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☆ Coinbase CEO says SEC notice wasn't entirely unexpected
  + stars: | 2023-03-24 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase CEO says SEC notice wasn't entirely unexpectedCoinbase CEO Brian Armstrong took to social media to respond to a notice from the SEC about a potential enforcement action.
☆ Analysis: Coinbase, SEC on collision course for 'existential' clash over crypto industry
  + stars: | 2023-03-24 | by ( Chris Prentice Hannah Lang | Chris Prentice | Hannah Lang | ) www.reuters.com   time to read: +4 min
Discussions between the SEC and Coinbase broke down in recent weeks, with one source saying the two sides had moved "further apart." The crypto industry believes it operates in a regulatory gray area not governed by existing U.S. securities laws - and that new legislation is needed to regulate the industry. "But if necessary, we welcome the opportunity for Coinbase and the broader crypto community to get clarity in court." Prior to Gensler's arrival, the SEC engaged in targeted enforcement, but the Democratic chair has ratcheted up focus on crypto platforms themselves. "There couldn't be a more significant development for crypto markets and crypto investors," said Philip Moustakis, former SEC enforcement lawyer and partner with Seward and Kissel LLP in New York.
☆ Op-ed: Offshoring crypto hurts the financial system and America’s geopolitical standing, says Coinbase CEO Brian Armstrong
  + stars: | 2023-03-01 | by ( Brian Armstrong | Coinbase Ceo | ) www.cnbc.com   time to read: +5 min
The traditional financial system has served us well for centuries, but it's beginning to show its age. While you might be able to bank online, the way in which the traditional financial system operates behind the scenes has largely gone unchanged for at least 40 years. Nearly seven in 10 Americans believe that the financial system needs major changes or a complete overhaul, according to the most recent research from Morning Consult. It's not a replacement of the traditional financial system, it's an update. While the consumer benefits that crypto could bring to the financial system are myriad, it's also important to recognize the geopolitical benefits.
☆ Coinbase CEO: Crypto is the most important technology that can help update the financial system
  + stars: | 2023-03-01 | 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 CEO: Crypto is the most important technology that can help update the financial systemBrian Armstrong, Coinbase CEO, joins 'Squawk Box' to discuss whether policymakers should enact legislation in the crypt and more.
☆ Watch CNBC's full interview with Coinbase CEO Brian Armstrong
  + stars: | 2023-03-01 | 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 EmailWatch CNBC's full interview with Coinbase CEO Brian ArmstrongBrian Armstrong, Coinbase CEO, joins 'Squawk Box' to discuss whether policymakers should enact legislation to regulate crypto and more.
☆ SEC Chair Gensler proposes rules that would change which crypto firms can custody customer assets
  + stars: | 2023-02-15 | by ( Rohan Goswami Mackenzie Sigalos | Rohan Goswami | Mackenzie Sigalos | ) www.cnbc.com   time to read: +6 min
The proposed amendments to federal custody rules would "expand the scope" to include any client assets under the custody of an investment advisor. The move poses a fresh threat to crypto exchange custody programs, as other federal regulators actively discourage custodians like banks from holding customer crypto assets. "Make no mistake: Today's rule, the 2009 rule, covers a significant amount of crypto assets," Gensler said in a statement. "As the release states, 'most crypto assets are likely to be funds or crypto asset securities covered by the current rule.' In its most recent earnings report, the exchange specified that it keeps customer crypto assets "bankruptcy remote" from hypothetical general creditors, but noted that the "novelty" of crypto assets meant it was uncertain how courts would treat them.
☆ The artificial intelligence war has Wall Street in a frenzy over Google, Microsoft, and anything related to bots
  + stars: | 2023-02-13 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +7 min
In case you missed it, last week Microsoft held an event that had the buzz of a Steve Jobs iPhone launch. Google Bard VS OpenAI ChatGPT displayed on Mobile with Openai and Google logo on screen seen in this photo illustration. In this two-horse race, Google certainly didn't do itself any favors in bumbling its own AI demo last week. But the battle will ultimately come down to Microsoft and Google, according to venture capitalist Vinod Khosla. Record highs for the stock market are within reach this year, according to Fundstrat.
☆ What investors need to know about ‘staking,’ the passive income opportunity at the center of crypto’s latest regulation scare
  + stars: | 2023-02-11 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +6 min
Not six months ago, ether led a recovery in cryptocurrency prices ahead of a big tech upgrade that would make something called "staking" available to crypto investors. A clampdown on staking, and staking services, could have damaging consequences not just for those exchanges, but also Ethereum and other proof-of-stake blockchain networks. For example, if you decide you want to stake your ether holdings, you would do so on the Ethereum network. Investors can give their crypto to the staking service and the service does the staking on the investors' behalf. Proof-of-stake vs. proof-of-workStaking works only for proof-of-stake networks like Ethereum, Solana, Polkadot and Cardano.
☆ SEC targets ‘crypto-staking’ in $30 million Kraken settlement
  + stars: | 2023-02-10 | by ( Brian Fung | ) edition.cnn.com   time to read: +3 min
That practice, known as “staking,” reflected an unregistered offer and sale of securities, the SEC alleged in a complaint announced Thursday. According to the SEC, Kraken failed to adequately disclose the risks of participating in the program, which had advertised annual yields of as much as 21%. But according to cryptocurrency advocates, the SEC clampdown on staking could have wider effects that undermine the US cryptocurrency ecosystem. The SEC complaint zeroes in on a practice that the industry says is vital to supporting the healthy function of some virtual currencies. In its complaint, however, the SEC alleged Kraken failed to notify users about the lack of protections it offered to those who engaged in staking through Kraken’s program.
☆ Ether losses build as crypto investors weigh the future of staking after Kraken exchange's SEC settlement
  + stars: | 2023-02-10 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +1 min
The price of ether fell on Friday, extending losses from the previous session as fears about a U.S. regulatory crackdown on crypto staking weighed on investors. The drop began after crypto exchange Kraken closed its staking program as part of a $30 million settlement with the Securities and Exchange Commission. Earlier in the week, Coinbase CEO Brian Armstrong sounded the alarm on a potential regulatory crackdown on staking and staking services in the U.S. that may be underway. The angst in the crypto market centers on the staking services offered by exchanges like Kraken as well as Coinbase. Staking is available only on networks like Ethereum that operate using the "proof-of-stake" protocol.
☆ Coinbase CEO points to rumors that the SEC could ban this popular crypto income-generating technique for US retail investors
  + stars: | 2023-02-09 | by ( Morgan Chittum | ) www.businessinsider.com   time to read: +2 min
Coinbase's Brian Armstrong flagged rumors that the SEC may want to ban crypto staking for retail investors. Staking is a popular way for customers to earn yield in exchange for locking up their crypto assets. The SEC has repeatedly stated that most digital tokens could be regulated as securities. For the unititated, staking gives a crypto holder financial rewards for locking up their assets and confirming transactions on a blockchain's network. It allows users to participate directly in running open crypto networks," Armstrong tweeted.
☆ Coinbase CEO Brian Armstrong is sounding the alarm on a potential 'staking' crackdown. Here's what it says about crypto
  + stars: | 2023-02-09 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +4 min
"We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers," he said in his tweet . Staking is not just a yield-generating opportunity for crypto investors, it's also essential to the way proof-of-stake protocols like Ethereum operate. If there was some kind of chokehold on staking or staking services, the outcome for Ethereum could be "disastrous," according to Owen Lau, an analyst at Oppenheimer. That opportunity is widely seen as a catalyst for mainstream adoption of crypto and a revenue opportunity for exchanges like Coinbase. Armstrong's latest comments came a day before Kraken, one of Coinbase's main exchange competitors, agreed to shutter its crypto staking operations to settle charges with the SEC, according to CoinDesk.
☆ SEC commissioner Peirce publicly rebukes her agency, Gensler on crypto regulation
  + stars: | 2023-02-09 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +2 min
Hester Peirce, commissioner of the US Securities and Exchange Commission (SEC), speaks during the DC Blockchain Summit in Washington, D.C., on Tuesday, May 24, 2022. Hester Peirce of the Securities and Exchange Commission publicly rebuked her agency's apparent crypto regulation by enforcement, asking if a "hostile" regulator is the best solution for the industry. "Whether one agrees with that analysis or not, a more fundamental question is whether SEC registration would have been possible," Peirce wrote. But Gensler and the SEC Enforcement division under his control have moved far more aggressively than the Department of Justice or policymakers to tamp down on the crypto industry. Peirce, who dissented on the enforcement action, indirectly disputed the premise of that assertion.
☆ Crypto exchange Kraken to end staking service, pay fine in U.S. SEC settlement
  + stars: | 2023-02-09 | by ( Hannah Lang | ) www.reuters.com   time to read: +3 min
Those providers should register their staking services with the SEC, Gensler added. Owners of crypto assets that use a "proof-of-stake" blockchain can stake some of their assets to potentially take part in the process of validating transactions. In exchange for their work, validators are often rewarded with newly created crypto assets. Kraken offers its customers the ability to "stake" certain crypto tokens in order to earn rewards. The settlement comes a year after a subsidiary of crypto company BlockFi Inc agreed to pay $100 million to the SEC and 32 states to settle charges in connection with a retail crypto lending product the company offered to nearly 600,000 investors.
☆ Coinbase jumps 20% after federal securities suit dismissed
  + stars: | 2023-02-02 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +2 min
Coinbase shares surged after a Manhattan federal judge dismissed a class-action suit against the cryptocurrency exchange Wednesday in a rare crypto legal victory. The plaintiffs had also claimed that Coinbase's marketing showed an effort to solicit a sale of securities. The suit was filed in October 2021 and implicated Coinbase CEO Brian Armstrong as the primary "control person" at the exchange. It comes as Securities and Exchange Commission Chair Gary Gensler aggressively pursues actions in the crypto space in part by arguing they represent securities offerings. Earlier this year, Gensler announced a joint enforcement action against crypto exchange Gemini and the now-bankrupt crypto lender Genesis Trading.
☆ A look at the companies behind the pricey 'Crypto Bowl' ads, then vs. now, as Super Bowl LVII approaches
  + stars: | 2023-01-21 | by ( Aaron Mcdade | ) www.businessinsider.com   time to read: +5 min
Super Bowl LVI was dubbed the "Crypto Bowl" after ads from crypto companies made a splash. The larger crypto industry suffered billions in losses in 2022, highlighted by the collapse of FTX. But in 2022, the game was dubbed the "Crypto Bowl," with FTX, Coinbase, Crypto.com, and eToro all debuting ads, along with Bud Light incorporating NFTs into its ad. Here's a look back at how the four companies who advertised during the last Super Bowl are doing now. Compared to FTX, other crypto companies that advertised during the Super Bowl had a remarkably stable year given volatility in the industry, but each had its troubles.
☆ Coinbase CEO: The FTX collapse and the resulting contagion has created a black eye for the industry
  + stars: | 2023-01-10 | by ( Kate Rooney | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase CEO: The FTX collapse and the resulting contagion has created a black eye for the industryCNBC's Kate Rooney joins 'Squawk on the Street' to discuss Coinbase and the new layoffs.
☆ Coinbase to lay off 20% of staff as crypto winter continues
  + stars: | 2023-01-10 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
Coinbase announced Tuesday that it was laying off 950 people, about 20% of its staff. Coinbase, like many other publicly traded and privately held crypto companies, has been hit hard by the massive plunge in the price of bitcoin and other cryptocurrencies. Bitcoin is up more than 4% since the start of the year, suggesting that crypto prices may have finally bottomed out. The hope is that bitcoin and other crypto prices may start to stabilize, especially if financial regulators start to provide more guidance and clarity about their stance on cryptos. Several high profile crypto companies have gone belly up, most notably one-time crypto darling (and Coinbase rival) FTX.
☆ Coinbase settles with New York state financial regulator for $100 million, stock spikes
  + stars: | 2023-01-04 | by ( Rohan Goswami | ) www.cnbc.com   time to read: +2 min
Coinbase signage in New York's Times Square during the company's initial public offering on the Nasdaq on April 14, 2021. Coinbase settled a case with New York's state financial regulator, the parties announced Wednesday, and will pay a $50 million fine and invest a further $50 million in compliance efforts. Regulators from the New York Department of Financial Services said the company had longstanding failures in its anti-money laundering program. "This agreement includes a $50 million penalty and a separate commitment from Coinbase to invest $50 million in our compliance program over two years," Coinbase Chief Legal Officer Paul Grewal said in a statement. Regulators wrote that Coinbase's compliance shortcomings led to "suspicious or unlawful conduct being facilitated through Coinbase's platform," according to the consent order.
☆ 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.
☆ Coinbase CEO Brian Armstrong Says Regulation Could Boost USD Coin Usage
  + stars: | 2022-12-10 | by ( Vicky Ge Huang | ) www.wsj.com   time to read: 1 min
Brian Armstrong, CEO of Coinbase, wants to make USD Coin ‘the de facto central bank digital currency of the U.S.’Coinbase Global Inc. Chief Executive Brian Armstrong believes that regulation will help fuel the rise of a stablecoin backed by his exchangeUSD Coin will become “the de facto central bank digital currency” of the U.S., he said in a Friday interview.
☆ Send Sam Bankman-Fried to prison, Elon Musk suggests, while Binance's boss calls him a 'master manipulator'. 8 top figures weigh in on the disgraced FTX founder.
  + stars: | 2022-12-10 | by ( Zahra Tayeb | ) www.businessinsider.com   time to read: +5 min
FTX founder Sam Bankman-Fried is racking up critics after the implosion of his crypto exchange. Here's what top voices like Elon Musk, Bill Ackman and Binance boss CZ have said, in 8 top quotes. Now the crypto CEO is under fire from all sides, from Elon Musk and Bill Ackman to "Shark Tank" investor Mark Cuban. Given that, the crypto exchange boss said he feels like the mainstream media has given Bankman-Fried softball interviews. The crypto bull believes Bankman-Fried will probably end up in jail, but doesn't think he was acting alone.
☆ The CEO of Coinbase says the exchange will see revenue plunge at least 50% in 2022 as turmoil weighs on crypto markets
  + stars: | 2022-12-08 | by ( Morgan Chittum | ) www.businessinsider.com   time to read: +2 min
Coinbase CEO Brian Armstrong expects the company's revenue to dive at least 50% in 2022. The crypto exchange cut 18% of its staff earlier this year, slashing roughly 1,200 roles. "(Armstrong) indicated that he expects Coinbase FY2022 revenue to be less than half of FY2021 revenue," the company tweeted on Wednesday. The warning comes after Coinbase cut 18% of its workforce in June, slashing around 1,200 employees. The crypto market took another hit last month, when Sam Bankman-Fried's FTX, which was once valued at $30 billion, filed for bankruptcy.
☆ 'It appears massive fraud was committed': Here are the 7 best quotes from Coinbase CEO Brian Armstrong's interview on crypto, FTX, and the future of digital assets.
  + stars: | 2022-12-08 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +4 min
The implosion of FTX shook the crypto industry to its core in recent weeks as token prices continue to fall. CEO Brian Armstrong gave an interview to the Stratechery newsletter, and these are the best quotes. CEO Brian Armstrong spoke with the Stratechery newsletter on Thursday, addressing the future of crypto as well as the implosion of FTX and its impact going forward. On the prevalent fraud in crypto"I do think we have to admit as an industry that crypto has attracted more fraudsters than we'd like. On the future of crypto"There are enough great people working in crypto that I think this industry is going to do really well.
☆ Coinbase CEO slams Sam Bankman-Fried: 'This guy just committed a $10 billion fraud, and why is he getting treated with kid gloves?'
  + stars: | 2022-12-08 | by ( Britney Nguyen | ) www.businessinsider.com   time to read: +4 min
The CEO of Coinbase said that it's "bizarre" Sam Bankman-Fried is "getting treated with kid gloves." "I mean, this guy just committed a $10 billion fraud, and why is he getting treated with kid gloves?" "We appreciate that you've been candid in your discussions about what happened at #FTX," Waters tweeted. Criminal Activity!," Waters tweeted. He's not the only crypto CEO who's criticized the former FTX CEO recently.
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