Riding The Wave News Summary 170

Coinbase Moves to Dismiss SEC Lawsuit, Alleging Crypto Falls Out of Regulator's Oversight, Does anyone care about crypto? Consumer transaction volume on Coinbase is down 70% from last year., & more.

Aug 06, 2023

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Coinbase Moves to Dismiss SEC Lawsuit, Alleging Crypto Falls Out of Regulator's Oversight

Coinbase (COIN) asked a judge to dismiss the Securities and Exchange Commission case against it, alleging the regulator is stepping well outside of its jurisdiction in suing the crypto exchange.
The SEC sued Coinbase in June, alleging the exchange violated federal securities laws by operating as an unregistered broker, exchange and clearing agency for cryptocurrencies that were securities, naming 13 tokens as examples of coins it believed met those requirements. Coinbase pushed back in a filing on Friday, saying the SEC isn't claiming there are investment contracts involved in any of these examples.
"The transactions over Coinbase’s platform and Prime are not, and do not involve, contractual undertakings to deliver future value reflecting the income, profits, or assets of a business. They are commodity sales, with the obligations on both sides discharged entirely the moment the digital token is delivered in exchange for payment," the filing said.

"We expect to win. But it's important to understand that our goal across not just the litigation but all of our efforts engaging with the SEC and engaging with the U.S. government as a whole is to achieve regulatory clarity to protect consumers, promote innovation and essentially establish clear rules of the road that everyone can understand and follow," Grewal said.

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Does anyone care about crypto? Consumer transaction volume on Coinbase is down 70% from last year.

Coinbase, the world's second-largest cryptocurrency exchange in terms of volume, released its second quarter earnings report on Thursday — and the results are less than favorable for crypto enthusiasts.
Transaction volume for consumers and institutions is down 70% and 54%, respectively, when compared to the second quarter of 2022.
The crypto exchange cited a decrease in crypto's overall market cap, with the average crypto prices falling, and low volatility in the market as reasons for the decline. The price of the most visible cryptocurrency, Bitcoin, has remained relatively stable since March, meaning the opportunity to make big returns has diminished.
It was just at last year's Super Bowl that cryptocurrencies and the companies facilitating their transactions seemed as ubiquitous in America as beer and pickup trucks.

While some have said that 2022's Crypto Winter is finally over, hurdles remain. In June, both Coinbase and Binance were hit with lawsuits from the US Securities and Exchange Commission, alleging that both exchanges have illegally offered unregistered securities to users.

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