Category: Forex News

Five Things to Know in Crypto This Week: BTC-Spot ETF Inflows Surge Despite BTC Losses

MSTR Weekly Chart 170324

Coinbase, the SEC, and the Ruling Making Petition

On Monday (Mar 11), Coinbase (COIN) Chief Legal Officer Paul Grewal provided updates on the rejected SEC rulemaking petition. Significantly, Coinbase filed an opening brief in the 3d Circuit challenging the denial of the rulemaking petition.

Coinbase took the opportunity to question the SEC’s authority over the US digital asset space.

In Aug 2023, Coinbase filed a Motion to Dismiss (MTD), arguing the SEC lacks the statutory authority to regulate crypto exchanges. If Judge Katherine Failla grants the MTD, the SEC may have to end its reign of regulation through enforcement.

Judge Failla could rule on the MTD at any time. Coinbase and the SEC delivered oral arguments on Jan 17. Legal experts believed Coinbase delivered a better explanation of an investment contract, raising the chances of a positive outcome for the crypto industry.

However, Coinbase shares stumbled in the week ending Mar 15, sliding 5.56% to $242.36. The losses aligned with the crypto market pullback through the second half of the week. From Monday (Mar 11) to Sunday Mar 17, the total crypto market cap was down 3.88% to $2,434 billion.

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