the notes.
Coinbase has Entered into a Global Partnership with Bitkey Wallet
June 15 (Cointime) - Today, Coinbase announced an international partnership spanning 6 continents with Bitkey, the self-custody bitcoin wallet built by Block, which includes a mobile app, a hardware device and a set of recovery tools. Bitkey’s mission is to empower the next 100 million people to truly own and manage their money with bitcoin, without the friction and anxiety that has historically existed around the transition to self-custody and true ownership. This alliance is a key step towards our goal of powering the bitcoin economy.
Binance's SAFU Fund Shrinks 10% Following SEC Lawsuit Against Exchange
June 15 (Cointime) - Last week, the crypto market experienced a decline following the SEC's lawsuits against Binance and Coinbase. This has affected the value of Binance's Secure Asset User Fund (SAFU), which has decreased by 10% from nearly $950 million to $861 million.
