Coinbase has released a plan called the "Base Neutrality Principles" to ensure decentralization and neutrality for its new blockchain, Base, without exerting control over it, in accordance with Optimism's vision for a "Superchain."
Global securities regulators have outlined a blueprint to hold participants in decentralized finance (DeFi) accountable for their actions and protect market stability, as the sector has experienced significant shrinkage and is being used for money laundering; regulators are proposing a framework to ensure investor protection, risk management, and cross-border cooperation.
The Commodity Futures Trading Commission (CFTC) has charged Opyn, ZeroEx, and Deridex with illegally offering derivatives trading through decentralized finance (DeFi) operations, requiring them to pay penalties of $250,000, $200,000, and $100,000 respectively. The companies are accused of using blockchain-based protocols and smart contracts to function as trading platforms in violation of regulations.
The Commodity Futures Trading Commission (CFTC) has issued charges and fines against three major DeFi firms in the US, signaling a potential crackdown and more stringent regulation in the decentralized finance sector.
Coinbase CEO Brian Armstrong discusses the company's base layer 2 blockchain network, interest in flatcoin, and the need for regulatory clarity in the crypto industry, suggesting that the courts, congress, and the CFTC could provide clarity and that there could be a new SEC chair in 2024.
The lack of clear crypto regulations in the US has caused significant issues for the industry, leading to collapses and a weakening of America's position as a financial hub, according to Coinbase CEO Brian Armstrong. He emphasizes the need for clear rules that recognize the innovation potential of the technology while protecting consumers. Armstrong also highlights the potential benefits of Bitcoin exchange-traded funds (ETFs) and Coinbase's role as custodian in many ETF applications.
Binance CEO predicts that DeFi will surpass centralized finance in the next bull run, while the US CFTC takes regulatory action against three DeFi protocols for alleged registration failures; a report from the Bank for International Settlements argues that pure DeFi has little use case in the real world due to the need for oracles; Binance is refunding $1 million to users over a token incident, and the Shiba Inu ecosystem's layer-2 network, Shibarium, has reached over one million wallets but has yet to impact the price of SHIB token.
Coinbase CEO Brian Armstrong revealed in an interview that the exchange is interested in developing the next generation of stablecoins, including the concept of flatcoin, which would be backed by the Consumer Price Index (CPI) or purchasing power rather than a fiat currency.
Coinbase CEO Brian Armstrong advocates for decentralized finance (DeFi) protocols and suggests legal action to establish a legal precedent, while MakerDAO's founder believes decentralized stablecoins could dominate the crypto market, and Polygon CEO acknowledges the success of their $1 billion investment in zero-knowledge proof rollups. Additionally, market surveillance firm Solidus Labs reveals that decentralized exchanges have become a hotspot for wash trading, and a DeFi advocacy group petitions to stop a patent troll from targeting DeFi protocols. Despite a mixed week for the top 100 DeFi tokens, the total value locked into DeFi protocols remains above $49 billion.
Decentralized finance (DeFi) projects in the US face significant regulatory risk, according to Synthetix founder Kain Warwick, who believes that US regulators are neglecting the advantages of transparent and open infrastructure in financial markets and that it will be left to the courts to resolve these issues.
Coinbase CEO Brian Armstrong criticizes JPMorgan's Chase UK for banning crypto-related transactions and urges UK officials to investigate, while the exchange continues its expansion in the UK amid legal issues in the US.
Coinbase CEO Brian Armstrong emphasizes the importance of the US establishing a regulatory framework for crypto assets, stating that it is a national security issue and that the country is falling behind other major economies in terms of regulatory clarity, resulting in a decline in the US job market share for the crypto industry.
The U.S. Securities and Exchange Commission (SEC) has asked a judge to reject Coinbase Global's request to dismiss the regulator's lawsuit against the cryptocurrency exchange, arguing that a recent court ruling used by Coinbase in its defense does not apply in this case.
The SEC has requested that a federal judge reject Coinbase's arguments and proceed with the securities law violation case, emphasizing the interpretation of the Howey test as a key point of contention.
Coinbase is facing a legal battle with federal regulators over its operation as an unregistered securities exchange, with three new legal filings supporting the SEC's argument that it has the authority to regulate cryptocurrency under existing laws.
Coinbase, the largest US crypto exchange, argues that a proposed IRS rule to define crypto brokers and regulate tax payments will threaten the industry and invade Americans' privacy.
