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Do Kwon arrested, bitcoin reclaims $28,000, SEC’s enforcement actions persists | Weekly recap

Press Releases Crypto News Crypto-News Do Kwon arrested, bitcoin reclaims $28,000, SEC’s enforcement actions persists | Weekly recap

This week was mixed, punctuated by bullish and bearish patterns in the price action of top crypto assets, including bitcoin and ethereum. Noteworthy development included the recovery of bitcoin (BTC), which rejected bear pressure and rallied back above $28,000. The uptrend remains despite the United States Securities and Exchange Commission’s (SEC) enforcement actions. Meanwhile, after months of evading authorities, Terraform Labs founder Do Kwon was arrested in Montenegro.

Coinbase vs. the SEC; another long-standing tussle looming?

Amid the enduring battle on crypto staking launched by the SEC a few weeks ago, Coinbase continues to mount a defense. On Mar. 20, Monday, the American exchange filed a petition to the SEC, explaining why staking services should not be classified as securities.

In February, the regulator charged Kraken for offering staking services before settling for $30m. The exchange was also forced to discontinue its staking services as part of the deal with the watchdog. The SEC further relayed its intention to take action against other crypto-staking services in the country. This development was a warning to Coinbase, which also provides staking services. As such, the exchange took notice and initiated steps to address potential regulatory concerns.

However, it is worth noting that the conflict between Coinbase and the SEC extends beyond crypto staking services. The exchange has been the subject of regulatory scrutiny from the agency for some time. Three days after Coinbase’s petition was made public, the exchange revealed that it had received a Wells Notice. It indicates the regulator’s intention to pursue legal action against the exchange for alleged violations of securities laws.

Coinbase became the second company to receive a Wells Notice from the SEC in six weeks. Earlier, the agency issued a similar notice to Paxos, saying BUSD, a stablecoin, was a security. Shortly after, Coinbase’s CEO, Brian Armstrong, Go to Source to See Full Article
Author: Wahid Pessarlay

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