The Financial Times Unveils SEC's Request for Coinbase to Exclude Everything But Bitcoin
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The Financial Times Unveils SEC's Request for Coinbase to Exclude Everything But Bitcoin
Cybercrime, Scandal, and a Game-Changing Revelation from Newsweek!
Bitcoin price: $29,381
Date range: July 24-30, 2023
Bitcoin Perception Index (BPI): 55/100 - balanced
Main coverage: Cybercrime, Legal and Ethical Issues, Financial Technology, Political Stance on Bitcoin
This week's spotlight: The Financial Times
Weekly snapshot
Main topics of the week
Cybercrime
The BBC wrote an article discussing a cyber incident at the University of the West of Scotland (UWS), where the university's data has been put up for auction by a ransomware gang called Rhysida, which is demanding 20 Bitcoin (£450,000) for the confidential data. This article was published on Thursday and republished on Friday to gain more views. Once again, when the BBC covers Bitcoin, it’s with negative connotations like this.
Legal and Ethical Issues
A Fortune article discusses the legal issues surrounding Sam Bankman-Fried, the co-founder of FTX Cryptocurrency Derivatives Exchange, and his family. It portrays Sam as a manipulative individual who leaked his one-time girlfriend's personal diary to the New York Times. His father, Joseph Bankman, has been funding Sam's legal defense with $10 million gifted to him by Sam, money allegedly looted from FTX customers.
Financial Technology
Articles from Fortune, Fox Business, NBC News, Newsweek, Politico discuss the role of Bitcoin and other cryptocurrencies in the financial technology sector. They cover topics such as the integration of Blackrock’s Aladdin tech with Coinbase, the potential of Bitcoin to challenge the U.S. dollar, Miami's role as a hub for cryptocurrency enthusiasts, and the potential of Bitcoin as a tool for financial stability in developing countries - an op-ed surprisingly published on Newsweek, which seldom covers Bitcoin in a positive way.
Political Stance on Bitcoin
Articles from Fortune, Politico discuss the stance of various political figures and parties on Bitcoin. They cover topics such as the stance of various Republican Party candidates on Bitcoin, and a proposal by Robert F. Kennedy Jr., who is running for the 2024 Democratic presidential nomination, to back the U.S. dollar with Bitcoin.
Spotlight on Financial Times: “SEC asked Coinbase to halt trading in everything except bitcoin"
The article titled "SEC asked Coinbase to halt trading in everything except bitcoin, CEO says" from The Financial Times discusses a request made by the U.S. Securities and Exchange Commission (SEC) to Coinbase.
The SEC asked Coinbase to halt trading in all cryptocurrencies other than Bitcoin prior to suing the exchange, indicating the agency's intent to assert regulatory authority over a broader slice of the market.
Coinbase's CEO, Brian Armstrong, stated that the SEC believed every asset other than Bitcoin is a security. The SEC's case identified 13 mostly lightly traded cryptocurrencies on Coinbase’s platform as securities, asserting that by offering them to customers, the exchange fell under the regulator’s remit.
However, Armstrong argued that delisting every asset other than Bitcoin would have essentially meant the end of the crypto industry in the U.S.
Interesting quotes from the article include:
"They came back to us, and they said . . . we believe every asset other than bitcoin is a security,” Armstrong said. “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.”
"We really didn’t have a choice at that point, delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the U.S,” he said. “It kind of made it an easy choice . . . let’s go to court and find out what the court says.”
"According to Brian Armstrong, if Coinbase had agreed, the vast majority of the American crypto businesses would risk operating outside the law unless they registered with the SEC."