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Riding The Wave News Summary 170

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.

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Thomas Holland
Aug 06, 2023
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Riding The Wave
Riding The Wave
Riding The Wave News Summary 170
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Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here


News

Table of Contents

  1. Tweets

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

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

  4. Looter Behind $61M Curve Hack Starts Returning Assets, Raising Hope for Recovery

  5. Tying tokenomics to crypto app functionality is just asking for trouble


Tweets

https://twitter.com/charliebilello/status/1688185575063314432

https://twitter.com/rektcapital/status/1688217022507687937

https://twitter.com/WhaleChart/status/1688102398005239808

https://twitter.com/DocumentingBTC/status/1688191132872626176

https://twitter.com/KobeissiLetter/status/1688274196839743488

https://twitter.com/unusual_whales/status/1688233723584483329

https://twitter.com/WhaleChart/status/1688261430338830336

https://twitter.com/StockmoneyL/status/1687831424051683328

https://twitter.com/EPBResearch/status/1687774220976082944

https://twitter.com/WatcherGuru/status/1687662963333767168

https://twitter.com/MTorygreen/status/1687501156405460993

https://twitter.com/intocryptoverse/status/1687572988277735424

https://twitter.com/nickgerli1/status/1687410626807681024

https://twitter.com/StockmoneyL/status/1687476682700021760

https://twitter.com/KobeissiLetter/status/1687537592399437824

https://twitter.com/EPBResearch/status/1687458131117322240

https://twitter.com/WhaleChart/status/1687477081171439619


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.

Full Article


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.

Full Article


Looter Behind $61M Curve Hack Starts Returning Assets, Raising Hope for Recovery

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