NBC reports that Coinbase has pushed back against
claims from the Securities and Exchange Commission
(SEC) that it offers unregistered securities.
NBC reports that Coinbase has pushed back against
claims from the Securities and Exchange Commission
(SEC) that it offers unregistered securities.
The pushback comes amid
fraud charges against a former
employee of the company.
.
On July 21, a former Coinbase product manager
was charged with wire fraud in connection
with an alleged insider trading scheme.
On July 21, a former Coinbase product manager
was charged with wire fraud in connection
with an alleged insider trading scheme.
The insider trading case
involving cryptocurrencies
was the first of its kind.
The former employee has been charged
with plotting to profit from listings on the Coinbase
platform before they were publicly announced.
On July 21, a separate complaint filed by the
SEC claims that nine of the 25 tokens allegedly involved with the scheme were securities.
Paul Grewal, Coinbase's chief legal officer,
denied the allegations in a blog post titled
“Coinbase does not list securities.
End of story.”.
Seven of the nine assets included
in the SEC’s charges are listed
on Coinbase’s platform.
None of these assets are securities, Paul Grewal, Coinbase's chief legal officer, via NBC.
Coinbase has a rigorous process
to analyze and review each digital
asset before making it available
on our exchange — a process
that the SEC itself has reviewed, Paul Grewal, Coinbase's chief legal officer, via NBC.
NBC reports that both regulators and crypto firms
have argued over whether some cryptocurrencies
should be considered securities.
.
NBC reports that both regulators and crypto firms
have argued over whether some cryptocurrencies
should be considered securities.
SEC Permitted to Sue Coinbase , for Offering Unregistered Securities.
U.S. District Judge Katherine Polk Failla
has ruled that the Securities and Exchange Commission's (SEC) lawsuit against Coinbase
can proceed, The Verge reports. .
The SEC has sufficiently pleaded
that Coinbase operates as an exchange,
as a broker, and as a clearing agency
under the federal securities laws, , U.S. District Judge Katherine Polk Failla, via ruling.
... and, through its Staking Program,
engages in the unregistered
offer and sale of securities, U.S. District Judge Katherine Polk Failla, via ruling.
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The judge rejected arguments that existing laws are inadequate when it comes to crypto. .
The ‘crypto’ nomenclature may be
of recent vintage, but the challenged
transactions fall comfortably within the
framework that courts have used to identify
securities for nearly eighty years, U.S. District Judge Katherine Polk Failla, via ruling.
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Coinbase chief legal officer Paul Grewal
took to X to respond to the ruling. .
Early motions like ours
against a government agency
are almost always denied. , Paul Grewal, Coinbase chief legal officer, via X.
But clarity is the ultimate
goal and today’s decision
continues us on that path, Paul Grewal, Coinbase chief legal officer, via X.
Looking ahead, we remain confident
in our legal arguments, we look
forward to proving we’re right, , Paul Grewal, Coinbase chief legal officer, via X.
... we are eager for the opportunity to
take discovery from the SEC for the first
time, and we appreciate the Court’s
continued consideration of our case. , Paul Grewal, Coinbase chief legal officer, via X
Credit: Wibbitz Top Stories Duration: 01:31Published
SEC's New , Climate Disclosure Rules , Facing Multiple Lawsuits.
'Newsweek' reports that both industry and
environmental groups have legally challenged the
Securities and Exchange Commission over new rules. .
The new rules require some businesses to disclose
information about climate risks, including direct
greenhouse gas emissions and risks from extreme weather.
The SEC rules, which were approved on March 6 by a 3-2 vote,
also require companies to provide investors with context
on how those companies plan on managing those risks.
Some requirements were pared back prior to the rules
being approved. Those rules include reporting on Scope 3
emissions which relate to the company's supply chain.
In response to the new rules, two fossil fuel producing
companies filed lawsuits accusing the SEC of burdening
companies and exposing them to potential litigation.
19 state attorney generals have also
filed lawsuits claiming that the new rules
exceed the SEC's legal authority.
On the other side, environmental groups the Sierra Club
Foundation and Earthjustice announced their own lawsuits
accusing the SEC of watering down rules to protect investors.
Sierra Club has millions of members
and supporters who have investments
in the market. It's really critical that
we have access to information about
climate risks that may be faced
by the kinds of entities that
we would hope to invest in, Andres Restrepo, Sierra Club Senior Attorney, via Newsweek.
'Newsweek' reports that the SEC rules were
meant to take effect in 2026, however, the
legal challenges are likely to result in delays.
The new rules come as the U.S. Supreme Court
has indicated plans to restrict the regulatory
authority of environmental enforcement agencies.
Credit: Wibbitz Top Stories Duration: 01:31Published
Bitcoin Rallies, on Hopes of Renewed Interest , Among Mainstream Investors.
On March 4, the price of Bitcoin broke $65,000,
bringing it closer to returning to an all-time
high reached in November 2021.
NBC reports that the latest rally has been driven
by hopes that the launch of bitcoin exchange-
traded funds will expand bitcoin's pool of buyers. .
In 2024, the cryptocurrency has
gained over 48%, rapidly approaching its
record intra-day all-time high of over $68,000.
In January, Bitcoin ETFs were first approved by
the Securities and Exchange Commission (SEC). .
The SEC said the approval of the ETFs were meant
to make it easier for investors to gain exposure to
Bitcoin without having to actually own the digital coins.
NBC reports that the world of crypto is also banking
on a potential rally following a technical event
known as "halving" scheduled to occur in April.
This event will see the rate of supply for new bitcoin
to decline, which could cause the value of the
cryptocurrency to increase if demand remains unchanged.
Some mainstream investment experts have
still urged caution when it comes to investing
in the controversial cryptocurrency.
With equities, you own a share
of a company that produces goods
or services, and many also pay
dividends. With bonds, you get
a stream of interest payments, Vanguard statement, via NBC.
Commodities are real assets that meet
consumption needs, have inflation-
hedging properties, and can play
a role in certain portfolios, Vanguard statement, via NBC.
While crypto has been classified
as a commodity, it’s an immature
asset class that has little history,
no inherent economic value,
no cash flow, and can create
havoc within a portfolio, Vanguard statement, via NBC
Credit: Wibbitz Top Stories Duration: 01:32Published
Bitcoin Regains , $1 Trillion Market Cap.
On Feb. 14, the cryptocurrency's market capitalization exceeded $1 trillion for the
first time since 2021, CNBC reports. .
Bitcoin also surpassed the
$51,000 level during day trading.
It hasn't reached that price since
December 2021, CNBC reports. .
The price increase comes on the heels
of a 150% rally that occurred in 2023.
The 2023 rally was in anticipation of
the SEC's approval of bitcoin ETFs,
which came to fruition in January 2024.
However, the cost of bitcoin slumped after the ETF approval, and a new rally kicked off shortly after.
That rally is currently happening as
investors look toward bitcoin's "halving." .
"Halving" is written into bitcoin's code and reduces the supply of the cryptocurrency every four years.
The "halving" is set to take place in April. .
Just this year, bitcoin is up over 21%.
Credit: Wibbitz Top Stories Duration: 01:30Published
Mumbai Becomes Asia's , Billionaire Capital , on Global Rich List.
NBC reports that Mumbai has become the Asian
capital with the highest number of billionaires,
dethroning Beijing at the top of the exclusive list. .
NBC reports that Mumbai has become the Asian
capital with the highest number of billionaires,
dethroning Beijing at the top of the exclusive list. .
According to the Hurun Research Institute's
global rich list, India's financial capital
registered 92 billionaires in 2024. .
Beijing comes in just below Mumbai with
91 billionaires, and Shanghai rounds out
the top three with a total of 87 billionaires.
Beijing comes in just below Mumbai with
91 billionaires, and Shanghai rounds out
the top three with a total of 87 billionaires.
The top of the list globally is New York
with 119 billionaires, followed by
London with a total of 97. .
The top of the list globally is New York
with 119 billionaires, followed by
London with a total of 97. .
According to the report, there are a total
of 3,279 billionaires globally in 2024,
an increase of 5% compared to 2023. .
NBC reports that China as a whole still has the
most billionaires overall with 814 in 2024, but
the country lost 155 billionaires compared to 2023. .
China had a bad year.
Wealth creation in China has gone
through deep changes these last few
years, with the wealth of billionaires
from real estate and renewables down, Hurun Research Institute's global rich list report, via NBC.
The United States comes in second with
800 billionaires, and India registered
a distant third place with 271.
The United States comes in second with
800 billionaires, and India registered
a distant third place with 271.
According to the report, artificial intelligence
played a significant role in increasing the
number of ultra wealthy people in the U.S. .
Whilst [Nvidia CEO] Jensen Huang
has grabbed many of the headlines
as Nvidia broke through the $2 trillion
mark, catapulting him into
the Hurun Top 30 as a result, , Hurun Research Institute's global rich list report, via NBC.
Whilst [Nvidia CEO] Jensen Huang
has grabbed many of the headlines
as Nvidia broke through the $2 trillion
mark, catapulting him into
the Hurun Top 30 as a result, , Hurun Research Institute's global rich list report, via NBC.
... the billionaires behind Microsoft,
Google, Amazon, Oracle and Meta
have seen significant surges in
their wealth as investors bet
on the value generated by AI, Hurun Research Institute's global rich list report, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Another UN Resolution Calling for , Gaza Cease-Fire Fails , to Pass Security Council Vote.
On March 22, a resolution calling for an immediate
cease-fire between Israel and Hamas in Gaza was
rejected by the United Nations Security Council. .
On March 22, a resolution calling for an immediate
cease-fire between Israel and Hamas in Gaza was
rejected by the United Nations Security Council. .
NBC reports that both Russia and China
voted against the United States-led measure. .
Vassily Nebenzia, Russia’s ambassador to the U.N., pointed
out that the resolution effectively contained a green light
for Israel to conduct a military operation in Rafah.
Vassily Nebenzia, Russia’s ambassador to the U.N., pointed
out that the resolution effectively contained a green light
for Israel to conduct a military operation in Rafah.
The vote came as U.S. Secretary of State Antony Blinken
visited Israel for talks centered on humanitarian aid
and the looming assault on the city of Rafah.
The vote came as U.S. Secretary of State Antony Blinken
visited Israel for talks centered on humanitarian aid
and the looming assault on the city of Rafah.
The U.S. has called a cease-fire crucial for
protecting civilians and expanding aid distribution
as over 2 million Palestinians face the threat of famine.
NBC reports that the failed resolution contained
no direct link to the release of hostages taken by
Hamas during the group's October 7 attack on Israel.
The resolution did reportedly support diplomatic
efforts "to secure such a cease-fire in connection
with the release of all remaining hostages.".
According to Israel, 130 hostages
remain in Gaza, while another
34 have already died in captivity.
Three previous attempts at
a resolution were vetoed by the U.S.
in October, December and February.
The failed fourth resolution came after the U.N.'s
Integrated Food Security Phase Classification
initiative warned that "famine is imminent" in Gaza. .
The initiative also warned that escalation
of the war could push half of Gaza's
entire population to the edge of starvation.
Credit: Wibbitz Top Stories Duration: 01:31Published
EPA Issues Ambitious, New Rules Aimed at , Cutting Carbon Emissions.
On March 20, the Biden administration
announced new rules regarding
automobile emissions standards.
On March 20, the Biden administration
announced new rules regarding
automobile emissions standards.
NBC reports that officials have called the
new regulations the most ambitious plan to
reduce emissions from passenger vehicles.
NBC reports that officials have called the
new regulations the most ambitious plan to
reduce emissions from passenger vehicles.
The new rules include scaled back
tailpipe limits requested by the
Environmental Protection Agency last April. .
The new rules include scaled back
tailpipe limits requested by the
Environmental Protection Agency last April. .
The new rules come amid slowing
sales of electric vehicles, a critical part
of the plan to meet the new standards.
The new rules come amid slowing
sales of electric vehicles, a critical part
of the plan to meet the new standards.
Last April, the auto industry cited
lower sales growth in its objection
to the EPA's strict standards. .
According to the EPA, the industry
could meet the limits if 56% of new
vehicle sales are electric by 2032.
According to the EPA, the industry
could meet the limits if 56% of new
vehicle sales are electric by 2032.
The EPA plan also called for at least 13% of plug-in
hybrids or other partially-electric cars, in addition
to more efficient gasoline-powered vehicles. .
The EPA's proposed standards would
avoid over 7 billion tons of planet-warming
carbon emissions over the next 30 years. .
The EPA's new rules apply
to model years 2027 to 2032.
The Biden administration's new rules
are set to ramp up to nearly meet
the EPA's limits by 2032.
Credit: Wibbitz Top Stories Duration: 01:30Published
'Devil Comet', May Join Solar Eclipse in , Rare Synchronized Celestial Event.
'Devil Comet', May Join Solar Eclipse in , Rare Synchronized Celestial Event.
NBC reports that a "devil comet" may
be visible during next month's highly
anticipated North American solar eclipse.
So-called "devil comets" are known for
occasional explosive outbursts, which give
the celestial objects their unique appearance.
Last year, an eruption on Comet 12P/Pons-Brooks
left it with two trails of gas and ice, which
give the appearance of devil horns. .
The unique comet is currently
visible in the early evenings from the
Northern Hemisphere on the west-northwest
horizon with the aid of binoculars or telescopes.
The comet is expected to brighten throughout the
month, until it becomes visible to the naked eye as it
reaches its closest point to the sun around mid-April.
NBC reports that the "devil comet" could be visible
during the upcoming April 8 total solar eclipse
if the comet flares significantly in the coming weeks. .
Those in the eclipse's path of totality,
from Texas to Maine, could be treated
to a rare synchronized celestial event. .
The comet was first observed by French
astronomer Jean-Louis Pons in 1812. .
In 1883, British-American astronomer
William Brooks became the second
to spot the rare celestial object.
NBC reports that Comet 12P/Pons-Brooks
orbit around the sun takes 71 years, making
sightings of the comet a truly rare occurrence.
Credit: Wibbitz Top Stories Duration: 01:31Published
Another Boeing Flight , Experiences Mid-Flight Tire Issue.
NBC reports that the Federal Aviation Administration
(FAA) is investigating yet another Boeing mishap,
this time involving an American Airlines flight.
On March 13, a Boeing 777 landed after it "blew
a tire during take off" from Dallas-Fort Worth
International Airport, according to the FAA.
American Airlines, the flight's operator, said that no
tire was blown, adding that the pilot was aware that
the pressure was low in one of the aircraft's tires.
The aircraft taxied to the gate
under its own power and
customers deplaned normally, American Airlines statement, via NBC.
LAX confirmed that the flight
landed safely without incident.
The news comes after another incident
involving a Boeing aircraft just last week.
In that incident a tire flew off of a United
Airlines Boeing 777-200 shortly after
takeoff, prompting an emergency landing.
At the time, United said that the Boeing 777-200
is “designed to land safely with missing or
damaged tires" as it has “six tires on each
of its two main landing gear struts.”.
NBC reports that these incidents follow a major
January 5 mishap involving a door panel blowing off
of a Boeing 737 Max 9 plane operated by Alaska Airlines. .
In response to that incident, the FAA grounded all
Boeing 737 Max 9 aircraft in the U.S and ordered
increased oversight of Boeing aircraft production.
Credit: Wibbitz Top Stories Duration: 01:31Published
The Crypto Mile Weekly Update looks into the latest drama to befall the Coinbase cryptocurrency exchange. Coinbase is in trouble, amid allegations of listing unregistered securities and insider trading..
Former Rep. Stephen Buyer , Charged With Insider Trading.
CNBC reports that on July 25, the former Indiana representative was accused of using nonpublic information
to make trades after leaving..
Credit: Wibbitz Top Stories Duration: 01:31Published