After clashing with the U.S. securities regulator on its proposed Lend feature, Coinbase is now working on regulatory proposals for the digital currency industry.
Despite being celebrated by some corners of the industry as a fatal challenge to Dr. Wright’s fight to reclaim the whitepaper, we’ve heard almost nothing from COPA while Wright continues to stack victories.
Regulators from all over the world continue to take action against unregulated activities and businesses of digital currency companies and platforms, proving that no one is invincible to regulation.
Coinbase has been served with a Wells notice, a formal letter sent by the SEC to notify people or firms that it has concluded they are in violation of securities laws and is intending to bring an enforcement action against them.
CNBC recently conducted interviews with Coinbase customers all over the U.S., reviewing thousands of complaints which they say “reveal a pattern of account takeovers.”
Coinbase is facing a class-action lawsuit claiming that it had misleading and false statements in its registration statement and prospectus.
In light of the U.S. government’s crackdown on digital currencies, the Department of Justice is reportedly pulling together a probe on Tether executives for bank fraud allegations.
The complaint argues that Coinbase gave investors a pre-listing illusion of fiscal strength even as it secretly knew that a “sizeable cash injection” would be required if the exchange was to handle the expected surge in new customers.
While the sheer size of the Tether and USDT scheme makes them lightning rod for stablecoin criticism, they aren’t the only stablecoin.
One of the most recognizable digital asset service providers still left standing from a bygone era in crypto, Coinbase was going public at the tail end of a historic run-up in digital assets prices almost across the board.
Circle, one of the two companies that created the USDC stablecoin, will be going public on the New York Stock Exchange in Q4 2021.