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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.

☆ 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.

The Securities and Exchange Commission issued crypto exchange Coinbase a Wells notice, warning the company that it identified potential violations of U.S. securities law. "Based on discussions with the Staff, the Company believes these potential enforcement actions would relate to aspects of the Company's spot market, staking service Coinbase Earn, Coinbase Prime and Coinbase Wallet," Coinbase said in a regulatory filing. A Wells notice is typically one of the final steps before the SEC formally issues charges. Coinbase described the investigation as "cursory," and said the Wells notice provided relatively little information about potential violations. The SEC sent a Wells notice to stablecoin issuer Paxos in February.

☆ 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.

☆ 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.

☆ 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.

Palo Alto Networks' forecast for fiscal third-quarter adjusted earnings also beat expectations. Coinbase - Shares of the cryptocurrency exchange rose more than 1% after Coinbase reported a smaller-than-expected loss for the fourth quarter. Toll Brothers — Shares of the homebuilder rose more than 2% on the back of better-than-expected fiscal first-quarter results. The company reported consolidated revenue of $1.31 billion, a 6% decrease compared to the prior year quarter, and earnings per share of $1.35. Analysts served by StreetAccount had expected a $1.3 billion in revenue and earnings per share of $1.19.

☆ Coinbase beats on revenue and earnings, but usage continues to decline
▼ + stars: | 2023-02-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Coinbase reported user numbers that fell short of analysts' estimates even as fourth-quarter earnings and revenue beat projections. Loss of $2.46 per share, vs. loss of $2.55 per share as expected by analysts, according to Refinitiv. Revenue: $629 million, vs. $590 million as expected by analysts, according to Refinitiv. With crypto staking, investors typically vault their crypto assets with a blockchain validator, which verifies the accuracy of transactions on the blockchain. Haas added that staking was less than 3% of net revenue, so it was not material source of net revenue at this time — but an "important part of the ecosystem" that the platform plans to grow.

☆ Coinbase swings to quarterly loss as crypto winter hits trading volume
▼ + stars: | 2023-02-21 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Feb 21 (Reuters) - Coinbase Global Inc (COIN.O) reported a fourth-quarter loss on Tuesday, as trading volume at the cryptocurrency exchange came under pressure from an industry-wide downturn triggered by a string of high-profile bankruptcies. The digital assets market suffered from dour sentiment over the last year, but the biggest blow to the sector came from the bankruptcy of Sam Bankman-Fried's major crypto exchange FTX in November. Amid the market downturn, trading volume at the crypto exchange plunged to $145 billion in the fourth quarter, compared with $547 billion a year earlier. Retail traders also pulled back significantly, with their trading volume in the quarter plummeting nearly 89% to $20 billion. The company reported net revenue of $605 million in the quarter, compared with $2.49 billion a year earlier.

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.

☆ 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.

☆ 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.

☆ 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.

Crypto exchange Kraken will shutter its U.S. cryptocurrency staking operation and pay a $30 million fine to settle an enforcement action alleging it sold unregistered securities, the Securities and Exchange Commission said Thursday. U.S. investors had crypto assets worth over $2.7 billion on Kraken's platform, the SEC alleged, earning Kraken around $147 million in revenue, according to the SEC complaint. With crypto staking, investors typically vault their crypto assets with a blockchain validator, which verifies the accuracy of transactions on the blockchain. The SEC alleged that, to incentivize users, Kraken promised investors in the staking program "enhanced liquidity and immediate rewards." Shares of crypto exchange Coinbase slid sharply on Thursday after CEO Brian Armstrong warned that potential SEC action in retail crypto staking would be a "terrible path."

☆ 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.

☆ 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.

☆ 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.

☆ 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.

It came after Amazon said in November it was looking to cut staff, including in its devices and recruiting organizations. The company had 2,450 employees, according to PitchBook data, suggesting around 490 employees were laid off. In a letter to employees, CEO Logan Green and President John Zimmer pointed to "a probable recession sometime in the next year" and rising ride-share insurance costs. Shopify: 1,000 jobs cutIn July, Shopify announced it laid off 1,000 employees, which equals 10% of its global workforce. Tesla: 6,000 jobs cut

☆ Coinbase Leaders Sharply Slow Their Stock Sales
▼ + stars: | 2023-01-17 | by ( Corrie Driebusch | Tom Mcginty | ) www.wsj.com time to read: 1 min

Share sales by Coinbase Global Inc. officials fell sharply in 2022 along with the crypto exchange’s stock price. Co-founder and Chief Executive Brian Armstrong has pocketed $4 million since November from selling shares, according to an analysis of regulatory filings.

☆ THE CRYPTO CULLING: Thousands of employees are getting the axe as companies face plunging valuations, scandals, and legal turmoil
▼ + stars: | 2023-01-15 | by ( Samantha Delouya | ) www.businessinsider.com time to read: 1 min

Two weeks of mass layoffsCEO Brian Armstrong recently announced that Coinbase would lay off 20% of its staff. Patrick T. Fallon / Getty ImagesIn the early days of January, several major companies in the cryptocurrency industry, such as Genesis, Coinbase, Blockchain.com, and Crypto.com, announced plans to significantly reduce their workforces. For a few of these companies, such as Crypto.com and Genesis, this marks the second round of layoffs within a short period, following previous headcount cuts during the summer due to a decline in cryptocurrency prices. In this recent spate of layoff announcements, some companies alluded to "unscrupulous actors," while others directly addressed the elephant in the room: FTX's bankruptcy.

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