Coinbase Files Legal Challenge Against SEC for Crypto Regulation Clarity

In a significant legal confrontation, Coinbase has filed a challenge against the U.S. Securities and Exchange Commission (SEC) in the Third Circuit, contesting the SECs refusal to establish clear rulemaking for digital assets. San Francisco Crypto Exchange Coinbase Initiates Legal Action Against SECs Crypto Regulation Approach Coinbase’s legal action underscores the ongoing tension between the [...]

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Coinbase Faces Lawsuit Over Failed Stablecoin... and it isn't TerraUSD!

Cryptocurrency exchange Coinbase was chastised for promoting and facilitating the trade of the GYEN stablecoin, which turned out to be a failure. GYEN is a cryptocurrency that was created on the Ethereum network to match the value of the Japanese yen.

"Donovan," a representative of "hundreds of users" of the platform in the case, filed the claim in the Federal Court of North Carolina, United States.

In addition to the exchange, the lawsuit also names GMO-Z.com as the issuing business of the GYEN token. These two entities are accused of giving investors inaccurate information about the cryptocurrency's reliability when Coinbase launched it for exchange and released a guide outlining its key features.

According to the lawsuit, investors would have purchased the GYEN tokens believing that each one was worth one yen, but their value was "inflated."

According to CoinMarketCap statistics, GYEN is now trading at $0.0077, while the correct price is $0.77 USD per yen at the time of writing, that is 10X lower than intended.

GMO-Z also has another stablecoin, ZUSD (ZUSD), that is pegged to the value of the US dollar but has found a way to keep its peg to the currency.

The lawsuit currently awaits review, filed in the US District Court, Northern District of California (San Francisco).
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Author: Justin Derbek
New York News Desk
Global Crypto Press Association / Breaking Crypto News

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Allowing Coinbase to go public was not a ‘blessing’ of the business: SEC

The U.S. Securities and Exchange Commission (SEC) has argued in court that approving a firm’s S-1 application to go public, does not represent a “blessing” from the agency, nor provide a verification that the business is regulatory compliant. In the interest of transparency, here is the transcript from our hearing yesterday in the SDNY case [...]

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Coinbase accused of market manipulation, Kraken Australia hit with $5M fine: Law Decoded

A lawsuit against Coinbase concerns allegations under the Sherman Act of attempted monopolization of the Wrapped Bitcoin market.

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Coinbase legal chief addresses $1B lawsuit tied to wBTC delisting

Crypto industry insiders like Justin Sun are questioning Coinbases token listing criteria following the exchanges decision to delist wBTC in November.

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Senator Lummis files Amicus Brief supporting Coinbase’s dismissal motion against SEC

Crypto-friendly Senator Cynthia Lummis has filed an Amicus Brief supporting Coinbase’s motion to dismiss the U.S. Securities and Exchange Commission’s lawsuit against the firm. An Amicus Brief is a document filed in court by a party that is not directly involved with the related case. They are generally used to add supporting arguments to one [...]

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‘Near impossible to know’ what is and isn’t a security: Mark Cuban on SEC

Billionaire investor Mark Cuban has become one of the latest industry figures to call out the United States securities regulator for purportedly failing to provide cryptocurrency firms with a clear registration process. The Shark Tank investor claimed in a June 11 Twitter post that no registration exists in the SEC’s “Framework for “Investment Contract” Analysis [...]

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SEC Summons Binance CEO CZ as Lawsuits Shake Cryptocurrency Industry

The United States District Court in Washington, D.C., at the request of the Securities and Exchange Commission (SEC), summoned Binance CEO Changpeng Zhao (CZ) on Wednesday. Binance CEO CZ Challenged by SEC Summons as Legal Battles Escalate On Wednesday, several social media accounts shared a summons intended for the CEO of Binance, Changpeng Zhao, also [...]

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