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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin's post-election rally continues as Fed cuts rates: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Paul Grewal of Coinbase reacts to the 2024 election results, which saw hundreds of pro-crypto candidates win races across the United States.

Persons: explainers, Paul Grewal, Coinbase Organizations: CNBC Crypto, CNBC Locations: United States

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

☆ Coinbase's big election bet is about to be tested
▼ + stars: | 2024-11-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +9 min

BlackRock's ETF chief Samara Cohen told CNBC that 75% of its bitcoin buyers are crypto investors who are new to Wall Street. Grewal told CNBC that he's had "many conversations" behind closed doors with both the Trump camp as well as Democratic Vice President Kamala Harris' campaign. Fairshake, one of the top spending PACs this cycle, told CNBC it's raised around $170 million this election and disbursed approximately $135 million. Ripple's head of U.S. public policy, Lauren Belive, told CNBC at a fintech conference in Las Vegas that the company was motivated by the SEC's overreach. WATCH: Bitcoin slumps to $67,000 level on eve of U.S. election: CNBC Crypto World

Persons: WASHINGTON —, Brian Armstrong shied, Armstrong, Coinbase, Gary Gensler, vociferously, Samara Cohen, Wells, Paul Grewal, Donald Trump, David Sacks, Grewal, Trump, he's, Gensler, Kamala Harris, Harris, Sen, Sherrod Brown, Bernie Moreno, Brown, Moreno, battlegrounds, It's, Shirzad, CNBC it's, Lauren, Alice, merch, Joe Lubin, Wiley Nickel Organizations: WASHINGTON, Capitol, CNBC, SEC, Washington, Trump, Republican, Democratic, Crypto Alliance, House, Ohio Senate, Crypto, Labs Locations: Washington ,, Washington, United States, San Francisco, Nashville, Ohio, Las Vegas

☆ Crypto company Consensys cuts 20% of workforce, citing regulatory uncertainty: CNBC Crypto World
▼ + stars: | 2024-10-29 | by ( Mackenzie Sigalos | Jordan Smith | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrypto company Consensys cuts 20% of workforce, citing regulatory uncertainty: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Coinbase chief legal officer Paul Grewal discusses the crypto industry's final push to get out the vote for pro-crypto candidates across the country.

Persons: explainers, Paul Grewal Organizations: CNBC Crypto, CNBC

☆ Coinbase-backed lobby urges ABC to ask about crypto in Trump-Harris debate
▼ + stars: | 2024-09-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Stand With Crypto's bus tour through five battleground states kicked off last week in Phoenix and Las Vegas. Logan Dobson/Stand With Crypto AllianceStand With Crypto's bus tour through five battleground states is all about getting people registered to vote. Logan Dobson/Stand With Crypto Alliance"Bipartisan crypto legislation has already passed the House of Representatives, and more and more elected officials are coming out in support of crypto," the letter says. Stand With Crypto's tour through battleground states is more about turning out the vote than raising cash. Logan Dobson/Stand With Crypto Alliance

Persons: Logan Dobson, ABC didn't, Ohio Sen, JD Vance, Harris, Tim Walz, Joe Biden, Crypto, Sen, Kyrsten Sinema, Kyrsten, who's, Sinema, Paul Grewal Organizations: Crypto Alliance, Representatives, ABC, Trump, Public Citizen, CNN, Democratic, Crypto, Washington , D.C Locations: Phoenix, Las Vegas, Minnesota, Phoenix , Arizona, Arizona, Nevada, Michigan , Wisconsin, Pennsylvania, Washington ,

☆ How Trump was 'orange-pilled' by three bitcoiners in Puerto Rico and the promise of $100 million
▼ + stars: | 2024-08-26 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +16 min

Earlier this year, Bailey promised to turn out $100 million and 5 million votes for Trump. Hoyos-López, Bailey's neighbor, had been recently orange-pilled, and was anxious to help out any way she could in getting Trump to Nashville. At the conference, Hoyos-López, Fabiano and Bailey worked to stage a second roundtable with Trump. To Fabiano, Bailey, and Hoyos-López, the stakes couldn't possibly be higher, as Democratic nominee Kamala Harris gains momentum in the polls. Less than a week after leaving Nashville, Fabiano, Hoyos-López and Bailey were back together closer to home to process all that had happened.

Persons: Dolly Parton, Donald Trump, Trump, conferencegoers who'd, Harris, Gary Gensler, CNBC hasn't, Keanu Reeves, Amanda Fabiano, Tracy Hoyos, David Bailey, Bailey, Fabiano, David, I've, Nashville ., Amanda, Hoyos, López, She's, Donald Trump's, Jon Cherry, He'd, Sen, Elizabeth Warren, Michael Saylor, he's, Emily, " Hoyos, Paul Grewal, Cantor Fitzgerald, Howard Lutnick, Rock, Billy Ray Cyrus, bitcoiner Tracy Hoyos, López Trump, Kamala Harris, she's, bitcoiners, Lopez Organizations: Broadway, Music City Center, Republican, Biden, SEC, CNBC, Washington Post, The Washington Post, BTC Inc, Trump, Wall Street, Miners, Lago, Music City, Getty, Riot, Marathon Digital Holdings, Scientific, Solana, Libertarian National Convention, Bitcoin, Mar, Nashville, Bitcoin Conference, Trump White Locations: NASHVILLE, Tenn, —, USA, Nashville, Puerto Rico, Nashville , TN, California, Guaynabo, San Juan, Manhattan, Trump, bitcoin, Egypt, New York, Palm Beach , Florida, Nashville , Tennessee, China, America, San Francisco, López, Japan, Hoyos, U.S, American, Puerto Rican

☆ Trump's bitcoin strategy was shared behind closed doors with CEOs who raised $25 million. Here's what he told them.
▼ + stars: | 2024-08-01 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +15 min

Bitcoin 2024 attendee wears "Make Bitcoin Great Again" baseball cap. Trump said on Saturday that his campaign has raised $25 million from the crypto industry since it began accepting cryptocurrency donations in May. "Make Bitcoin Great Again" hats displayed for sale at the Bitcoin 2024 conference in Nashville, Tennessee, US, on Saturday, July 27, 2024. "The rules will be written by people who love your industry, not hate your industry," Trump declared that afternoon in the main auditorium as he warmed up the crowd. As Riot's Les put it, "I think the core message that we communicated to President Trump was, 'This is your industry leadership group.

Persons: Donald Trump, Jon Cherry, Donald Trump White, Tyler, Cameron Winklevoss, Paul Grewal —, David Sacks, Cantor Fitzgerald, Howard Lutnick, Cynthia Lummis, Bill Hagerty, Marsha Blackburn, Vivek Ramaswamy —, Kid Rock, Billy Ray Cyrus, Jason Les, Fred Thiel, Zach Bradford, Chris Cook, Amanda Fabiano, Michael Saylor wasn't, Saylor, Trump, That's, Donald Trump's, Les, he's, litigator, Tracy Hoyos, Cyrus strummed, " Hoyos, López, Hoyos, Cyrus, López Trump, Marathon's Thiel, Thiel, David Bailey, Bailey, Sen, Elizabeth Warren, Gary Gensler —, Kamala Harris, Cook, Saturday's, CleanSpark's Bradford, Riot's Les, indoctrinating, Bradford, they've, It's, we're Organizations: Republican, Getty, Music City Center, GOP, Gemini, Trump, U.S ., State Department, Marathon Digital Holdings, CNBC, Music City, Riot, Attorney, Bitcoin, BTC Inc, U.S . Securities, Exchange, US, Bloomberg, indoctrinating Trump, Industry, Mar Locations: Nashville , Tennessee, San Francisco, Nashville, Mar, Lago, U.S, San Bernardino County, López

Former U.S. President and Republican presidential candidate Donald Trump looks on during his campaign event, in Racine, Wisconsin, U.S. June 18, 2024. In 2020, before Biden took office, the SEC accused Ripple and its founders of violating securities laws by acting as unregistered brokers of digital currency tokens, which the SEC regulates as securities. In 2023, the SEC filed a similar complaint against Coinbase, the largest U.S. crypto exchange platform. Trump has seized on this frustration in recent months, recasting himself from a crypto skeptic into a crypto supporter. Some in the crypto industry who are siding with Trump are going farther than just complaining about Gensler.

Persons: Donald Trump, David Sacks, Trump, Stuart Alderoty, Gary Gensler, Alderoty, Paul Grewal, Biden, Coinbase, Christopher Giancarlo, Heath Tarbert Organizations: U.S, Republican, CNBC, Securities and Exchange Commission, SEC, Trump, —, Futures, Commission Locations: Racine , Wisconsin, U.S, San Francisco, Washington

The Securities and Exchange Commission scored a major win in its lawsuit against Coinbase on Wednesday, as a judge ruled that its claim that the cryptocurrency exchange engaged in unregistered sales of securities could be heard by a jury at trial. Coinbase shares fell around 2% on news of the ruling in Manhattan federal court rejecting its bid to dismiss the SEC's complaint. The regulator first filed suit against Coinbase in June, alleging the company was acting as an unregistered broker and exchange. "The Court finds that the SEC adequately alleges that Coinbase, through its Staking Program, engaged in the unregistered offer and sale of securities," Failla wrote. In June, SEC Chair Gary Gensler said that trading platforms like Coinbase "call themselves exchanges" but were "commingling a number of functions."

Persons: Coinbase, Katherine Polk Failla, Failla, Paul Grewal, Grewal, Gary Gensler, Gensler Organizations: The Securities, Exchange Commission, Coinbase, SEC, New York Stock Exchange, CNBC Locations: Manhattan, U.S

☆ Coinbase is 'confident' a U.S. bitcoin ETF will be approved after SEC's court defeat
▼ + stars: | 2023-10-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Coinbase is confident that a U.S. bitcoin exchange-traded fund will be approved by the U.S. Securities and Exchange Commission, the company's chief legal officer, Paul Grewal, told CNBC. The SEC was recently dealt a major court setback when a judge ruled that the regulator had no basis to deny digital asset management Grayscale's bid to turn its huge GBTC bitcoin fund into an ETF. The SEC last week declined to appeal that ruling by a key deadline, likely paving the way for a bitcoin-related ETF to be approved in the coming months. "I think that the the firms that have stepped forward with robust proposals to our for these products and services are among some of the biggest blue-chips in financial services," Grewal added. But, Grewal said, it's likely now that the regulator will approve a bitcoin ETF soon, highlighting the regulator's failure in court to block Grayscale from converting its GBTC bitcoin fund into an ETF.

Persons: Coinbase, Paul Grewal, Grewal, CNBC's Arjun Kharpal, it's Organizations: U.S . Securities, Exchange Commission, CNBC, SEC Locations: U.S

☆ Coinbase picks Ireland as its main EU regulatory hub as U.S. authorities go on the offensive
▼ + stars: | 2023-10-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

If and when it is approved, Coinbase will have a universal "MiCA license" in Ireland, which it can then use to "passport" its services into Germany, France, Italy, the Netherlands and other EU countries. The rules will allow crypto companies to use one license in one country to operate across all 27 EU member states. Currently, Coinbase has an electronic money institution license and virtual asset service provider registration in Ireland; a crypto license in Germany; and national registrations in other EU member states including Italy, the Netherlands and Spain. Paul Grewal, Coinbase's chief legal officer, said that progress has been "slower" than he'd like when it comes to achieving crypto regulation in the U.S. "We're now seeing in court cases real questions being asked about the U.S. approach to crypto regulation and in particular securities regulation," he said.

Persons: Coinbase, Nana Murugesan, we've, Murugesan, Paul Grewal, isn't, Grewal, CNBC's Arjun Kharpal — Organizations: Getty, European Union, CNBC, Central Bank of Ireland, EU, U.S . Securities, Exchange Commission, SEC Locations: Crypto, Dublin, Ireland, Germany, France, Italy, Netherlands, Spain, U.S, San Francisco, United States, Central, Northern, Western Europe, North America, Europe, headcount

☆ Coinbase picks Ireland as main EU hub amid Europe expansion
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase picks Ireland as main EU hub amid Europe expansionPaul Grewal, Coinbase’s chief legal officer, discusses why the company is ramping up presence in Ireland amid a key piece of European crypto regulation.

Persons: Coinbase, Paul Grewal Organizations: EU Locations: Ireland

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Coinbase Global Inc FollowOct 3 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Tuesday asked a federal judge to deny a motion from Coinbase Global (COIN.O) to dismiss the regulator's lawsuit against the cryptocurrency exchange. THE TAKETuesday's filing showed that the SEC is seizing on the Terraform Labs ruling to raise questions about the ruling in the Ripple case, which the crypto industry had hailed as a victory. THE CONTEXTThe SEC sued Coinbase in June, accusing it of operating illegally as a national securities exchange, broker and clearing agency without registering with the regulator. Thus, the Motion hinges on whether Coinbase intermediated transactions involving investment contracts, and thus securities.

Persons: Dado Ruvic, Coinbase, Paul Grewal, Hannah Lang, Chris Prentice, Jonathan Stempel, Cynthia Osterman, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Coinbase, Ripple Labs, Terraform Labs, Terraform, Thomson Locations: Manhattan, Washington, New York

☆ Analysis-Grayscale victory big boost for decade-long spot bitcoin ETF push
▼ + stars: | 2023-08-30 | by ( Hannah Lang | Chris Prentice | ) www.reuters.com time to read: +5 min

FILE PHOTO: Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. A spot bitcoin ETF would give investors exposure to the world’s largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, saying applicants have not shown they can protect investors from market manipulation. Grayscale argued the same setup should be satisfactory for its spot ETF, since both products rely on bitcoin’s underlying price. Other firms have spot bitcoin ETF applications with the SEC, including asset management giant BlackRock, Fidelity and WisdomTree.

Persons: Dado Ruvic, Grayscale’s, It’s, ”, Christopher LaVigne, Withers, “, Michael Sonnenshein, Bitcoin, Sui Chung, Joseph Toner, Seth Hertlein, Ryan Louvar, Paul Grewal, ” Coinbase, Withers ’ LaVigne Organizations: WASHINGTON, REUTERS, District of Columbia, Securities and Exchange Commission, SEC, CNBC, Chicago Mercantile Exchange, Fidelity, Coinbase, BlackRock, Supreme Locations: Washington, New York, WilmerHale, BlackRock

Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. A spot bitcoin ETF would give investors exposure to the world's largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, saying applicants have not shown they can protect investors from market manipulation. Grayscale argued the same setup should be satisfactory for its spot ETF, since both products rely on bitcoin's underlying price. Other firms have spot bitcoin ETF applications with the SEC, including asset management giant BlackRock (BLK.N), Fidelity and WisdomTree (WT.N).

Persons: Dado Ruvic, Grayscale's, It's, Christopher LaVigne, Withers, Michael Sonnenshein, Bitcoin, Sui Chung, Joseph Toner, Seth Hertlein, Ryan Louvar, Paul Grewal, Coinbase, LaVigne, Carolina Mandl, Tom Wilson, Michelle Price, Jonathan Oatis Organizations: REUTERS, Rights, District of Columbia, Securities and Exchange Commission, SEC, CNBC, Chicago Mercantile Exchange, Fidelity, Coinbase, CME, BlackRock, Supreme, Thomson Locations: Washington, New York, WilmerHale, London

A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoNEW YORK, Aug 4 (Reuters) - Coinbase Global (COIN.O) on Friday asked a judge to end the U.S. Securities and Exchange Commission's lawsuit accusing the world's largest publicly traded cryptocurrency exchange of violating federal securities laws. Coinbase was sued by the SEC in June, and accused of operating illegally as a national securities exchange, broker and clearing agency without registering with the regulator. Firms are closely watching the litigation between the SEC and Coinbase, with some onlookers deeming it an "existential" clash. Coinbase leaned on the recent Ripple matter in Friday's filing, noting the SEC's lawsuit hinges on the type of transactions that the judge deemed outside of the regulator's jurisdiction.

Persons: Dado Ruvic, Coinbase, Paul Grewal, Chris Prentice, Toby Chopra, Jonathan Oatis Organizations: REUTERS, U.S . Securities, Exchange, SEC, Labs, Thomson Locations: Manhattan

☆ 'I think we will win': Coinbase buoyed in case against SEC after landmark Ripple XRP decision
▼ + stars: | 2023-07-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

On Thursday, a U.S. judge ruled that XRP token purchases via exchanges were not securities transactions. The SEC sued Ripple, the company behind the XRP token, in 2020, alleging that the company broke securities laws. But the latest XRP court opinion has given confidence to Coinbase in its case against the SEC. We think this decision has only further strengthened the case," he added. But if you literally replaced the letters XRP with the letters for any other token, in this decision, the logic still holds," Grewal said.

Persons: Ripple, Paul Grewal, XRP, That's, Grewal Organizations: U.S . Securities, Exchange Commission, CNBC, SEC Locations: U.S

☆ 'I think we will win': Coinbase more confident in case with SEC after Ripple decision
▼ + stars: | 2023-07-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'I think we will win': Coinbase more confident in case with SEC after Ripple decisionPaul Grewal, chief legal officer at Coinbase, discusses what Ripple's partial victory in the case with the U.S. Securities and Exchange Commission means for his cryptocurrency exchange and its legal battle with regulators.

Persons: Paul Grewal Organizations: SEC, U.S . Securities, Exchange Commission

The U.S. Securities and Exchange Commission (SEC) had accused Ripple Labs and its current and former chief executives of selling unregistered securities when conducting a $1.3 billion offering for XRP, which was created in 2012. Shares in Coinbase, which is also embroiled in litigation with the SEC over its trading of crypto tokens, surged 24.5% on Thursday following the decision, finishing at $107. Coinbase said it would allow trading of the XRP token again on its platform in line with the court ruling. Bitcoin , the world's largest cryptocurrency, was last up 4.1% at 31,584 while Ethereum , the world's second-largest cryptocurrency, rose 6.43% to $1,993.3. Reporting by Chibuike Oguh in New York; editing by Michelle Price and Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Coinbase, We've, Analisa, Torres, Paul Grewal, Chibuike Oguh, Michelle Price, Deepa Babington Organizations: YORK, Coinbase Global Inc, Ripple Labs, U.S . Securities, Exchange Commission, SEC, Labs, Inc, Marathon Digital Holdings Inc, Microstrategy Inc, Mining Corp, Twitter, Thomson Locations: U.S, Coinbase, New York

CompaniesLaw Firms Ripple Labs Inc FollowCoinbase Global Inc FollowJuly 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring. An SEC spokesperson said the agency was pleased with part of the ruling in which the judge held that Ripple violated federal securities law by selling XRP directly to sophisticated investors. XRP sales on cryptocurrency platforms by Garlinghouse and co-founder and former CEO Chris Larsen, and other distributions including compensation to employees also did not involve securities, Torres ruled. PARTIAL WIN FOR THE SECThe SEC won a partial victory as Torres found the company's $728.9 million of XRP sales to hedge funds and other sophisticated buyers amounted to unregistered sales of securities. Both the Ripple and Coinbase cases focus on registration requirements and whether certain digital assets are securities under U.S. law.

Persons: XRP, Analisa Torres, Brad Garlinghouse, We’ve, Torres, Paul Grewal, Chris Larsen, Garlinghouse, Larsen, Gary DeWaal, Rosenman, Tom Emmer, Jody Godoy, Chris Prentice, Tom Hals, Chizu Nomiyama, Conor Humphries, Leslie Adler, David Gregorio Our Organizations: Labs, Ripple Labs, U.S, District, U.S . Securities, Exchange Commission, SEC, Twitter, Supreme, WIN FOR, Republican, Thomson Locations: U.S, XRP, Katten, New York, Wilmington , Delaware

In each case, Coinbase filed briefs as an "amicus," or friend of the court. A ruling favoring another crypto defendant at the trial court level would not be binding on Coinbase's own case, but the company could potentially point to it in its defense, legal experts said. Coinbase argued the digital assets on its platform do not pass that test, in part because they lack contractual agreements. In its other amicus brief, Coinbase urged a federal judge in Manhattan to allow the fair notice defense in the SEC case against Ripple Labs, which was the industry's highest-profile battle with the regulator prior to the Coinbase case. Coinbase argued to U.S. District Judge Analisa Torres that denying the Ripple defendants the fair notice defense "would jeopardize the validity of the defense in future cases."

Persons: Coinbase, Gibson Dunn, Crutcher, Akiva Shapiro, Gary Gensler, Paul Grewal, Coinbase's, Cahill Gordon, Reindel, Tana Lin, Ishan Wahi, Wahi, Lin, Gensler, Analisa Torres, Torres, XRP, Jody Godoy, Tom Hals, Deepa Babington Organizations: U.S . Securities, Exchange Commission, U.S, Supreme, SEC, Reuters, FAIR, U.S . Constitution, Ripple Labs, San, District, Thomson Locations: U.S, Coinbase, Manhattan, Solana, Cardano, Seattle, U.S ., San Francisco, New York, Wilmington , Delaware

☆ Coinbase is the latest target of the SEC’s crypto crackdown—how U.S. investors may be affected
▼ + stars: | 2023-06-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +6 min

On June 13, the U.S. Securities and Exchange Commission sued Coinbase, the second-largest crypto exchange by volume, according to CoinMarketCap.com. The federal regulator alleges Coinbase operated its crypto asset trading platform as an unregistered national securities exchange and broker, per the June 13 press release. The SEC also alleges at least 13 crypto assets that Coinbase made available to customers, including Solana and Cardano's tokens, qualify as "crypto asset securities," according to the complaint. This comes just one day after the SEC sued Binance, the world's largest crypto exchange, and its billionaire founder, Changpeng Zhao. Trading crypto on an exchange versus peer-to-peer

Persons: Coinbase, Coinbase's, Brian Armstrong, Paul Grewal, we'll, Binance, Changpeng Zhao, Zhao, Gary Gensler, Chen Arad, they've, Arad, Omid, Malekan, wasn't, Bitcoin, There's, bitcoin Organizations: The U.S, U.S . Securities, Exchange Commission, SEC, CNBC, Twitter, Solidus Labs, NBC, Columbia Business School, Architecting, Money, U.S, Commodity, Futures, Metrics Locations: Paris, France, The, Solana, U.S, Arad

REUTERS/David SwansonJune 7 (Reuters) - Coinbase (COIN.O) Chief Executive Brian Armstrong on Wednesday hit back at the U.S Securities and Exchange Commission (SEC) Chair over the agency's lawsuit against the crypto exchange, calling him an "outlier," while also reassuring customers that their funds were safe. Crypto companies, including Coinbase, dispute that crypto tokens are securities and have repeatedly called for the SEC to create clear rules. SETTLEMENT BREAKDOWNLast July, Coinbase disclosed an SEC probe into its asset listing processes, staking programs and yield-generating products. Grewal said despite the lawsuit, Coinbase would still be interested in a dialogue with the SEC about how to bring cryptocurrency into the regulatory perimeter. "If there were an opportunity for a real conversation, of course we would take it up, but I want to be very clear: Coinbase is absolutely committed to defending itself in court," he said.

Persons: Brian Armstrong, David Swanson, Coinbase, Armstrong, Gary Gensler, Gensler, ” Armstrong, Binance, hasn’t, haven’t, Paul Grewal, Grewal, Hannah Lang, Manya Saini, Niket, Chris Prentice, Shounak Dasgupta, Michelle Price Organizations: Milken, Global Conference, REUTERS, U.S Securities and Exchange Commission, SEC, Bloomberg, Monday, CNBC, Reuters, U.S ., Appeals, Circuit, Thomson Locations: Beverly Hills , California, U.S, Solana, Cardano, Washington, Bengaluru

[1/2] Brian Armstrong, CEO and Co-Founder of Coinbase, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. REUTERS/David SwansonJune 7 (Reuters) - Coinbase (COIN.O) executives on Wednesday defended the company against a lawsuit brought by the U.S. securities regulator, saying the cryptocurrency sector lacks a clear set of guidelines. The agency also said Coinbase was operating as an unregistered exchange, broker and clearinghouse. Coinbase also sought to distance itself from rival exchange Binance, which was also served with an SEC lawsuit on Monday. The SEC alleged Binance, the world's largest cryptocurrency exchange and its founder Changpeng Zhao, also sold cryptocurrency products without registering them as securities.

Persons: Brian Armstrong, David Swanson, Coinbase, Binance, Changpeng Zhao, Zhao, Paul Grewal, Grewal, Hannah Lang, Manya, Shounak Dasgupta Organizations: Milken, Global Conference, REUTERS, Wednesday, U.S, Securities, Exchange Commission, SEC, CNBC, U.S ., Appeals, Circuit, Reuters, Manya Saini, Thomson Locations: Beverly Hills , California, U.S, Solana, Cardano, Cayman Islands, Washington, Bengaluru

The U.S. Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC accuses Binance and its CEO Changpeng Zhao of operating a "web of deception". 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. Reuters GraphicsFounded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Tuesday's SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.

Persons: Binance, Changpeng Zhao, Kevin O'Brien, Ford O'Brien Landy, Coinbase, Nansen, Paul Grewal, Coinbase's, Ed Moya, bitcoin, Oanda's Moya, Dado Ruvic, Gary Gensler, Gensler, Kristin Smith, Jonathan Stempel, Hannah Lang, Michelle Price, Kevin Buckland, Leslie Adler, Christopher Cushing Organizations: YORK, U.S . Securities, Exchange Commission, SEC, Global Inc, Exchange, REUTERS, Securities, Supreme, Beaxy Digital, Bittrex Global, CNBC, Blockchain Association, Reuters Graphics, U.S, Binance's U.S, Thomson Locations: Manhattan, Solana, Cardano, bitcoin, Binance, Binance.US, Binance's, Cayman Islands, New York, Washington, Tokyo

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