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Coinbase has reportedly limited the number of class action lawsuits that can be brought against it, just one day after disclosing a major data breach that is now under investigation by the US government. As detailed by crypto journalist Molly White, the new agreement, announced on April 12, stipulates that as of May 15, no state other than New York can hold jurisdiction over a lawsuit unless the case involves arbitration, a.k.a. resolution outside of court. It also waives the rights of the user — and Coinbase itself — to a jury trial and prevents users from participating in, or initiating, a class action lawsuit against the firm. The timings of these changes and their announcement are curious, given that the exchange publicly disclosed on May 14 that cybercriminals had bribed rogue customer support agents to steal customer data and tried to blackmail it for $20 million in bitcoin . It would, of course, have known at the time of this disclosure that the class...

A decentralized oracle provider and two artificial intelligence (AI)-focused altcoins surged just hours after going live on top US-based crypto exchange platform Coinbase. The data reveals that Chainlink (LINK) rival Pyth Network (PYTH) and AI-based projects Kaito (KAITO) and Bittensor (TAO) all saw significant increases in price after gaining support from Coinbase. KAITO – an “InfoAI” protocol that aims to solve the problem of fragmentation within the digital assets industry – was recently listed by both Coinbase and the top global crypto exchange by volume Binance en route to nearly doubling up its price. Kaito is trading for $1.92 at time of writing, a staggering 99.89% rise during the last 24 hours. Moving on to the decentralized machine-learning network Bittensor, an open-source platform that allows investors to create and swap AI learning models, the data finds that TAO also saw a significant increase in price but eventually stabilized. TAO sky...

The cryptocurrency market got a brand new look this year with Donald Trump taking over the US government. The President seems to be getting things done just days after he was sworn in. More recently, Trump signed an executive order to create the Presidential Working Group on Digital Asset Markets. To further stoke suspicions about a possible Bitcoin reserve, the working committee will also assess the establishment of a strategic Bitcoin reserve. Amidst this, the community was highlighting how several countries may soon follow suit. Also Read: BNB Foundation Burns $1.16 Billion in Tokens: What It Means for Investors “Bitcoin Is A Better Form Of Money” Source: Watcher Guru Earlier today, Coinbase’s Brian Armstrong was seen underlining the possibility of G20 nations walking in the footsteps of the US to create a strategic Bitcoin reserve. Armstrong noted how Bitcoin’s market cap currently stands around $2 trillion. This accounts for about 11% of gold’s market ...

After years of waiting, the Securities and Exchange Commission (SEC) made a cryptocurrency market splash in January 2024, first with a fake announcement resulting from a hack and then with the genuine approval of a string of spot Bitcoin (BTC) exchange-traded funds (ETFs). Investors seeking to gain exposure to BTC without engaging directly with the world of digital assets were suddenly flooded with options, with each major issuer attempting to entice traders with competitive fee structures.  The approach has so far proven successful, with $188 million flooding into BTC ETFs on Thursday, October 24 alone. Picks for you Insider trading? Trader buys memecoins 'in the same second' of Binance listings 2 hours ago AI sets XRP price...

New research by Coinbase shows only a tiny percent of U.S. citizens still believe the American Dream is achievable in the current financial environment. Less than 10% of Americans are happy with the nation’s financial system as younger generations become “more pressured financially and more disillusioned by the system,” Coinbase says. In a new Q3 State of Crypto report co-created with Bovitz and Morning Consult, the U.S.-based crypto exchange surveyed thousands of Americans about their experiences dealing with traditional finance. Most Americans are unsatisfied with the existing financial system , as only 7% of respondents said the system “works very well for people like them.” Percentage of generations satisfied with the financial system | Source: Coinbase You might also like: Coinbase optimistic about US approval of Bitcoin ETF While Coinbase surveyed all generations, it was Millennials who demonstrated their anger, calling the sy...

Coinbase chief legal officer Paul Grewal has expressed optimism that the U.S. Securities and Exchange Commission (SEC) will soon approve a Bitcoin exchange-traded fund (ETF). Grewal told CNBC that he is confident in the approval of a U.S. Bitcoin ETF from the SEC “in short order.” Coinbase is 'confident' a U.S. bitcoin ETF will be approved after SEC's court defeat https://t.co/GcxjgiF1G8 — CNBC (@CNBC) October 20, 2023 Grewal’s assertion comes after a big court decision that found the SEC had no grounds to deny asset management firm Grayscale its application to turn its GBTC Bitcoin (BTC)fund into an exchange-traded fund. Additionally, the regulator opted not to appeal the court’s ruling, sparking speculation within the industry that Bitcoin ETF approval s were on the horizon. Despite ongoing legal complications involving Grayscale’s parent company, Digital Currency Group and the Gemini crypto exchange, Grewal remains optimistic about the prospect of addition...

Base Network’s TLV takes a hit, falling to $445 million, as zkSync Era gains momentum, fueled by dynamics in USDC and market competition. Base Network’s Total Value Locked (TVL) has fallen dramatically by 16.92%, bottoming out at $445 million over the previous week. Base’s position has been ceded by layer-2 protocol zkSync Era, which now boasts a TVL of $477 million. L2Beat statistics revealed that a major contributing factor to the erosion in Base’s TVL was a sharp decrease in its USDC holdings, which plunged from 160 million to just 29.84 million on Sept. 29, as indicated by Dune Analytics data. However, Base Network has shown signs of resilience despite the drawbacks. In under a month, it not only recovered but outperformed Solana (SOL), another noteworthy player in the crypto space, by amassing a TVL close to $400 million. Concurrently, data from DeFi Llama suggests Solana’s TVL is also in decline, further emphasizing Base Network’s comeback. Yo...

Coinbase’s Ethereum layer-2 network garnered significant attention upon its launch. At the moment, the interest remains progressive, as indicated by the increasing number of transactions processed. Data from IntoTheBlock revealed that Base recently recorded a substantial 1.4 million transactions, closely approaching its previous record of 1.42 million, which was achieved back in August. Source Furthermore, the total count of addresses holding a balance on the Base network has witnessed a remarkable surge, reaching 1.25 million. This represented a notable twofold increase when compared to the preceding month. Along with this, the total value locked into this network hit an all-time high of $387 million. This increase is rather unexpected, especially in light of recent challenges faced by the network. In early September, the Base chain experienced difficulties, notably encountering a significant outage. During this incident on Sept. 5, the network ceased generating new blocks ...

Binance released its highly anticipated proof of reserves (PoR) on Friday, providing blockchain-based evidence for the Bitcoin on its books.  However, many in the crypto community question Binance’s approach. Also, they aren’t fully sure they have the transparency they’re looking for. The Move to Proof of Reserves As Binance explained in its announcement , the exchange’s transparency system will add multiple tokens and networks within the next two weeks. For now, it solely validates its Bitcoin holdings.  The company’s initial audit proved that it owns 582,486 BTC in its on-chain reserve, while its customers hold a 575,742 BTC net balance. This makes for a 101% collateral ratio.  KYC & Audit Solutions! SolidProof Users can verify that their personal balance is held with Binance by checking on their relevant Merkle leaf and record ID on Binance’s website. A Merkle leaf is a transaction within a merkle tree, a structure used to efficiently store data inside a blo...

Hong Kong Embraces Crypto Regulations While many countries in the West remain cautious about cryptocurrencies, Hong Kong has taken a different approach by actively regulating crypto assets. In 2023, the city’s Financial Secretary, Paul Chan, announced the government’s commitment to building a robust crypto and fintech ecosystem. Since then, Hong Kong has been proactively developing regulations and compliance measures to foster the growth of the crypto industry. Read More: Bitcoin Exchange Outflow Hits 1-Month High, BTC Price Pump Incoming? Hong Kong ’s pro-crypto stance has attracted attention from global tech giants. In January, Samsung, the Korean tech giant, announced the launch of a Bitcoin Futures Active ETF on the Stock Exchange of Hong Kong . Moreover, in mid-February, reports emerged that Chinese officials were providing strategic approval to Hong Kong ’s pro-crypto efforts. It is even speculated that the Chinese government might eventually consid...

Brian Armstrong Prepared For Legal Battle Noting that the California-based Coinbase company has over $5 billion on its balance sheet to sustain operations and cover legal expenses, Armstrong confidently stated, “I think we’re gonna be fine going to the court”. Moreover, he expressed his readiness to endure a potentially lengthy legal process, affirming “even if this takes some time, that’s ok”. advertisement Read More: Billionaire Mike Novogratz Predicts SEC Lawsuits Will Continue Ahead Armstrong also sought to highlight the relatively small percentage of assets mentioned in the SEC complaint, as Coinbase trades over 200 assets on its platform. The crypto mogul pointed out that among those listed on the platform only 13 were categorized as securities. “A relatively small percentage of the assets we trade,” Armstrong added, further defending the company’s position. Armstrong Differentiates Coinbase From B...

Coinbase Calls For Legislation Instead of Litigation In a statement issued by Paul Grewal, chief legal officer and general counsel at Coinbase, he expressed his concerns about the SEC’s “enforcement-only approach” in the absence of clear rules for the digital asset industry. Grewal argued that this approach is hurting America’s economic competitiveness and companies like Coinbase that have demonstrated commitment to compliance and US regulations. advertisement Read More: Binance Unrattled With SEC Lawsuit, Introduces Bitcoin Ordinals Support Within 24 Hrs However, Grewal also emphasized that despite the lawsuit, Coinbase plans to continue operating as usual. He called for legislation that allows fair rules for the road to be developed transparently and applied equally, stating that litigation is not the solution. An exact excerpt from Grewal’s statement while speaking about the recent legal action is as follows: The solution is...