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Nobody was a bigger winner than Coinbase CEO Brian Armstrong. Coinbase shares soared 31% on Wednesday, their best day on record, as investors celebrated the company's victorious efforts to get pro-crypto candidates into office. "I am so grateful to Ohioans for their resounding support in this race," Moreno said in a statement Tuesday night. "I look forward to working with the new Republican Senate majority to fix our economy, secure our border, and return to American strength at home and abroad." "In the beginning, a lot of people didn't know what crypto was," Armstrong said of his earlier trips.

Persons: Brian Armstrong, Bryan van der Beek, Coinbase, Armstrong, Ohio Republican Bernie Moreno, Sherrod Brown, Bitcoin, Brown, Moreno, Donald Trump's, Ohioans, Gary Gensler, vociferously, Bernie Moreno, Stephen Maturen, Paul Grewal, Grewal, rulemaking Organizations: Coinbase Inc, Singapore Fintech, Bloomberg, Getty, Ohio Republican, Senate, Committee, Crypto, NBC News, Republicans, Republican, Republican Senate, Armstrong, Securities, Exchange, U.S, Brecksville, Center, CNBC, Trump, SEC Locations: Singapore, Washington, Brecksville , Ohio, United States

"The SEC can pursue its claims only if the tokens and staking services it has identified are 'securities,'" Coinbase said. The SEC sued Coinbase on June 6, saying it made billions of dollars acting as a middleman including by trading at least 13 crypto assets, or tokens, such as Solana, Cardano and Polygon that should have been registered as securities. The lawsuit was filed one day after the SEC sued Binance, the world's largest cryptocurrency exchange, accusing it of inflating trading volumes, mishandling customer funds and lying about its operations. In a separate 177-page filing denying the SEC's substantive claims, Coinbase said it "welcomes regulation," but that the regulator was arbitrarily and without Congress' permission trying to fill the "regulatory gap" over crypto assets. The case is SEC v Coinbase Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Coinbase, Binance, Gary Gensler, Jonathan Stempel, Richard Chang Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Agency, Nasdaq, Coinbase, Court, Southern District of, Thomson Locations: U.S, Manhattan, Solana, Cardano, Southern District, Southern District of New York, New York

The lawsuit is the SEC's second in two days against a major crypto exchange, following its case against Binance, the world's largest cryptocurrency exchange, and founder Changpeng Zhao. Crypto companies including Coinbase have said SEC rules are unclear, and the regulator is overreaching by asserting oversight of their industry. Coinbase customers pulled more than $57 million from the exchange within a couple of hours of the filing, according to data firm Nansen. The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. The case is SEC v Coinbase Inc et al, U.S. District Court, Southern District of New York, No.

Persons: Coinbase, Binance, Changpeng Zhao, Gary Gensler's, Gensler, Paul Grewal, Coinbase's, Nansen, Dado Ruvic, Gurbir Grewal, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Manya, Jason Neely, Louise Heavens, Chizu Nomiyama, Nick Zieminski Organizations: YORK, U.S . Securities, Exchange Commission, SEC, CNBC, Global Inc, Reuters Graphics, REUTERS, Coinbase, New, Blockchain Association, Court, Southern District of, Manya Saini, Thomson Locations: U.S, California, Manhattan, Solana, Cardano, New Jersey, Southern District, Southern District of New York, New York, Washington ,, Bengaluru

NEW YORK, June 6 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday sued Coinbase Inc (COIN.O), the largest U.S. crypto asset trading platform, accusing it of illegally operating without having first registered with the regulator. The lawsuit was filed in Manhattan federal court, one day after the SEC sued Binance, the world's largest cryptocurrency exchange, and its founder Changpeng Zhao. Reporting by Jonathan Stempel in New York; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Binance, Changpeng Zhao, Jonathan Stempel, Jason Neely Organizations: YORK, U.S . Securities, Exchange Commission, Coinbase Inc, SEC, Thomson Locations: Manhattan, New York

☆ Crypto stocks drop after Binance halts bitcoin withdrawals for hours
▼ + stars: | 2023-05-08 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Shares of cryptocurrency- and blockchain-related companies fell in early trading hours on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees. The halts pushed bitcoin , the world's biggest cryptocurrency, down 2% to a one-week low of $27,900. Crypto miners including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and U.S.-listed shares of Hut 8 Mining (HUT.TO) declined between 5.3% and 6.6%, tracking lower bitcoin prices. The company said its set fees did not anticipate a recent surge in bitcoin-network gas fees - the payments made to crypto miners whose computing power processes transactions on the blockchain. Binance said in a tweet that the company had adjusted its fees to "prevent a similar recurrence".

☆ Crypto stocks fall after Binance halts bitcoin withdrawals for hours
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

May 8 (Reuters) - Shares of crypto currency- and blockchain-related companies fell in premarket trading on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees. The halts pushed bitcoin , the world's biggest cryptocurrency, down 2% to a one-week low of $27,900. Crypto exchange Coinbase Inc (COIN.O) fell 4%, while blockchain-farm operator Bitfarms Ltd dropped 4.3%. Crypto miners including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and Hut 8 Mining (HUT.TO) declined between 4.6% and 7.2%, tracking lower bitcoin prices. The company said its set fees did not anticipate the recent surge in bitcoin-network gas fees - the payments made to crypto miners whose computing power processes transactions on the blockchain.

☆ Coinbase, crypto industry hope new Supreme Court doctrine is silver bullet
▼ + stars: | 2023-05-01 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

But the agency will have to provide a more detailed response if Ripple, Coinbase or crypto groups that have filed friend-of-the-court briefs pushing major questions doctrine arguments manage to pique a judge’s interest. Former Coinbase manager Ishan Wahi expanded on the major questions theory last February in his motion to dismiss the SEC’s insider trading case. Under the major questions doctrine, they said, the SEC does not have the requisite Congressional authority to regulate digital assets. Coinbase’s contention in that paper, released last Thursday, is all-encompassing: The major questions doctrine, according to Coinbase counsel at Sullivan & Cromwell, “forecloses” regulation of the trillion-dollar crypto industry. But if the SEC moves ahead with a case against Coinbase, the major questions doctrine could turn out to be, well, a major question.

☆ Coinbase buys digital asset firm One River Digital in growth push
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 3 (Reuters) - Coinbase Inc (COIN.O) has acquired One River Digital Asset Management (ORDAM), the cryptocurrency exchange said on Friday as it aims to beef up services and take advantage of weak valuations of digital asset companies. The company did not disclose the financial details of the deal, in which ORDAM will become Coinbase Asset Management and operate as a fully-owned unit of Coinbase. ORDAM is a digital asset manager that provides institutional clients exposure to digital assets through investment products. Eric Peters will continue to serve as chief executive of Coinbase Asset Management as well as One River Asset Management, the parent company of ORDAM. "Coinbase and ORDAM share an ethos grounded in prudent risk management, a trait which has enabled both firms to successfully navigate the recent market turmoil," Coinbase said in a blog.

☆ Coinbase shares fall as SEC takes crypto staking action against Kraken
▼ + stars: | 2023-02-09 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Coinbase shares closed down more than 14% Thursday, after CEO Brian Armstrong voiced concern on rumors that the Securities and Exchange Commission was mulling new enforcement action against crypto staking. Those rumors coalesced on Thursday afternoon, when the SEC announced a settlement with Coinbase's rival crypto exchange, Kraken. The SEC alleged that Kraken had engaged in the unregistered offering and sale of securities through its crypto staking platform. With crypto staking, investors typically vault their crypto assets with a blockchain validator, which verifies the accuracy of transactions on the blockchain. "We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers.

☆ New York’s financial regulator takes aim at firms co-mingling crypto funds
▼ + stars: | 2023-01-23 | by ( Hannah Lang | ) www.reuters.com time to read: +5 min

Concerns about the crossover between the two firms helped fuel a flurry of customer withdrawals in November, forcing the exchange to file for bankruptcy. New York requires firms to undergo examinations making sure they are in-line with state requirements and comply with know-your-customer, anti-money laundering and capital requirements. Most other states do not subject crypto firms to examinations. Crypto firms' compliance with anti-money laundering rules has also been "a big issue," she said, one she expects her office will continue focusing on in 2023. Earlier in the month, NYDFS announced a $100 million settlement with Coinbase Inc (COIN.O) over the firm's compliance with rules to prevent money laundering.

☆ Coinbase to pay $50 mln to settle NY state investigation, invest $50 mln in compliance
▼ + stars: | 2023-01-04 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 4 (Reuters) - U.S.-based cryptocurrency exchange Coinbase Inc (COIN.O) has reached a $100 million settlement with New York's Department of Financial Services (DFS), the exchange and the regulator said in statements on Wednesday. The settlement, which includes a $50 million penalty, caps the regulator's investigation into the firm's compliance with requirements to prevent money laundering. “Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth. That failure exposed the Coinbase platform to potential criminal activity," said New York DFS Superintendent Adrienne Harris. Coinbase, a publicly traded firm and one of the largest global crypto exchanges, will pay another $50 million to boost compliance efforts aimed at blocking potential criminals from using the exchange, the company said.

☆ BNY Mellon to offer crypto services
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

Oct 11 (Reuters) - Bank of New York Mellon Corp (BK.N) is adding cryptocurrencies to assets that it holds as a custody manager, as it looks to attract a diverse set of investors and traders by tapping into the popularity of bitcoins and ethers. Trading in cryptocurrencies has skyrocketed worldwide, drawing many traditional institutions to an asset that was previously shunned by Wall Street due to its wild swings and increased scrutiny. Nasdaq Inc (NDAQ.O) and BlackRock Inc (BLK.N) have already rolled out custody platforms for their clients, as they look to gain foothold in a market dominated by traditional players like Coinbase Inc (COIN.O) and Binance. BNY formed an enterprise Digital Assets Unit in 2021 to develop solutions for digital asset technology, and tapped tapped digital asset technology companies Fireblocks and Chainalysis, it said in a statement on Tuesday. https://on.wsj.com/3T8ysYRRegister now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin and Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Nasdaq divides business into three units to streamline operations
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. It said Market Platforms, Capital Access Platforms and Anti-Financial Crime will be the new units that will focus on digital assets, carbon markets, providing investment intelligence apart from U.S. equities. Register now for FREE unlimited access to Reuters.com RegisterNasdaq's efforts to streamline its operations come after the sector, which largely catered to stocks and derivatives, underwent an upgrade as cryptocurrencies gained popularity. Last week, Nasdaq launched a digital assets business that places it in a direct competition with crypto exchanges Binance and Coinbase Inc (COIN.O). Register now for FREE unlimited access to Reuters.com RegisterReporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

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