���� Hey there DigiCoin Daily fam! What’s poppin’? I’m here to bring you another sizzling episode in the wild and exciting world of crypto. And hoo boy, today’s dish is HOT, and it’s all about Coinbase and the SEC. Buckle up, folks, this one’s a doozy! ����

Breaking news just in, the SEC, our dear old Securities and Exchange Commission, has lobbed a lawsuit against Coinbase, the titan of crypto exchange here in the US! What?! Yes, you heard it right, this is the same SEC that went after Binance just a day before. So, one by one, the regulators are looking to tighten the reins on the crypto world in the US. ����

The SEC is basically accusing Coinbase of playing a little fast and loose with the rules. It’s alleging that Coinbase operated as an unregistered broker since 2019. If that wasn’t spicy enough, they’re also going after Coinbase’s staking service, alleging it failed to register its crypto assets staking program. ��️��

I don’t want to be a fear-monger here, but it’s worth noting the potential repercussions. If the SEC gets its way and freezes the assets on Binance or Coinbase, your cryptos could be stuck in limbo. So just remember folks, if you don’t hold the keys, it’s not really your crypto. So maybe it’s time to consider transferring those coins to a wallet where you have full control.

But let’s take a deep breath and listen closely to what Coinbase has to say. And believe me, they have a LOT to say. ����

Coinbase fired back with a video response, slamming the SEC’s charges. Their defense? They’ve been transparent about their operations. They’ve mentioned staking in their public report 57 times. They’ve sought guidance from the SEC over 30 times in 2022 alone. They also stated that they reject 30% of assets because they don’t pass the legal muster. Pointing fingers at the outdated laws from 1949, they highlight how the SEC has established zero comprehensive rules for crypto in America. ����

Coinbase is adamant that they’ve played by the rules. They maintain that they’re standing up for the crypto industry and are ready to go to court to get clarity around crypto rules. They also underline how the SEC and the Commodity Futures Trading Commission don’t even agree on what is a security and what’s a commodity. It’s clear they’re not backing down without a fight. ����

Now, whether you’re a crypto bull or bear, remember that crypto is not just a financial product, it’s a revolutionary technology with a multitude of uses. From making cross-border transactions cheaper and faster to offering artists a new way to connect with fans, crypto is paving the way for a more innovative future. And most importantly, it can’t be uninvented, it’s here to stay. So the world needs to adapt, and regulators need to catch up.����

Alright, DigiCoiners! That’s all we’ve got for today. Be sure to stick around, as we’ll continue to keep you in the loop with all things crypto. And remember, if you want to be ahead of the game, don’t forget to smash that subscribe button! ����

And oh, if you’ve been loving our content, check out some of our other videos that go deep into the world of crypto. I promise they’re as engaging and enlightening as this one. You won’t want to miss them! See ya!

STATE Of CRYPTO: SEC VS CRYPTO Pure (MADNESS!)
https://www.youtube.com/watch?v=bgjg6VBZP7M

Coinbase vs SEC – Binance Trading Skyrockets, What Happened?
https://www.youtube.com/watch?v=RcsrOeSseNg

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Coinbase CEO Brian Armstrong on Bitcoin: “Don’t Be FOOLED – They Want Your Crypto…” (Time To BUY)

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In recent weeks, Bitcoin, Ethereum and the rest of the crypto market have been highly volatile – more so than usual. This is largely due to the US financial watchdogs and the SEC, which have turned their sights on Binance and Coinbase – the world’s largest cryptocurrency exchanges – with lawsuits.

These regulatory bodies accuse Coinbase of dealing in unregistered securities, implying they sold cryptocurrencies without the necessary permissions.

The allegations against Binance are even more serious. They face charges of money laundering, fraud, and dealing in unregistered securities. These are just some of the much more serious legal challenges faced by their CEO, CZ, and the company.

Banks globally are reacting to these accusations. Many have severed ties with Binance, Coinbase, and even general cryptocurrency transactions, disrupting key points of entry and exit into the cryptocurrency market. This has dealt a heavy blow to crypto prices, as concerns mount over future developments.

One individual particularly upset by this situation is Coinbase CEO Brian Armstrong, who has been virtually pleading with the SEC and US regulators to offer clear guidelines for the crypto industry, and instructions on how these platforms can balance the complexities of cryptocurrency with traditional finance.

Adding to the frustration is the fact that the SEC had given Coinbase the green light to go public with an IPO in 2021, endorsing their business activities. Now, they seem to be backpedaling and retroactively penalizing exchanges for their past business practices.

The US seems to be mishandling the unique opportunities and innovation that the cryptocurrency market can bring to its economy. Brian Armstrong hinted at this when he mentioned that Coinbase is considering moving their headquarters and operations to England, a country that appears to be more friendly and transparent toward cryptocurrencies in their lawmaking.

In his latest public statement, Brian had this to say about the SEC’s recent actions and his thoughts on the Coinbase vs Binance lawsuits and why he believes they are drastically different.

About Brian Armstrong: Brian Armstrong is an American business executive, billionaire and investor who is CEO of cryptocurrency platform Coinbase. He received media attention for his policy of keeping the workplace free of political activism.

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Coinbase Crypto Exchange Considers Overseas Trading Platform Amid U.S. Crypto Crackdown – Here’s What You Need to Know

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Coinbase Crypto Exchange Considers Overseas Trading Platform Amid U.S. Crypto Crackdown – Here’s What You Need to Know.

Coinbase is considering setting up a digital asset exchange outside the United States amid increasing regulatory pressure and a souring banking climate for crypto firms. 

The largest cryptocurrency exchange in the U.S. has contacted its institutional clients about plans to establish a new crypto trading platform offshores, Bloomberg reported, citing three people familiar with the matter.  

The report added that during talks with market makers and investment firms, the crypto exchange suggested setting up an alternative venue, away from the main Coinbase marketplace, for global clients. Coinbase has not yet decided where the new platform might be based. 

Without confirming the plans, a Coinbase spokesperson said the exchange assesses geographic options and meets “with government officials in high-bar regulatory jurisdictions” as part of its mission to push for global crypto adoption. 

Regulatory Hostility in the US Grows Amid Banking Crisis.

The potential expansion by Coinbase comes in the wake of heightened regulatory scrutiny in the US. Specifically, the SEC has ramped up efforts to mitigate the risks that cryptocurrencies pose to the broader financial system by cracking down on crypto companies. 

Back in February, the SEC reached an agreement with crypto exchange Kraken to stop offering staking services or programs to clients in the country and pay $30 million to settle allegations that failed “to register the offer and sale of their cryptoasset staking-as-a-service program,” which the commission qualified as securities. 

Furthermore, the agency has threatened Paxos, a US-registered firm that issues Binance’s stablecoin Binance USD (BUSD), with legal action due to its issuance of BUSD tokens. The agency argued that BUSD is considered an unregistered security.

The SEC has also objected to the proposed $1 billion transaction by Binance.US to acquire the assets of Voyager Digital, a collapsed cryptocurrency brokerage. 

The environment for crypto firms in the US has further deteriorated with the shuttering of major crypto-friendly banks, including Silvergate Bank and Signature Bank. 

Armstrong Criticizes SEC’s Approach.

Meanwhile, Coinbase CEO Brian Armstrong has warned that a hostile regulatory approach by the SEC could drive the crypto industry outside of the United States. 

The crypto boss said that almost all major financial hubs, including Singapore, Hong Kong, London, and most recently, the European Union, have introduced comprehensive crypto legislation, adding that the US should also follow suit if it doesn’t want to lag behind. 

“What I believe should happen in the United States is that we need a clear rulebook so that this industry can be built here. We don’t want it to be like 5G or semiconductors that went offshore. It’s actually a matter of national security we get the future of the financial system built here inside the United States.”

Notably, Coinbase has recently announced the launch of its own layer 2 blockchain for Ethereum called Base. The L2 describes itself as a “secure, low-cost, developer-friendly” way to build decentralized applications (dApps), and will serve as a home both for Coinbase’s own on-chain products and as an open ecosystem for developers.

https://cryptonews.com/news/coinbase-crypto-exchange-considers-overseas-trading-platform-amid-us-crypto-crackdown-heres-what-you-need-know.htm

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Crypto companies are having a rough year coming off the collapse of FTX and digital asset-focused banks Silvergate and Signature. CNBC explores how crypto exchanges are trying to make money in 2023. Watch the full video here: https://youtu.be/OWuJV_O8YJA