GM Readers!📪 It's BitDegree Insider, and let's rev this week up.
⭐️Today's selection:
- ⚔️SEC Asks Coinbase to Delist Every Coin (Except Bitcoin)
- 📈Some Intense Stats
- 💰Venture Mondays
- 👌Selected Meme of The Day
- 📰Bite-Sized News
SEC vs CRYPTO (Except Bitcoin)
According to Coinbase CEO Brian Armstrong, the U.S. Securities and Exchange Commission (SEC) demanded that the crypto exchange delist all cryptocurrencies on its platform, with the exception of Bitcoin. Apparently, this happened last month. Armstrong disclosed this in a recent interview with the Financial Times on July 31.
Before filing a lawsuit against Coinbase, the SEC instructed the exchange to remove nearly 250 tokens from its platform, as it reportedly considered "every asset other than Bitcoin" to be a security. Armstrong contested the SEC's assertion, expressing that their interpretation of the law differed from Coinbase's.
Despite seeking an explanation, Coinbase was met with refusal from the regulator, who simply insisted that the exchange should delist all assets except Bitcoin. This viewpoint aligns with SEC Chair Gary Gensler's earlier statement, claiming that anything other than Bitcoin falls under the category of securities.
Armstrong highlighted that adhering to the SEC's request would have set a dangerous precedent and potentially marked the end of "the crypto industry in the United States". As a result, Coinbase opted to contest the SEC's stance in court, seeking clarity on the matter.
As a reminder, In June, the SEC filed a lawsuit against Coinbase, accusing it of operating as an unregistered exchange and naming 13 cryptocurrencies offered on the platform as unregistered securities. A similar complaint was lodged against Binance shortly before.
While the SEC clarified that its enforcement division doesn't formally request companies to delist crypto assets, its staff may share views on actions that could potentially violate securities laws.
The oversight of the crypto industry in the U.S. remains divided between regulators like the Commodity Futures Trading Commission (CFTC) and the SEC, both of which have taken regulatory actions against major players in the crypto space.
Well, SEC wants to go arm wrestling with Coinbase. Oddly enough, they choose Armstrong as their opponent. Let's see what will "the future of crypto industry in the US" really look like.
TL;DR: Coinbase CEO Brian Armstrong revealed that the U.S. Securities and Exchange Commission (SEC) demanded that the crypto exchange delist all cryptocurrencies on its platform, with the exception of Bitcoin.
SOME INTENSE STATS
Okay. It's Monday. This means that everybody had a fun, relaxing weekend and feels well rested, right?
Well, we're in the crypto industry. Never a boring day in crypto, as they say. Over the weekend, this happened:
- Curve Finance pools got exploited. The damage reaches over $47 Million.
- After almost 3 years, a whale has awakened from slumber, and reclaimed almost 40,000 ETH (over $74 Million).
And that's only the headline-grabbing numbers. People forget, lose track, and, as a result, lose their funds all the time. In many cases, it's because of how it is difficult to navigate so many crypto platforms at once.
Well, there's good news. Our friends from CoinStats, the #1 crypto portfolio manager on the market, offer you a solution. All of your crypto, in one simple dashboard.
Grab the special deal right here!
VENTURE MONDAYS
Web3 payments application and protocol Hi Dollar raised $30M in a funding round led by Animoca Ventures. So, you could say that Hi Dollar just said 'Hi' to $30 million dollars.
Okay, but what do they do?
It's a financial services platform that operates on both Ethereum and Binance Smart Chain. This platform empowers users by providing comprehensive features such as cryptocurrency sending, saving, earning, and exchanging capabilities.
At its core, Hi Dollar is committed to normalizing blockchain technology and enabling the community to exercise control over their valuable resources. The platform's vision centers around fostering a decentralized landscape where users actively participate in shaping their financial future.
Security remains a paramount concern for Hi Dollar. The team maintains a strong compliance-oriented approach to ensure a safe and trustworthy environment for all users. They diligently employ robust cybersecurity measures, continually striving to mitigate potential risks and safeguard user assets effectively.
SELECTED MEME OF THE DAY
