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☆ Coinbase to launch new lending platform aimed at large institutional investors
▼ + stars: | 2023-09-05 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

Employees of Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, watch as their listing is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton Acquire Licensing RightsSept 5 (Reuters) - Crytocurrency exchange Coinbase Global (COIN.O) is launching a digital asset lending platform aimed at large institutional investors, a company spokesperson told Reuters on Tuesday. Coinbase has raised $57 million for its new crypto-lending platform, a regulatory filing showed. Coinbase last month had secured approval to offer cryptocurrency futures to U.S. retail customers, scoring a major regulatory win. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Shannon Stapleton, Coinbase, Grayscale's, Jaiveer Singh, Shailesh Organizations: Coinbase Global Inc, Nasdaq, REUTERS, Reuters, Securities and Exchange Commission, SEC, Thomson Locations: New York, U.S, Bengaluru

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBiden administration proposes new crypto tax reporting rules: 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, Sam Callahan of Swan discusses what's driving bitcoin's price as August wraps up.

Persons: explainers, Sam Callahan, Swan Organizations: CNBC Crypto, CNBC

The rule is part of a broader push by Congress and regulatory authorities to crack down on crypto users who may be failing to pay their taxes. It would also subject digital asset brokers to the same information reporting rules as brokers for other financial instruments, such as bonds and stocks, Treasury said. Brokers would need to send the forms to both the IRS and digital asset holders to assist with their tax preparation. The new requirements stem from the $1 trillion 2021 Infrastructure Investment and Jobs Act, which included a provision that aimed to increase tax reporting requirements for digital asset brokers. It instructed the IRS to define what firms qualified as crypto brokers and provide forms and instructions for reporting.

Persons: Dado Ruvic, Kristin Smith, Miller Whitehouse, Levine, Elizabeth Warren, Hannah Lang, Deepa Babington, Michelle Price Organizations: REUTERS, Internal Revenue Service, Treasury, Treasury Department, IRS, Investment, Jobs, Blockchain, DeFi, Democratic, Thomson Locations: U.S, Washington

☆ PayPal is diving deeper into crypto by launching its own stablecoin—what investors should know
▼ + stars: | 2023-08-10 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

PayPal has added a new cryptocurrency to its roster: PayPal USD (PYUSD). On Monday, the online payments service became the first major U.S. financial company to launch its own U.S. dollar-backed stablecoin. PayPal USD is "100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents," according to a Monday press release. Additionally, PayPal's stablecoin is redeemable 1:1 for U.S. dollars, which means one PayPal USD can be redeemed for one U.S. dollar and vice versa. Notably, Paxos was ordered to stop issuing Binance's dollar-pegged stablecoin, BUSD, by the New York State Department of Financial Services in February.

Persons: PYUSD, Paxos, PayPal's, Dan Schulman Organizations: PayPal, U.S ., U.S, Paxos Trust Company, New York State Department of Financial Services

Hands hold the biometric imaging device, the Orb, of the identity and financial public utility Worldcoin, which aims to create a World ID digital passport, with a tradeable cryptocurrency, in Berlin, Germany August 1, 2023. REUTERS/Annegret Hilse/File PhotoAug 8 (Reuters) - Worldcoin has no problem attracting eyeballs. More than 2.2 million people have signed up, getting their irises scanned in exchange for a digital ID and, in some countries, free crypto. The new project from ChatGPT founder Sam Altman aims to create a blockchain-based "identity and financial network". PitchBook analyst Robert Le said there were several startups trying to build blockchain-based digital identity systems, but none on Worldcoin's scale.

Persons: Annegret, Sam Altman, WLD, Gordon Grant, Andreessen Horowitz, Robert Le, James Butterfill, Worldcoin, It's, Riyad Carey, Elizabeth Howcroft, Pravin Organizations: REUTERS, Genesis, Reuters Graphics, U.S . Securities, Exchange Commission, Pravin Char, Thomson, Reuters Locations: Berlin, Germany, Kenya

☆ Inside Prague's Institute of Crypto Anarchy — where they're plotting to bring down the dollar
▼ + stars: | 2023-08-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

Today, that union of minds finds refuge in Prague in a retrofitted factory building called Paralelní Polis, or "parallel world." The dark stucco of Polis' Prague headquarters is an outlier among the ornate, brightly-colored buildings that tower over it. ETHPrague 2023 was held at Paralelní Polis in the Czech Republic Pavel SinaglThe 'parallel world' concept is sticky. The Vienna branch goes so far as to self-describe as a living example of how "the Paralelní Polis cryptoliberation virus is spreading." The most popular Czech bitcoin YouTuber boasts 90k subscribers, while the annual Czech-only bitcoin conference called Chaincamp attracts around 2000 visitors, even during the bear market."

Persons: Czech Republic Pavel Sinagl, Ztohoven —, Ztohoven, provocateurs, Václav Benda, Dan Ligocký, Ligocký, William Lobkowicz, ethereum, Vitalik Buterin, Ethereum, Pavel Sinagl, Prague MacKenzie Sigalos, Holy, William, Ileana Lobkowicz, Josef Tětek, Tětek, isn't, biohacking, —, Carl Menger, Friedrich Hayek, BTCPrague, Michael Saylor, Satoshi cryptographer, Adam Back, Saifedean Ammous, bitcoin, Gary Gensler, bitcoin maximalist, Vaclav, — Matěj Žák, Jan Čapek, Christoph Kassas, YouTuber Jakub Vejmola, Jameson Lopp, Stephan Livera, Robert Breedlove, Stani Kulechov, Ondrej Polak, Czech Republic Pavel Sinagl Ligocky Organizations: Paralelní, CNBC, European Union, Polis, of Cryptoanarchy, Austrian, Securities, Exchange, Czech Craft, U.S, Treasury, Casa, Ethereum Foundation, Czech Blockchain Association, optimist Locations: Paralelní Polis, Czech Republic, Czech Republic Pavel Sinagl PRAGUE, Czech, Bohemian, Prague, It's, Polis, Polis —, Lobkowicz, Nazi, Vienna, Barcelona, Bratislava, Slovakia, Košice, Austrian, ., Alza, Bohemia, Europe, Old Town, Holešovice

☆ We tried out Sam Altman's eyeball-scanning Worldcoin orbs. It all felt too low-key to be truly dystopian.
▼ + stars: | 2023-07-27 | by ( Beatrice Nolan | George Glover | ) www.businessinsider.com time to read: +4 min

Sam Altman's Worldcoin verifies that people are humans using eyeball-scanning orbs. We headed to a shared working space in London to check out the dystopian-sounding tech. If you want to be part of Sam Altman's new crypto project, you'll have to let a shiny silver sphere scan your eyeballs. InsiderWorldcoin was scanning people's eyes out of a shared working space, which gave the dystopian-sounding enterprise a surprisingly low-key feel. We headed to a shared working space in London to check out the dystopian-sounding tech.

Persons: Sam Altman's Worldcoin, Sam Altman's, Altman, Christian Meloni, He's Organizations: Universal Locations: London

☆ Indonesia launches new crypto bourse, clearing house
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration//JAKARTA, July 21 (Reuters) - Indonesia has launched a national crypto asset bourse to provide regulators with transaction records and better protect crypto investors, the government announced this week. The launch of the exchange and clearing house is also intended to strengthen monitoring of the booming sector amid a transition in regulatory oversight, according to the Commodity Futures Trading Regulatory Agency (Bappebti). Rising global interest rates have, however, dampened demand for crypto assets in recent months. The new bourse will list existing licensed crypto companies, such as Binance's Tokocrypto, Indodax and others as traders. PT Bursa Komoditi Nusantara will run the bourse and PT Kliring Berjangka Indonesia will clear transactions there, Bappebti chief Didid Noordiantmoko said in a statement.

Persons: Dado Ruvic, Didid Noordiantmoko, Bernadette Christina Munthe, Gayatri Suroyo, Kanupriya Kapoor Organizations: REUTERS, Commodity, Trading Regulatory Agency, Bursa Komoditi Nusantara, bourse, Kliring Berjangka, Tennet Depository Indonesia, Financial Services, Thomson Locations: JAKARTA, Indonesia, Indodax, Bursa, Kliring Berjangka Indonesia, Bappebti

☆ Coinbase limiting staking service for retail customers in four states
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: 1 min

July 14 (Reuters) - Coinbase (COIN.O) retail customers in California, New Jersey, South Carolina and Wisconsin will be unable to pledge new cryptocurrency to the exchange’s staking program pending proceedings the states initiated last month challenging the service, Coinbase said Friday in a blog post. Any cryptocurrencies that users in those states had staked before the orders were issued June 6 are unaffected, Coinbase said. Ten states accused Coinbase in June of violating state securities laws through its staking program, which allows cryptocurrency holders to lock up certain assets for a period of time in exchange for yield. Reporting by Hannah Lang in WashingtonOur Standards: The Thomson Reuters Trust Principles.

Persons: Coinbase, Hannah Lang Organizations: Thomson Locations: California , New Jersey, South Carolina, Wisconsin, Washington

☆ I compared 4 AI writing tools and found ChatGPT is by far the best one
▼ + stars: | 2023-07-08 | by ( Zulie Rane | ) www.businessinsider.com time to read: +8 min

Yet almost every single one of those new AI writing tools that are "better" than ChatGPT? I looked into fourpopular AI writing tools and found that they're all actually worse than ChatGPT. Here's the list of overhyped, expensive AI writing tools I recommend avoiding. Jenni.aiJenni AI, which I've reviewed in full, is an AI writing tool that promises to supercharge your content creation with high-quality content. From generating titles, outlines, or fully-fleshed-out blog posts, ChatGPT was as good as, or better, than any AI tools I've tested.

Persons: Zulie Rane, Rane, Jenni.ai, Jenni.ai Jenni, I've, Jenni, Zulie Rane Jenni, It's, Zulie Rane It's, Rytr, ChatGPT Organizations: Morning, Google

OAKLAND, California June 27 (Reuters) - Artificial intelligence and quantum computing startup SandboxAQ on Tuesday said it has won a U.S. government contract for military cyber security in a deal that includes Microsoft (MSFT.O) and Deloitte & Touche (DLTE.UL) as subcontractors. The contract is with the Defense Information Systems Agency which provides global communications infrastructure for the Department of Defense, the Silicon Valley firm said. Earlier this year, SandboxAQ won a contract with the U.S. Air Force to research quantum navigation technology which could serve as an alternative to the Global Positioning System (GPS), which can be jammed. Quantum navigation uses sensors based on quantum physics to monitor slight local changes in the Earth's magnetic field, making navigation systems much more precise, Hidary said. Reporting by Jane Lanhee Lee; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Jack Hidary, Hidary, SandboxAQ, Jane Lanhee Lee, Christopher Cushing Organizations: Microsoft, Deloitte, Touche, Defense Information Systems Agency, Department of Defense, Reuters, U.S . Air Force, Global, Thomson Locations: OAKLAND, California

☆ Dollar dips as Powell testimony disappoints hawks
▼ + stars: | 2023-06-21 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

Powell told lawmakers the fight against inflation still "has a long way to go" and that despite a recent pause in interest rate hikes officials agreed borrowing costs would likely need to move higher. While noting that inflation remains very far from the Fed's target, Powell said it may make sense to still raise rates, at a more moderate pace. The dollar index , which measures the currency against six rivals, fell 0.43% to 102.07 following Powell's testimony to the House Financial Affairs Committee. Investors broadly expect rate hikes to resume at the Fed's July meeting, though financial market indicators reflect doubts that the Fed will deliver more increases beyond that. YEN UNDER PRESSURE, STERLING SEESAWSThe euro was 0.62 % higher against the dollar at $ 1.0985 .

Persons: Jerome Powell's, Powell, Karl Schamotta, Schamotta, Michael Brown, STERLING, Kazuo Ueda, Charles Schwab, Saqib Iqbal Ahmed, Tom Westbrook, Farouq Suleiman, Sam Holmes, Kim Coghill, Sharon Singleton, Alex Richardson, Richard Chang Organizations: YORK, U.S, Fed, House Financial, Committee, Investors, Bank of Japan, Reserve Bank of Australia's, Fidelity, Citadel Securities, Thomson Locations: Beijing

After an initial rise, sterling fell as much as 0.56% against the dollar to a low of $1.2691 following this month's inflation figures. Investors and money managers now turn their focus to Fed chief Jerome Powell's testimony before Congress at 10:00 a.m. "The former may do more to give additional support to send the dollar index and (bond) yields higher." The rally against the yen pushed the U.S. dollar index , which measures the currency against six major peers, up slightly to 102.58. "The Aussie could dip below 0.6700 this week, particularly if Powell is hawkish," he said.

Persons: Powell, Jerome Powell's, Adam Cole, Kazuo Ueda, Tuesday's, Joe Capurso, Bitcoin, Charles Schwab, Tom Westbrook, Farouq Suleiman, Sam Holmes, Kim Coghill, Sharon Singleton Organizations: Federal, RBC Capital Markets, Bank of Japan, U.S, Commonwealth Bank of Australia, Fidelity, Citadel Securities, Thomson Locations: SINGAPORE, LONDON, Asia, Pacific, China, Tokyo

☆ Dollar firm ahead of Powell testimony, sterling up on hot inflation
▼ + stars: | 2023-06-21 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Sterling briefly rose as far as 0.3% against the dollar to $1.2803 before settling back to $1.2765. It also rose slightly on the euro and yen , as traders were betting the Bank of England would need to take rates higher. Powell is due to begin his testimony before Congress at 1400 GMT. "The former may do more to give additional support to send the dollar index and yields higher." "The Aussie could dip below 0.6700 this week, particularly if Powell is hawkish," he said.

Persons: Powell, Jerome Powell's, Sterling, Tuesday's, Joe Capurso, steadying, Charles Schwab, Tom Westbrook, Sam Holmes, Kim Coghill Organizations: Federal, Bank of England, Bank of Japan, Fed, Commonwealth Bank of Australia, New Zealand, U.S, Fidelity, Citadel Securities, Thomson Locations: SINGAPORE, Asia, China, Tokyo

☆ BlackRock applied to launch a bitcoin fund. Then came the conspiracy theories.
▼ + stars: | 2023-06-21 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

Crypto influencers seized on BlackRock's application to launch a bitcoin exchange-traded fund. Some said it sends a bullish sign to the wider crypto market; others spread conspiracy theories. The attention underscores the relatively new scrutiny BlackRock faces in the mainstream. "So BlackRock, Citadel, Deutsche Bank and NASDAQ have all started to enter the crypto space in the last week. Citadel, BlackRock, Schwab JPMorgan…" (These tweets refer to Citadel, the hedge fund founded and led by billionaire Ken Griffin.

Persons: Crypto influencers, BlackRock, Matt Hougan, Michael Novogratz, Brian Armstrong, Morgan Chittum, permissioned blockchains, Fink, bitcoin, Crypto, They've, Schwab JPMorgan …, Ken Griffin, Griffin, That's, Rich Latour, Latour Organizations: BlackRock, Morning, US Securities and Exchange Commission, Coinbase, Bitwise Asset Management, Galaxy Digital, SEC, Citadel, Deutsche Bank, NASDAQ, Citadel Securities Locations: bitcoin, BlackRock, cryptoland

☆ Dollar finds footing on housing data as yuan falters
▼ + stars: | 2023-06-21 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. housing starts surge; dollar drifts higherTraders await UK CPI and Powell testimonySINGAPORE, June 21 (Reuters) - The U.S. dollar was firm in Asia trade on Wednesday following surprisingly strong U.S. housing data, while the yuan and Aussie dollar nursed losses and focus turned to Federal Reserve Chair Jerome Powell's appearance before Congress later in the day. The yen was also firm at 140.50 per dollar ahead of an appearance by Bank of Japan Governor Kazuo Ueda on Wednesday. The Aussie and yuan were Tuesday's largest losers and were in no mood for a bounce early on Wednesday. The yuan fell about 0.3% overnight and in offshore trade early on Wednesday the currency was pinned at 7.1826 per dollar, near a seven-month low. It is under pressure after the central bank flagged it was finished with hikes, while data showed the economy in recession.

Persons: Powell, Jerome Powell's, they'd, Kazuo Ueda, Li Qiang, Tuesday's, Joe Capurso, steadying, Mieneke Perniskie, Sterling, Daniela Hathorn, Bitcoin, Citadel Securites, Charles Schwab, Tom Westbrook Organizations: CPI, U.S, Federal, Traders, Bank of Japan, Commonwealth Bank of Australia, New Zealand, Bank of England, Fidelity, Citadel, Thomson Locations: SINGAPORE, Asia, China, Europe, Kiwibank, Wellington

☆ Bitcoin Jumps as Traditional Firms Tap Crypto
▼ + stars: | 2023-06-21 | by ( ) www.wsj.com time to read: +1 min

Bitcoin continues to rally, with analysts citing recent moves by traditional financial firms to tap the crypto market as a bet on the industry. BlackRock has filed paperwork with the Securities and Exchange Commission for a spot bitcoin exchange-traded fund. A new cryptocurrency exchange backed by Citadel Securities, Fidelity Investments and Charles Schwab has begun executing trades. Bitcoin has risen close to 8% over the past 24 hours to $28,891, according to CoinDesk. Ether is 5% higher Wednesday, while the Binance token, BNB, is up over 2%.

Persons: Bitcoin, Charles Schwab, Binance Organizations: BlackRock, Securities and Exchange Commission, Citadel Securities, Fidelity Investments, Deutsche Bank, SEC Locations: U.S

☆ Bitcoin hits new high for June as more financial incumbents signal commitment to crypto
▼ + stars: | 2023-06-20 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

The application came a week after the Securities and Exchange Commission sued two of the biggest crypto exchanges, Binance and Coinbase. The price of bitcoin climbed on Monday as financial institutions continued to give their bitcoin blessing. Then Tuesday morning, a new crypto exchange backed by financial giants Charles Schwab, Fidelity Digital Assets and Citadel Securities announced that it has been live for several weeks trading bitcoin and ether. Many financial incumbents are keen to show enthusiasm for blockchain technology and the ways it can advance old financial infrastructure. Bitcoin has struggled to break out of a narrow trading range this quarter but has yet to fall meaningfully under $25,000.

Persons: Bitcoin, bitcoin, Charles Schwab Organizations: Mobile, BlackRock, U.S, Securities and Exchange Commission, Metrics, Fidelity Digital Assets, Citadel Securities, Fidelity Locations: Barcelona, Spain

The agreement, disclosed in court papers filed late on Friday, still requires the approval of the federal judge overseeing the litigation. To make certain that U.S. customer assets do not go offshore, the agreement allows only Binance.US employees access to these assets. The SEC said in a statement released on Saturday that the emergency relief order secured for Binance.US customers will protect their assets and ensure that they can continue to withdraw those assets. "Given that Changpeng Zhao and Binance have control of the platforms' customers' assets and have been able to commingle customer assets or divert customer assets as they please ... these prohibitions are essential to protecting investor assets," Gurbir Grewal, director of the SEC's enforcement division, said in the statement. The U.S. affiliate of Binance halted dollar deposits last week and gave customers a deadline of June 13 to withdraw their dollar funds, after SEC asked a court to freeze its assets.

Persons: Binance, Changpeng Zhao, Binance.US, Zhao, Gurbir Grewal, Baranjot Kaur, Akanksha, Jose Joseph, Will Dunham, Stephen Coates, Louise Heavens Organizations: U.S . Securities, Exchange Commission, SEC, Binance Holdings, Services, U.S, Thomson Locations: United States, Bengaluru

☆ Binance, SEC agree to allow only US employees to access customer funds
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

June 17 (Reuters) - Binance, Binance.US and the U.S. securities regulator entered into an agreement to ensure that only Binance.US employees could access customer funds in the short term, according to court documents. The proposed agreement comes after the SEC sued Binance, its CEO and founder Changpeng Zhao and Binance.US's operator last week, in a dramatic escalation of a crackdown on the industry by U.S. regulators. Binance.US and SEC did not immediately respond to Reuters' request for comment. The U.S. affiliate of Binance halted dollar deposits last week and gave customers until June 13 to withdraw their dollar funds, after SEC asked a court to freeze its assets. Other provisions in the proposed agreement will see Binance.US create new crypto wallets that the global exchange's employees have no access to, provide additional information to the SEC and agree to an expedited discovery schedule, the filings said.

Persons: Binance, Changpeng Zhao, Binance.US, Baranjot Kaur, Stephen Coates, Louise Heavens Organizations: Binance Holdings, Services, SEC, Reuters, U.S, Thomson Locations: Bengaluru

☆ Binance and the SEC agree to allow only U.S. employees to access customer funds
▼ + stars: | 2023-06-17 | by ( ) www.cnbc.com time to read: +1 min

Binance, Binance.US and the U.S. securities regulator entered into an agreement to ensure that only Binance.US employees could access customer funds in the short term, according to court documents. The SEC also sued major U.S. exchange Coinbase after that. Binance.US and the SEC did not immediately respond to Reuters' request for comment. The U.S. affiliate of Binance halted dollar deposits last week and gave customers until June 13 to withdraw their dollar funds, after the SEC asked a court to freeze its assets. Other provisions in the proposed agreement will see Binance.US create new crypto wallets that the global exchange's employees have no access to, provide additional information to the SEC and agree to an expedited discovery schedule, the filings said.

Persons: Binance, Changpeng Zhao Organizations: Binance Holdings, Services, Securities and Exchange Commission, SEC, Reuters, U.S

☆ Binance, SEC strike deal to move all US customer funds, wallet keys back onshore - CoinDesk
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

June 17 (Reuters) - Binance, Binance.US and the U.S. securities regulator announced a deal to ensure that only Binance.US employees could access customer funds in the short term, CoinDesk reported on Saturday, citing a proposed agreement. The proposed agreement comes after the SEC sued Binance, its CEO and founder Changpeng Zhao and Binance.US's operator last week, in a dramatic escalation of a crackdown on the industry by U.S. regulators. The SEC also sued major U.S. exchange Coinbase (COIN.O) after that. Binance.US and SEC did not immediately respond to Reuters' request for comment. The U.S. affiliate of Binance halted dollar deposits last week and gave customers until June 13 to withdraw their dollar funds, after SEC asked a court to freeze its assets.

Persons: CoinDesk, Binance, Changpeng Zhao, Binance.US, Baranjot Kaur, Stephen Coates, Louise Heavens Organizations: Binance Holdings, Services, SEC, Reuters, U.S, Thomson Locations: Bengaluru

☆ Ritholtz’s Josh Brown talks crypto winter, the failure of blockchains and how to invest in digital assets
▼ + stars: | 2023-06-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

I don't think advisors really have any reason to be compelled to have these conversations with clients and clients aren't asking for it." "[If tomorrow you] woke up and there was no crypto … I don't think your life would change one iota. At the end of 2021, Ritholtz partnered with WisdomTree to launch the RWM WisdomTree Crypto Index to offer exposure to the crypto market through a financial advisor. "I don't think everyone has to, but if you want to, I think holding bitcoin outright is maybe the most common sense approach. "I don't think individual investors should be involved in bitcoin futures," he said, "because there's no passive way to do that.

Persons: Bitcoin, Josh Brown, There's, –, Brown, he's, Ritholtz, WisdomTree, … There's, It's, Gemini's Cameron, Tyler Winklevoss, You've Organizations: Ritholtz Wealth Management, CNBC Pro, Digital Assets, Financial Professionals, Advisors Locations: Austin , Texas, U.S, Brown

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

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