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Coinbase could be on the brink of the SEC hammer- but why

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The Securities and Exchange Commission (SEC) is set on a mission, and the next target of this mission turns out to be the leading cryptocurrency exchange, Coinbase.

Just last week, the SEC filed a lawsuit against the organization’s former product manager, his brother, and his friend on account of insider trading.

Before then, the company had laid off over 20% of its staff—citing overhiring. However, it seems that it’s the season of recurring problems for the Brian Armstrong-led firm. 

According to reports from Bloomberg, the SEC is looking into Coinbase for allegedly listing securities on its exchange.

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True or false?

Based on the report, the SEC was investigating Coinbase for allowing U.S. residents to trade assets that should have been registered as securities on its platform.

Interestingly, the accusation could be a follow-up on the insider trading case of the former employee. The SEC claimed that it found nine tokens that should have been registered as securities during its investigation. For this reason, the Coinbase company at large could be indicted.

In 2021, SEC chair Gary Gensler called for Coinbase to register as a securities exchange. However, Coinbase CEO Brian Armstrong declined. He stated that listing every token legally had its downsides and could affect the crypto ecosystem.

The company’s chief policy officer, Faryar Shirzad, supported his statement as he accused the SEC of a shady regulatory procedure. 

 So, what has Coinbase said about this new allegation?

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Clearing the air

At the time of writing, Coinbase had not publicly responded to the probe. However, it seemed that the company expected the issue to create a brawl as it had released two separate statements— one on listing securities and the other on feasible crypto regulations.

In the latter statement, the company stated that crypto differed from stocks and should not follow the same regulatory process. While calling on both parties to work together on a solution, it said, 

“Coinbase believes that effective regulation benefits everyone — buyers, sellers, exchanges, and the U.S. financial system. We need the SEC to once again write the rules that will unleash the potential of U.S. capital markets, this time fueled by the benefits provided by crypto.” 

Coinbase lists over 150 tokens, with the U.S. as one of its largest markets. The company had repeatedly claimed that it does not list securities and should not be on the SEC radar. However, the actions of the SEC on companies such as Ripple may leave Coinbase with no option but to face the probe.

Ripple CEO, Brad Garlinghouse, said in a recent interview that the SEC was not committed to providing regulation. Instead, they are interested in hunting crypto firms that are willing to cooperate. If the assumption is untrue or accurate, only the outcome of the Coinbase investigation would help clear the air.  

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BIT

․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol

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․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol

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.bit (did.id) has raised $13 million to build a cross-chain decentralized identity protocol. The Series A round, completed one year after the startup’s launch, was from CMB International, HashKey Capital, QingSong Fund, GSR Ventures, GGV Capital, and SNZ.

.bit’s open-source blockchain protocol will provide permissionless decentralized identification for individual users and DAOs. Over the past 12 months, the project’s user and developer communities have experienced strong growth. Almost 100 mainstream wallets and dApps have already integrated with .bit and more than 38k independent addresses have registered for more than 110k .bit accounts.

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In the web2 era, social profiles are stored on centralized databases by tech giants who can revoke access or alter data at will. Accounts may be blocked or deactivated at any time, leading to censorship and deplatforming. Utilizing web3 technology, .bit will empower individuals to truly own and control their data. Users will enjoy identity sovereignty, both as private persons and as corporate entities.

Initial applications for .bit’s decentralized identity protocol include Cryptocurrency transfer, decentralized domain resolution, personal profile display, etc. It is expected that .bit will eventually be used as membership and credential management for DAOs, brands and IPs, celebrities and fans, clubs and communities.

Further use cases for .bit’s decentralized identity product include supporting the one billion citizens who lack legal identification. This makes it impossible for them to prove their identity, obtain basic government benefits or healthcare, enroll in education, or exercise their right to vote.

As a cross-chain solution, .bit has supported Ethereum, Tron, Binance Smart Chain, Nervos CKB, and Polygon. In the future, .bit will cover all mainstream public chains such as Bitcoin, Dogecoin, Polkadot, Solana, etc., as well as software and hardware devices that support asymmetric encryption algorithms.

Forthcoming features under development also include NameDAO, which will assign a portion of .bit protocol’s revenue to DAOs and sub-accounts that will be issued to DAO members, brand adopters, and loyal supporters to strengthen web3 communities, and further lower the threshold for registering accounts, 4-9 digits account available to 100% and open up 3 digits accounts, which will announce the specific rules on the official Twitter very soon.

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About .bit

.bit is a cross-chain decentralized identity protocol launched in July 2021. It has boasts over 110k accounts and integrated with 100+ wallets and dApps such as Trust Wallet, Torus, TokenPocket, imToken, iToken, BitKeep, AlphaWallet, HyperPay, MathWallet, WePiggy, NFTSCan, NFTGO, Relation, ShowMe, UneMeta, Dtools, Evolution Land, UniPass, Mail3, Link3, Quest3, 0xEcho, Transit Swap, 5Degrees, cc0.network, COCH, SeekDID, DASLA, SuperDID and many others. The startup comprises a small team of ten spread across the U.S., China, and Singapore, led by Tim Yoeh, Specer Shaw, Jeff Jin, Kyle Wright, who were colleagues at Tencent. Most of .bit’s members have extensive experience in the Web3 industry.

For more information, find .bit online:

Website: https://did.id
Twitter: @dotbitHQ
Discord: https://discord.gg/did
GitHub: https://github.com/dotbitHQ
Team Blog: https://blog.did.id
Forum: https://talk.did.id
Medium: https://medium.com/@dotbit
NameDAO Website: https://namedao.xyz


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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Biggest Movers: SHIB Remains Near 3-Month High, Whilst LEO Hits 2-Week High 

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Biggest Movers: SHIB Remains Near 3-Month High, Whilst LEO Hits 2-Week High 

Shiba inu remained close to a three-month high to start the week, after breaking out of a key resistance level over the weekend. The surge of the meme coin came despite the crypto market mostly being in the red on Monday. Another token that rose during today’s bearish session was unus sed leo, which hit a two-week high.

Shiba inu (SHIB)

Shiba inu (SHIB) was a notable gainer to start the week, as the meme coin remained near to a three-month high.

Following an intraday high of $0.00001790 on Sunday, SHIB/USD rallied to a peak of $0.00001774 earlier in today’s session.

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The initial surge came as SHIB broke out of a key price ceiling of $0.00001290, which had been holding firm since May 11.

SHIB/USD – Daily Chart

Looking at the chart, this came as the 14-day relative strength index (RSI) rose above its own resistance at 62.40.

After surging above this point, the index hit a high of 83.24, which is its strongest reading since October 2021.

Since this peak, the RSI has moved marginally lower, and as of writing is tracking at a point of 74.18.

Overall, it appears as if SHIB bulls have abandoned their previous positions, as a result of prices becoming overbought.

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Unus Sed Leo (LEO)

In addition to SHIB, unus sed leo (LEO) was another big mover in today’s session, with it climbing to its highest point in two weeks.

LEO/USD raced to an intraday high of $5.35 to start this week’s session, as bulls attempted to break a resistance level of $5.40.

Today’s peak comes as the token rose for a fifth consecutive session, and in turn hit its highest point since July 29.

LEO/USD – Daily Chart

Similar to shiba inu earlier, the RSI indicator on LEO also climbed, moving past its own ceiling of 48.90.

As of writing, the index is now tracking at a peak of 58.72, which is its highest level since July 7.

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Should bulls attempt to break the $5.40 point, then price strength will need to continue to climb, and move beyond the 60 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

Will today’s bearish session extend into the remainder of the week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Brazil

President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies

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President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies

The president of the Central Bank of Brazil, Roberto Campos Neto, has defended the use of more moderate regulations in the crypto environment. Campos Neto stated that while regulation is indeed necessary, it has to be done in a way that doesn’t stop innovation. He also explained his goal is to connect the digital with the regulated world.

Central Bank of Brazil President Criticizes Harsh Approach to Crypto Regulation

Central banks of several nations around the world are starting to establish their stances when it comes to cryptocurrencies and central bank digital currencies (CBDCs). At “The regulation of cryptocurrencies in Brazil and in the world,” a debate event, the president of the Central Bank of Brazil, Roberto Campos Neto, presented his thoughts about cryptocurrency regulation.

According to Campos Neto, regulation of these instruments should be made in a way that allows for innovation and growth of investments in cryptocurrencies. He stated:

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In general, central bankers want to regulate with a heavy hand. I understand, but I don’t agree. Maybe it’s a mistake to regulate like that … We shouldn’t leave behind the technological advances that will come with this.

Furthermore, Campos Neto detailed that one of his goals is to integrate the digital and the regulatory world, in a different way from what other central banks are doing.

Similar Opinions

The president of the Brazilian Securities and Values Commission (CVM), João Pedro Nascimento, also stated he had similar ideas, saying that regulation should not stifle the growth of the crypto market. He declared:

Banning a revolution is not something we will do.

Nascimento had previously declared there is a natural demand for cryptocurrency regulation as a consequence of the evolution of the technology. The CVM has proposed an advisory opinion regarding crypto and its treatment, that is under review, to be used before a crypto-centric law is sanctioned.

The legislative process for approving a cryptocurrency bill is quite advanced in the country. A cryptocurrency-centric bill, that would help to bring clarity to the crypto markets and virtual asset service providers, is currently waiting to be discussed by the deputy chamber in September. However, due to the proximity of the general ballot to elect the president, vice-president, and members of Congress, this discussion might be delayed again.

What do you think about the opinion of the president of the Central Bank of Brazil regarding crypto regulation? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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