Coinbase is taking a proactive role in advocating for clear cryptocurrency regulations in the United States. The firm has spent substantial resources on legal matters to challenge the government’s critical approach to cryptocurrencies. With the potential re-election of Trump, there has been a renewed sense of optimism in the market, helping to bring previous hidden documents to light.
Is ETH Really a Security?
The classification of XRP and ETH as securities has ignited much debate. Through the Freedom of Information Act, Coinbase has procured over 10,000 documents, hoping to illuminate periods that were previously challenging. These recent disclosures highlight the SEC’s engagement with XRP and ETH.
The New York Attorney General’s Office, in its bid to classify ETH as a security, requested an amicus brief. This type of brief, known from the Ripple case, seeks expert evaluations on specific issues. The request was sent via email by the Chief of the Investor Protection Bureau, Shamiso Maswoswe, in June 2023, coinciding with legal actions against Binance and Coinbase.
Gary Gensler has led comprehensive legal scrutiny against the Ethereum ecosystem, including companies like Consensys. His actions raise the question of ETH’s status as a security, a query he has yet to conclusively address.
Can Trump’s Support Breathe Life into Crypto?
Last year’s investigations coincide with Ethereum’s transition to Proof of Stake, or Ethereum 2.0. Trump has introduced a favorable stance towards cryptocurrencies as part of his platform, branded as Crypto 2.0.
Simultaneously, the Senate and House of Representatives are drafting cryptocurrency regulations. The SEC is engaging with industry leaders in discussions aimed at establishing groundwork rules. The stored proceeds from confiscated crypto assets and the legislation for state-level BTC reserves indicate more strategic actions are on the horizon in the US.
Today’s major report involves the email received from Binance regarding the delisting of CVP Coin. Set for automatic conversion by November 27, this transition started on May 28 and is designed to convert holdings into USDC equivalently.
In brief, Binance will no longer list CVP Coin.
