{"id":19117,"date":"2023-06-06T20:09:54","date_gmt":"2023-06-07T00:09:54","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/bitcoin-struggles-to-hold-ground-as-sec-sues-coinbase\/"},"modified":"2023-06-06T20:09:55","modified_gmt":"2023-06-07T00:09:55","slug":"bitcoin-struggles-to-hold-ground-as-sec-sues-coinbase","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19117","title":{"rendered":"Bitcoin struggles to hold ground as SEC sues Coinbase"},"content":{"rendered":"
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Bitcoin is struggling to stay above $26,000 Tuesday as the Securities and Exchange Commission charged Coinbase Global Inc., the largest crypto exchange in the U.S., with operating an unregistered national securities exchange, brokerage and clearing agency.\u00a0<\/p>\n

The agency brought up the charges against Coinbase
\n COIN,
\n -12.09%<\/bg-quote>
\n one day after it sued Binance Holdings Inc., the world\u2019s largest crypto exchange, and its founder Changpeng Zhao with 13 securities law violations.\u00a0<\/p>\n

\n

Bitcoin
\n BTCUSD,
\n +1.19%<\/bg-quote>
\n gained 1.6% on Tuesday but still fell 1% over the past 24 hours to around $26,042 on Tuesday, according to CoinDesk data. The cryptocurrency has gained 55% so far this year, but is still down over 60% from its all-time high in 2021. <\/p>\n

Ether
\n ETHUSD,
\n +0.46%<\/bg-quote>
\n declined 0.5% over the past 24 hours to $1,843 and Binance Coin fell 2.1% to $278.\u00a0<\/p>\n

Coinbase\u2019s shares plunged 13% Tuesday, according to FactSet data. <\/p>\n

SEC\u2019s actions reflect U.S. regulators\u2019 latest moves to increase oversight of the crypto industry. Coinbase said in March that it received a Wells notice from the Securities and Exchange Commission, which could lead to formal charges.<\/p>\n

Coinbase will continue to operate its business as usual, the company said. \u201cThe SEC\u2019s reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America\u2019s economic competitiveness and companies like\u00a0Coinbase\u00a0that have a demonstrated commitment to compliance,\u201d Paul Grewal, chief legal officer at Coinbase wrote in emailed comments. <\/p>\n

\u201cThe solution is legislation that allows fair rules for the road to be developed transparently and applied equally, not litigation,\u201d according to Grewal. <\/p>\n

Coinbase and Binance together account for 70%<\/a> of crypto trade volumes, according to data from Kaiko.\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n