In a separate 177-page filing denying the SEC's substantive claims, Coinbase said it "welcomes regulation," but that the regulator was arbitrarily and without Congress' permission trying to fill the "regulatory gap" over crypto assets.
June 8 (Reuters) - The chair of the U.S.
Securities and Exchange Commission (SEC) on Thursday strongly rebutted criticism that the agency is trying to crush the crypto industry, and said many companies in the space had made a "calculated economic decision" to flout its rules.
'The defendant's assertion that the indictment does not allege any 'economic loss' to FTX customers appears to be factually incorrect,' and the alleged misappropriated funds clearly constituted property, Kaplan wrote.
June 15 (Reuters) - BlackRock is close to filing an application for a bitcoin exchange-traded fund (ETF), CoinDesk reported on Thursday, citing a person familiar with the matter.
The world's largest asset manager will be using Coinbase Custody - an offline storage solution for digital assets - for the ETF, and the crypto exchange's spot market data for pricing, the report added.
Elsewhere, the Turkish lira hit a new record low overnight of 23.54 per dollar, even as President Tayyip Erdogan's appointment of a U.S.
banker as central bank chief sent a strong signal for a return to more orthodox policy.
Erdogan had last week put well-regarded former finance minister Mehmet Simsek back in the post. Simsek said this week that the guiding principles for the economy would be transparency, consistency, accountability and predictability.
Last week, the SEC sued Binance, its CEO and founder Changpeng Zhao, and Binance.US's operation alleging in 13 charges that Binance had engaged in a "web of deception," artificially inflated trading volumes and diverted customer funds, and that Binance and Zhao were secretly controlling the U.S.
entity while publicly claiming that it was independent.
Securities and Exchange Commission this month sued Binance and its CEO Changpeng Zhao over what the regulator called a "web of deception" to evade U.S. Binance denies the charges. Binance has come under pressure from regulators around the world.
The U.S.
"Given that Zhao and Binance have control of the platforms' customers' assets and have been able to commingle customer assets or divert customer assets as they please, as we have alleged, these prohibitions are essential to protecting investor assets," said Gurbir Grewal, director of the SEC's enforcement division, in the statement.
There's more confidence surrounding the ECB decision, with a quarter-point increase fully priced for Thursday, and the only question being when the next quarter-point bump will come - with September most likely.
FRANKFURT, June 29 (Reuters) - German regulators have told Binance they will not grant it a cryptocurrency custody license, a person with direct knowledge of the matter said on Thursday, the latest in a string of setbacks for the world's biggest cryptocurrency exchange.
Earlier this month, Nigeria's markets regulator ordered Binance to halt its operations in the country, saying local unit "Binance Nigeria Limited" that courted Nigerian investors through a website was not registered or regulated, making it illegal.
The lawsuits against Binance and Coinbase Global have increased fears the crypto market's ordeal could be prolonged further after the sector was battered by a string of meltdowns including the bankruptcy of FTX, binance referral code's biggest competitor, last year.
Bets for a pause were supported by data on Thursday that showed the number of Americans filing new jobless claims surged to a more than 1 1/2-year high, indicating a loosening labour market that could further quell inflation.
In the days leading up to the failure, customers of Sam Bankman-Fried's crypto exchange withdrew billions of dollars, hobbling the firm's liquidity.
A rescue deal with rival exchange Binance also fell through, precipitating crypto's highest-profile collapse in recent years.
Helped by a 5.7% surge in Tesla Inc, the S&P 500 jumped 0.4% to levels last seen in August, the Nasdaq Composite added 0.6%, while the Dow Jones Industrial Average trailed with a 0.3% gain.
The U.S. government is expected to rush to sell short term debt to replenish its Treasury General Account, potentially at yields so high that banks raise deposit rates to compete for funding, reducing interest in riskier assets like equities.
June 8 (Reuters) - The chair of the U.S.
Securities and Exchange Commission (SEC) on Thursday strongly rebutted criticism that the agency is trying to crush the crypto industry, and said many companies in the space had made a "calculated economic decision" to flout its rules.
'The defendant's assertion that the indictment does not allege any 'economic loss' to FTX customers appears to be factually incorrect,' and the alleged misappropriated funds clearly constituted property, Kaplan wrote.
June 15 (Reuters) - BlackRock is close to filing an application for a bitcoin exchange-traded fund (ETF), CoinDesk reported on Thursday, citing a person familiar with the matter.
The world's largest asset manager will be using Coinbase Custody - an offline storage solution for digital assets - for the ETF, and the crypto exchange's spot market data for pricing, the report added.
Elsewhere, the Turkish lira hit a new record low overnight of 23.54 per dollar, even as President Tayyip Erdogan's appointment of a U.S.
banker as central bank chief sent a strong signal for a return to more orthodox policy.
Erdogan had last week put well-regarded former finance minister Mehmet Simsek back in the post. Simsek said this week that the guiding principles for the economy would be transparency, consistency, accountability and predictability.
Last week, the SEC sued Binance, its CEO and founder Changpeng Zhao, and Binance.US's operation alleging in 13 charges that Binance had engaged in a "web of deception," artificially inflated trading volumes and diverted customer funds, and that Binance and Zhao were secretly controlling the U.S.
entity while publicly claiming that it was independent.
Securities and Exchange Commission this month sued Binance and its CEO Changpeng Zhao over what the regulator called a "web of deception" to evade U.S. Binance denies the charges. Binance has come under pressure from regulators around the world.
The U.S.
"Given that Zhao and Binance have control of the platforms' customers' assets and have been able to commingle customer assets or divert customer assets as they please, as we have alleged, these prohibitions are essential to protecting investor assets," said Gurbir Grewal, director of the SEC's enforcement division, in the statement.
There's more confidence surrounding the ECB decision, with a quarter-point increase fully priced for Thursday, and the only question being when the next quarter-point bump will come - with September most likely.
FRANKFURT, June 29 (Reuters) - German regulators have told Binance they will not grant it a cryptocurrency custody license, a person with direct knowledge of the matter said on Thursday, the latest in a string of setbacks for the world's biggest cryptocurrency exchange.
Earlier this month, Nigeria's markets regulator ordered Binance to halt its operations in the country, saying local unit "Binance Nigeria Limited" that courted Nigerian investors through a website was not registered or regulated, making it illegal.
The lawsuits against Binance and Coinbase Global have increased fears the crypto market's ordeal could be prolonged further after the sector was battered by a string of meltdowns including the bankruptcy of FTX, binance referral code's biggest competitor, last year.
Bets for a pause were supported by data on Thursday that showed the number of Americans filing new jobless claims surged to a more than 1 1/2-year high, indicating a loosening labour market that could further quell inflation.
In the days leading up to the failure, customers of Sam Bankman-Fried's crypto exchange withdrew billions of dollars, hobbling the firm's liquidity.
A rescue deal with rival exchange Binance also fell through, precipitating crypto's highest-profile collapse in recent years.
Helped by a 5.7% surge in Tesla Inc, the S&P 500 jumped 0.4% to levels last seen in August, the Nasdaq Composite added 0.6%, while the Dow Jones Industrial Average trailed with a 0.3% gain.
The U.S. government is expected to rush to sell short term debt to replenish its Treasury General Account, potentially at yields so high that banks raise deposit rates to compete for funding, reducing interest in riskier assets like equities.