In other news, details surfacing last week indicated that Bittrex, which filed for bankruptcy in the US in May, faced enforcement action from Florida state financial regulator before it was declared bankrupt. Florida regulators accuse Bittrex of violating laws while in operation DCG addressed the allegations, tweeting a statement describing the accusations and legal action as a publicity stunt by the Winklevoss twins to avoid taking accountability for the Earn Program. Winklevoss shared details of the July 7 suit on Twitter, alleging fraud and foul play by Silbert. Genesis jointly facilitated with Gemini, but the arrangement came to a sudden end when the former took a hit from the Three Arrows Capital and FTX exchange collapses. Earlier in the week, Gemini co-founder Cameron Winklevoss proposed in a final offer that DCG repay the debt over five years since it agreed to cover the losses incurred by Genesis when it became insolvent.
Last Friday, Gemini exchange filed a civil lawsuit against Digital Currency Group (DCG) and its CEO Barry Silbert over Genesis insolvency, which set back the exchange as its Earn Program user funds became locked on Genesis after it halted withdrawals. Gemini follows through with the threat of suing DCG after an unfruitful dialogue Market data shows COIN has bounced back 56% in the past month and is 134% up year-to-date. Notwithstanding the legal setbacks, Coinbase (COIN) stock has recovered from the slump after the SEC brought charges against it. The SEC's latest filings will be reviewed by Judge Katherine Polk Failla of the Southern District Court of New York in the coming days ahead of a Jul 13 hearing. The lawyers asserted that said transactions on secondary markets could constitute a violation of securities laws. To counter the second argument that investment contracts are only asset sales when traded on secondary markets, the SEC cited its triumph in the case involving LBRY. The SEC added that it would fight back against a proposed motion for judgment while challenging two arguments from the exchange.Ĭoinbase previously argued that an investment contract must entail a formal contract, but in the latest filing, the commission referenced the Howey Test clarifying that it does not. They alleged that the exchange discouraged issuers of cryptocurrencies from making statements that could draw scrutiny. Lawyers from the SEC further presented that Coinbase knew that federal securities laws would apply to its listings when it adopted a legal framework – from the US Supreme Court – which guides crypto assets falling under federal securities laws. The securities markets regulator cleared up ambiguity on the implication of its previous assessment of the exchange's initial public offering in 2021, resolving that its approval at the time did not mean it green-lighted all of Coinbase's business operations.
In the most recent filing, the SEC also dismissed Coinbase's logic that it did not have the authority to take legal action. The US Securities and Exchange continued its relentless hassle against Coinbase last Friday as its lawyers rebutted an argument that the exchange was unaware it was in breach of securities laws. US SEC takes a shot at Coinbase's stance ahead of this week's case hearing July has proved no less hostile to crypto exchanges. However, the swell in spot trading volume didn't minify an overall drop in the trading volume across the second quarter (Q2), which came to its lowest level in more than three years.
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The monthly crypto trading volume increased in June for the first time since March, buoyed by the market's excitement in response to a series of filings for a spot bitcoin exchange-traded-fund (ETF) product in the US market.ĬCData's monthly exchange review noted that the total spot trading rose 16.4% to $575 billion in June, as did the derivatives trading volume, which grew 13.7% to $2.13 trillion.
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