Main topic: Coinbase's motion to dismiss SEC lawsuit
Key points:
1. Coinbase claims it does not offer "investment contracts" and therefore the SEC has no authority over its operations.
2. Coinbase cites a separate SEC case involving Ripple Labs' XRP, where a judge ruled that it was not considered a security when sold on exchanges.
3. A different judge disagreed with the Ripple ruling in a case against Terraform Labs, allowing the SEC to proceed with claims involving sales made on exchanges and allegations of fraud.
Crypto exchange Gemini and a group of ad hoc creditors have raised objections to Genesis' proposed resolution for its bankruptcy, citing a lack of detail and assurances for debtors, as well as inadequate economic consideration, while calling for an end to the exclusivity period for negotiations.
The SEC's denial of Grayscale's spot Bitcoin ETF application has been reviewed by a judge due to the SEC's failure to provide a coherent explanation, while the SEC also delayed verdicts on several Bitcoin spot market ETF applications, including BlackRock's, causing prices to rally; in other news, Circle's USDC stablecoin has experienced a significant decrease in market cap, SEC Commissioner Hester Peirce criticized the SEC's attempt to bring crypto exchanges under its jurisdiction, a lawsuit against Uniswap was dismissed by a New York judge, StarkWare zeroed all user balances on old wallets, Vivek Ramaswamy celebrated Grayscale's win over the SEC, the SEC delayed its verdict on multiple ETF applications including BlackRock's, and Chinese courts considered cryptocurrencies legal property protected by law.
Crypto exchange Gemini has criticized a proposed bankruptcy recovery plan for Genesis, calling it misleading and deceptive, stating that Gemini Earn users will not recover the real value of the money they’re owed.
Digital asset exchange Gemini accuses Digital Currency Group of using deceptive practices to avoid repaying its obligations to the creditors of Genesis, its bankrupt crypto lending unit.
The U.S. Securities and Exchange Commission's head of the Crypto Assets and Cyber Unit, David Hirsch, announced that the agency will continue to pursue crypto exchanges and DeFi projects for violating securities laws, similar to Coinbase and Binance, stating that they have several other businesses on their radar; however, the SEC's current litigation load is heavy and they are limited in their capacity to take action against all entities.
