Renowned attorney Bill Morgan recently shared his thoughts via social media on why major San Francisco-based cryptocurrency exchange Coinbase would not treat Ethereum (ETH) and Bitcoin (BTC) similarly to XRP.According to Morgan, the two most highly valued cryptocurrencies by market cap are integral to Coinbase’s business model.XRP’s Rocky Relationship with Coinbase Coinbase first listed XRP in 2019 but removed the coin on January 19, 2021, a short time after the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple for breaching securities rules.The exchange cited the SEC’s enforcement action against Ripple Labs as the primary reason behind the decision to suspend XRP trading.Attorney Morgan highlighted that even if litigation identified BTC and ETH as securities, Coinbase would not have delisted them.Removing these cryptocurrencies would have severe financial consequences for the exchange, as they represent 65% of its total trading volume.
Navigating the Regulatory Landscape The SEC issued a Wells Notice to Coinbase earlier this year, a letter that informs a company of potential enforcement action following an investigation into possible violations of securities laws.Coinbase responded to the SEC’s Wells Notice by asserting that it uses a stringent process to ensure that it does not support crypto assets classified as securities.Additionally, the exchange argued that secondary market transactions do not fulfill any of the four elements of the Howey test.Leveraging SEC Staff Statements Marc Fagel, a former SEC lawyer, expressed skepticism about Coinbase’s fair notice defense in response to the regulator’s claim.
However, Morgan believes that the exchange does have a valid fair notice defense for Bitcoin and Ethereum due to their substantial contribution to trading volume.Morgan further explained that Coinbase would rely on remarks from high-ranking SEC personnel, such as William Hinman, to establish a fair notice defense for the two most significant cryptocurrencies by market cap.This strategy would help the exchange reinforce its stance on not delisting ETH and BTC, despite the regulatory challenges it faces.Was this writing helpful? No Yes Qadir AK Qadir Ak is the founder of Coinpedia.
He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010.
He has also interviewed a few prominent experts within the cryptocurrency space.Leave a Reply [Cancel reply](/news/insider-insights-top-attorney-reveals-why-coinbase-wont-delist-eth-like-xrp/#respond) Leave a Reply Banking Industry Stabilizing The Banking System: Biden Reassures Public Amid First Republic Bank Collapse, But Warns Of National Debt Default Amid the collapse of the second, third, and fourth largest banks in American history, U.S.president Joe Biden reassured the public that the country’s banking system remains sturdy.However, the president also acknowledged the “threat by the speaker of the House to default on the national debt.” Biden Expresses Confidence in American Banking System Despite First Republic Bank Collapse Biden’s recent statements were made following California’s financial regulators seizing First Republic Bank and placing it under the control of the U.S.Federal Deposit Insurance Corporation (FDIC).After the bank’s seizure, it was then sold to JPMorgan Chase, the largest bank in the United States, which pledged to cover all deposits, including the uninsured.
Biden expressed his approval of the government’s handling of the crisis, saying, regulators have taken action to facilitate the sale of First Republic Bank, making sure that all depositors are protected, and “taxpayers are not on the hook.” “These actions are going to make sure that the banking system is safe and sound,” Biden stated.“And that includes protecting small businesses across the country who need to make payroll for workers and their small businesses.” The president’s comments echo those made after the fall of Silicon Valley Bank and Signature Bank.U.S.
Treasury secretary Janet Yellen also gave similar reassurances when the two banks collapsed, emphasizing the safety and soundness of the banking industry.However, some have criticized Yellen’s handling of the crisis, with one contributor to the New York Post, Charles Gasparino, labeling her “clueless” for her failure to prevent the collapse of First Republic Bank.Yellen was “drooling happy talk about the banking system, and asking other banks to bail out the zombie.She’s also doubling down on her mistakes that caused this banking crisis in the first place, making it more difficult to escape,” Gasparino said.
Yellen has sounded an alarm about the U.S.defaulting on its debts, a concern that Biden echoed during his press conference on First Republic’s downfall.
On Monday, the president emphasized the need to ensure the continued reliance on the economy and financial system, calling for the “threat by the speaker of the House to default on the national debt” to be taken off the table.Republican lawmakers, however, have stood firm on the country’s debt limit, demanding repeals of the Inflation Reduction Act before they agree to any increase.
The potential default on the country’s debt by the end of the summer has heightened fears of financial instability and a prolonged recession in the United States.In a note shared with Bitcoin.com News, Ruslan Lienkha, the chief of markets at Youhodler, an international fintech platform based in Switzerland, expounded on the impact of First Republic’s failure on the stability of the U.S.banking sector.Lienkha voiced apprehension that the Fed’s rate hikes that have taken place in the past year have been particularly “painful for small and mid-sized banks in the United States.” “Which means the collapse of First Republic Bank is likely not the last one,” Lienkha opined.“A potential bankruptcy of the bank could trigger a broader financial crisis in the country, affecting the real estate market and many other related industries—which could have massive implications for the world economy.” Tags in this story Banking Industry, collapse, Default, economic stability, FDIC, Financial Crisis, financial industry, First Republic Bank, Janet Yellen, Joe Biden, JPMorgan Chase, National Debt, president joe biden, Republican lawmakers, Ruslan Lienkha, U.S.President Joe Biden, YouHodler What do you think the government will do to try and prevent another banking crisis and a potential default on the national debt in the future? Share your thoughts in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.- GMX captured a larger part of the perps market.- ARB’s price declined, along with its velocity.
Arbitrum [ARB] has been seeing a massive surge in activity over the past few months.GMX, one of the most popular DEX’s on the Arbitrum network, gained some headwind from the surge in activity and secured some traction.
Is your portfolio green? Check out the Arbitrum Profit Calculator Token Terminal’s data indicated that GMX had 15% of the overall market share at the beginning of April.However, as time passed, GMX was able to 25% of the overall perpetual market share.The spike in interest for perpetual on the GMX network proved to be beneficial for Arbitrum.According to Artemis’ data, the spike in the number of transactions on the GMX protocol increased.
Additionally, the gas fees paid by the network also started to surge.
This rise in activity aided Arbitrum in generating revenue and activity on its own network.
Over the last month, the amount of daily active users on the network increased by 89.8%.At present, the cumulative revenue generated on the network has seen a substantial increase, reaching a figure of approximately $2.5 million.This metric indicated that the overall economic health of the network was improving at press time, and this latest increase was evidence of the fact that there was a significant amount of value being generated through various transactions and activities aside from GMX taking place on the network.However, despite GMX’s improvements, Arbitrum lagged behind in the DeFi sector.Data from Artemis showcased that the overall DEX volume on the Arbitrum network declined sharply over the last few days.If this trend continues, it could affect the TVL being stored on the Arbitrum network.At press time, the TVL of Arbitrum was $2.23 billion, according to Artemis’ data.Realistic or not, here’s ARB’s market cap in BTC’s terms State of ARB Coming to the ARB token, the prices continued to decline over the past week.
Coupled with that, the velocity of ARB fell, indicating that the frequency with which ARB was being traded had declined.However, there was a spike in ARB’s network growth observed, which showcased that new addresses were showing interest in ARB at press time.
Uncategorized Here’s what Terra Classic’s proposal holds for LUNC, but do bears have other plans – LUNC’s proposal 11487 was passed with over 49% of voters’ support.- LUNC’s price was not affected positively, and indicators were bearish.Terra Classic’s [LUNC] proposal 11487 got passed on 30 April, which could change the Terra ecosystem’s fate for good.The voting ended on 30 April with over 49% in support.This proposal can help the Terra ecosystem reclaim its past glory, which got shattered last year due to the Terra Classic USD [USTC] crash.Realistic or not, here’s LUNC’s market cap in BTC’s terms The implication of Proposal 11487 For starters, the goal of the proposal was to determine whether the LUNC community wanted to move on with the USTC Repeg proposal and the strategy laid out in the associated Agora discussion.
The new divergence mechanism will levy fees on trades that deviate from the targeted peg in order to stabilize the value of USTC.As per the proposal, the fee can range from 0% at the peg to 100% at a 50% deviation from the peg.Now that the proposal has passed, the L1 team will decide on an actual schedule and roll out the mechanism in four phases.LUNC and USTC’s reactions were short lived While the proposal was in the voting process, the crypto community had high hopes for the Terra ecosystem.
The positive sentiment was also reflected in LUNC’s and USTC’s charts, which were painted green on 28 April.However, the growth was short-lived, as the situation again turned sour for both cryptos over the following days.$LUNC & $USTC outperforming the markets today! Looking good! Perhaps it’s hype for the #USTC re-peg proposal? pic.twitter.com/pfx0vE4AsG — Classy 🔮 (@ClassyCrypto_) April 29, 2023 Current state of Terra Classic According to CoinMarketCap, LUNC’s price registered a decline of over 3% in the last 24 hours.At the time of writing, it was trading at $0.0001083 with a market capitalization of $638 million, making it the 70th largest crypto by market cap.
The good news for LUNC was that its weighted sentiments improved in the last few days, reflecting the community’s trust in the token.However, its trading volume declined last week, which indicated less interest from investors.Additionally, LunarCrush’s data reveals that Terra Classic’s altrank increased in the last 24 hours, which is a typical bearish signal.Going forward Things also did not look good for LUNC in the near term, as most of the market indicators were bearish.Terra Classic’s Money Flow Index (MFI) went down sharply in the last few days.
How much are 1,10,100 LUNCs worth today? The Relative Strength Index (RSI) was also resting below the neutral mark.The bears were ahead of the bulls, which was evident from the Exponential Moving Average (EMA) Ribbon’s findings.Therefore, investors can expect a further drop in LUNC’s price.However, considering the importance of the newly passed proposal, the entire impact of the episode might be different and be an interesting one to watch.Top posts AI2 mins ago Binance says someone used ChatGPT to accuse Changpeng Zhao of CCP ties What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.
Learn more › Connect…Bitcoin21 mins ago Bitcoin Is Crashing, But Why Are Transactions At New All-Time Highs In a day when Bitcoin prices are crashing, posting worrying drops from April 2023 peaks, the underlying network is processing…earnings35 mins ago MicroStrategy bought $209M in Bitcoin in Q1 2023; repaid Bitcoin-backed loan to Silvergate What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.Learn more › Connect…Banking Industry2 hours ago Stabilizing The Banking System: Biden Reassures Public Amid First Republic Bank Collapse, But Warns Of National Debt Default Amid the collapse of the second, third, and fourth largest banks in American history, U.S.
president Joe Biden reassured the…
altcoin2 hours ago How will Arbitrum [ARB] benefit from GMX’s expanding activity? According to… GMX captured a larger part of the perps market.ARB’s price declined, along with its velocity.
Arbitrum [ARB] has been…Uncategorized3 hours ago Here’s what Terra Classic’s proposal holds for LUNC, but do bears have other plans LUNC’s proposal 11487 was passed with over 49% of voters’ support.LUNC’s price was not affected positively, and indicators were…Uncategorized4 hours ago What is a Fractional NFT? Non-fungible tokens (NFTs) have captured significant attention in the art and collectible world, though sometimes at price tags that are…alpha5 hours ago Inside Bhutan’s secretive Bitcoin mining operation Inside Bhutan’s secretive Bitcoin mining operation Andjela Radmilac · 5 hours ago · 4 min read A report has revealed…Analysis6 hours ago Biggest Movers: LTC Back Under $90.00, As SOL Extends Declines Litecoin fell below the $90.00 level on Monday, as sentiment in cryptocurrency markets remained mostly bearish.The global market cap…
Crypto9 hours ago The Crypto Challenge: Can PePeCoin (PEPE) Hold Its Ground Against Emerging Competitors Introduction: The world of cryptocurrency is always buzzing with hype and excitement, as new projects emerge and soar to new…Cryptocurrencies9 hours ago Wojak (WOJAK) Skyrockets 800% In One Week: Implications For Emerging Cryptocurrencies? Introduction: In the volatile crypto market, an 800% jump in the value of a token in just one week is…Education9 hours ago 8 Tips For Effective Online Teaching Engaging online students can be a challenge, especially if you’re relatively new to teaching in an online environment.It doesn’t…Changes in residential construction9 hours ago 7 Important Trends & Upcoming Changes In Residential Construction The field of residential construction has witnessed monumental changes and transformations over the last few years, which largely remain under-the-radar…Bank Failure9 hours ago JPMorgan Chase Assumes Control Of First Republic Bank Following Seizure By California Regulators On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into…Analysis9 hours ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Start Week Lower, Ahead Of Key Economic Events Bitcoin started the week trading in the red, as markets prepared for an important week of U.S.
economic events.On…
Big Data10 hours ago Top 5 Open-Source Big Data Tools Available Right Now The top 5 open-source big data tools available right now help achieve those analytics goals You work with data in…News10 hours ago Insider Insights: Top Attorney Reveals Why Coinbase Won’t Delist ETH Like XRP relist XRP on Coinbase Renowned attorney Bill Morgan recently shared his thoughts via social media on why major San Francisco-based…
AI crypto projects10 hours ago Why More Chinese Investors Are Choosing AI Crypto Projects Over Ethereum AI crypto has seen tremendous growth since the rise of ChatGPT, with a number of industry experts suggesting it could…Trending – Crypto1 week ago Ukraine To Adopt Europe’s Crypto Rules, Clarifies Taxation – Bitcoin Stamps1 week ago Bitcoin Stamps Surpass 18,000 Collectibles, Creativity Takes Center Stage – $30 per ounce1 week ago Citi Analysts Predict ‘Near-Perfect Conditions’ For Silver’s Ongoing Bull Market; Experts Suggest $30 An Ounce A Possibility – Analysis1 week ago Biggest Movers: LTC, LINK Rebound On Monday, Despite Crypto Market Red Wave – Analysis6 days ago Biggest Movers: MATIC Slides To 6-Week Low, As SOL Extends Declines – altcoin1 week ago Polygon [MATIC] steadies near $1.026; Shorting gains limited? – Analysis6 days ago Bitcoin, Ethereum Technical Analysis: BTC Falls To $27,000 Ahead Of US Consumer Confidence Report – altcoin6 days ago Ethereum [ETH] declines on this front; the reason will not surprise you []https://news.btcminingvolt.io/uncategorized/ukraine-to-adopt-europes-crypto-rules-clarifies-taxation/ []https://news.btcminingvolt.io/uncategorized/bitcoin-stamps-surpass-18000-collectibles-creativity-takes-center-stage/ []https://news.btcminingvolt.io/uncategorized/citi-analysts-predict-near-perfect-conditions-for-silvers-ongoing-bull-market-experts-suggest-30-an-ounce-a-possibility/ []https://news.btcminingvolt.io/uncategorized/biggest-movers-ltc-link-rebound-on-monday-despite-crypto-market-red-wave/ []https://news.btcminingvolt.io/uncategorized/biggest-movers-matic-slides-to-6-week-low-as-sol-extends-declines/ []https://news.btcminingvolt.io/news/polygon-matic-steadies-near-1-026-shorting-gains-limited/ []https://news.btcminingvolt.io/uncategorized/bitcoin-ethereum-technical-analysis-btc-falls-to-27000-ahead-of-us-consumer-confidence-report/ []https://news.btcminingvolt.io/news/ethereum-eth-declines-on-this-front-the-reason-will-not-surprise-you/.
