The Battle Between Coinbase and U.S. Regulators Intensifies
Coinbase

The Battle Between Coinbase and U.S. Regulators Intensifies

By Allen Taylor | Cryptocracy | 25 Sep 2021


Earlier this month, the SEC threatened to sue Coinbase over its lending product Coinbase Lend. This made Coinbase CEO Brian Armstrong flipping mad. So mad, in fact, that he went on a Twitter tirade that carried the same weight as a bikini-clad fat woman berating her husband for gawking at the pretty girls. Now, Coinbase is publishing its own regulatory framework for crypto to help out legislators who lost their clue in the last presidential election, which they mistook for a dance party. Armstrong has been making the rounds to meet with regulators in Washington but said the SEC was the only regulatory body unwilling to meet with him. Meanwhile, Coinbase is growing its legal and compliance team as it tries to collaborate with U.S. regulators. I sense a marriage proposal coming, but who’s going to drop to one knee first—Coinbase or Uncle Sam?

On another note, Tether is under investigation by the SEC, which denied an FOIA request by The New Republic. It looks as though regulators want to know how much commercial paper Tether is holding. Funny, I’d want to know how much toilet paper it has. Of course, Tether denies having any Evergrande commercial paper—or toilet paper, for that matter.

China bans crypto for, like, the umpteen-millionth time. Immediately, bitcoin fell. More than 9 percent, almost to $41K. It now sits at just over $42,000.

Twitter introduces bitcoin tipping, which is nothing like cow tipping. Why is the Twitter-Bitcoin pairing such a big deal? Because Twitter is attempting to “dematerialize” all payment networks. According to Strike CEO Jack Mallers.

Cardano is aiming to make smart contracts easier by launching a dapp store.

The #CoinBeastSweepstakes has a winner!

We have a winner! 🎉

Our #CoinBeastSweepstakes has come to an end and we’re excited to announce that the lucky recipient of $100K in BTC is David B, from Cornwall, UK. Congrats, David! pic.twitter.com/8BM9YOwIy5

— Coinbase (@coinbase) September 24, 2021

5 things that happened in crypto this week.

Fast Company tells how dangerous it is for the internet to turn money into a game.

How U.S. regulators are cracking down on crypto.

The top 10 Binance Smart Chain cryptocurrencies.

AUTZ is the first crypto network to empower autistic people to earn from their creativity by selling NFTs.

Pennsylvania Senator Pat Toomey seeks regulatory clarity from SEC Chairman Gary Gensler. Read what Gensler has to say about the path forward for crypto.

Listen to CoinGeek Pulse #62.

Can crypto lead to higher consumer prices?

Sustainable altcoins are here to challenge bitcoin’s dominance. But who cares? One new ASIC manufacturer says it is now easier to mine bitcoin at home.

Kentucky orders Celsius to stop offering crypto accounts.

How to buy bitcoin on PayPal.

Get $25 for buying crypto through Venmo.

Top crypto to mine in 2021.

This newsletter is for information and educational purposes only. It is not financial advice. Please consult a financial advisor before investing in crypto. First published at Cryptocracy.

Top image from Business Insider

Resources

  1. https://nypost.com/2021/09/08/sec-threatens-to-sue-cryptocurrency-exchange-coinbase/
  2. https://understandingdeeppolitics.org/bitcoin-shaken-after-coinbase-ceo-slams-sec-for-engaging-in-intimidation-tactics-behind-closed-doors-over-crypto-lending-platform/
  3. https://www.nasdaq.com/articles/coinbase-to-publish-regulatory-framework-for-u.s.-policy-makers-2021-09-24
  4. https://cointelegraph.com/news/sec-was-the-only-regulator-not-willing-to-meet-with-coinbase-brian-armstrong
  5. https://markets.businessinsider.com/news/currencies/coinbase-jobs-hiring-legal-compliance-comminications-team-crypto-regulation-collaboration-2021-9
  6. https://www.coindesk.com/policy/2021/09/24/sec-hints-at-tether-probe-in-records-request-denial/
  7. https://www.muckrock.com/foi/united-states-of-america-10/tether-stablecoin-company-securities-and-exchange-commission-118568/
  8. https://deep-resonance.org/2021/07/28/regulators-scrutinizing-tethers-commercial-paper-reserves-comptroller-of-the-currency-2/
  9. https://www.reuters.com/business/finance/stablecoin-tether-says-holds-no-evergrande-commercial-paper-2021-09-16/
  10. https://edition.cnn.com/2021/09/24/investing/china-cryptocurrency-ban/index.html
  11. https://www.yourbasin.com/news/china-declares-all-cryptocurrency-transactions-illegal/
  12. https://coinmarketcap.com/currencies/bitcoin/
  13. https://www.reuters.com/technology/twitter-rolls-out-bitcoin-tipping-safety-features-product-push-2021-09-23/
  14. https://cryptoslate.com/strikes-jack-mallers-explains-why-the-bitcoin-btc-twitter-deal-is-bigger-than-you-think/
  15. https://www.thestreet.com/crypto/defi/cardano-to-create-dapp-store-to-help-users-navigate-defi
  16. https://twitter.com/coinbase/status/1441409782112559106
  17. https://www.fnlondon.com/articles/five-things-that-happened-in-crypto-this-week-china-crackdown-coinbase-and-bitcoin-on-twitter-20210924
  18. https://www.fastcompany.com/90675423/danger-internet-money-game-crypto-bubble
  19. https://www.reuters.com/technology/how-us-regulators-are-cracking-down-cryptocurrencies-2021-09-24/
  20. https://finance.yahoo.com/news/ten-top-binance-smart-chain-152704318.html
  21. https://www.forbes.com/sites/mikeswigunski/2021/09/24/how-tokenomics-and-nft-art-galleries-help-autistic-people-celebrate-their-creativity/
  22. https://www.banking.senate.gov/newsroom/minority/toomey-presses-gensler-for-regulatory-clarity-on-cryptocurrencies
  23. https://www.washingtonpost.com/washington-post-live/2021/09/21/transcript-path-forward-cryptocurrency-with-gary-gensler/
  24. https://coingeek.com/the-coingeek-pulse-episode-62-binance-probe-expands-us-regulators-want-to-end-celsius-aequantium-selects-tokenized-video/
  25. https://u.today/peter-schiff-says-crypto-may-lead-to-higher-consumer-prices-heres-how
  26. https://fortune.com/2021/09/24/sustainable-altcoins-bitcoin-dominance/
  27. https://wacotrib.com/business/investment/personal-finance/it-just-got-easier-to-mine-bitcoin-at-home/article_b1d377de-6222-5614-a8aa-8995439c4576.html
  28. https://www.theblockcrypto.com/linked/118618/kentucky-regulator-orders-celsius-stop-offering-crypto-accounts
  29. https://www.laptopmag.com/uk/how-to/how-to-buy-bitcoin-on-paypal
  30. https://www.fool.com/the-ascent/cryptocurrency/articles/you-can-get-25-for-buying-crypto-on-venmo-through-thursday/
  31. https://www.finsmes.com/2021/09/top-cryptocurrencies-to-mine-in-2021.html

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Allen Taylor
Allen Taylor

Writer, editor, publisher. Content strategist for fintech, blockchain, and crypto firms.


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