Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
SEC Requests Additional Four Months to Submit Documents in Coinbase Case
The U.S. Securities and Exchange Commission (SEC) has asked for an additional four months to produce documents in its ongoing legal case with Coinbase. In a recent filing with the U.S. District Court for the Southern District of New York, the SEC explained that it needs more time to go through a massive collection of 133,582 documents.
If Judge Katherine Failla approves the request, the deadline for producing these documents could be pushed to February 2025, potentially delaying court proceedings until then, according to a report from Cointelegraph.
The SEC was originally supposed to produce the documents by October 18, but due to the large volume, the agency has requested to extend the deadline for fact discovery until February 18, 2025. Expert discovery could wrap up by April 22, 2025.
This case is part of a broader regulatory crackdown on major cryptocurrency exchanges like Coinbase, Binance, and Kraken. Recent rulings against companies like Ripple Labs and Terraform Labs show the SEC’s tough stance on what it considers unregistered securities.
Earlier this year, a federal judge in Manhattan allowed the SEC to proceed with its lawsuit against Coinbase, though one of the SEC’s claims was dismissed. Judge Failla partially granted Coinbase’s motion to dismiss, but the lawsuit, which accuses the company of violating securities laws, is still ongoing.
Central Bank of Bahrain Grants Crypto.com Payment Service Provider Licence
MANAMA, BAHRAIN – September 19, 2024 – The Central Bank of Bahrain has granted Crypto.com full approval to provide payment service provider (PSP) services through its subsidiary, registered under the name "FORIS GFS BH B.S.C. CLOSED." This approval marks another significant regulatory achievement for the company in the region.
With the PSP license, Crypto.com will be able to expand its range of e-money and fiat-based payment services across the region, including the launch of its widely popular prepaid cards.
"We are thrilled that Crypto.com has chosen Bahrain as an investment destination. Their presence will enhance our efforts to build a digital-first, resilient economy that embraces innovation," said H.E. Noor bint Ali Alkhulaif, Bahrain’s Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board. She added, "Our 'Team Bahrain' approach ensures a streamlined investment environment, promoting ease of doing business. With strong regulations, a skilled workforce, and a focus on future-ready industries, Bahrain is building a world-class ecosystem for the rapidly growing blockchain, crypto, and fintech sectors."
Eric Anziani, President and COO of Crypto.com, acknowledged Bahrain's efforts in creating a welcoming environment for innovation in the crypto and fintech industries. "Bahrain has worked hard to establish clear regulations that balance consumer protection with business growth. We look forward to strengthening our relationship with the Kingdom and contributing to the growth of the crypto industry here and across the Gulf Cooperation Council (GCC)," he said.
Vitalik Buterin Exits Ethereum Amid Price Pump, Again
Recent data from Lookonchain shows that a wallet linked to Ethereum cofounder Vitalik Buterin has made another significant Ethereum transfer, which appears to be a cashout. The wallet, identified as "0xD04d," moved 1,300 ETH—valued at around $3.17 million—to another wallet, "0x5567," just an hour ago. Shortly after, the receiving wallet deposited 74.17 ETH, worth $181,000, into Paxos.
This transaction mirrors a similar one that took place 348 days ago when 1,000 ETH, worth about $2.45 million, were transferred from "0xD04d" to "0x5567." On that occasion, the funds were later deposited into Bitstamp, a well-established crypto exchange, according to Arkham Intelligence.
The wallet "0xD04d" has a history of handling large amounts of Ethereum. It reportedly received 70,000 ETH, worth $171.5 million, from another wallet called "Vb 3," which is believed to belong to either Vitalik Buterin or people closely associated with him, such as family or friends, according to Lookonchain reports.
VanEck CEO Jan van Eck on U.S. Fiscal Concerns, Bitcoin, Gold, and U.S. Stock Market
On September 17, Jan van Eck, CEO of Van Eck Associates Corp, discussed his concerns about the U.S. fiscal situation during an interview on Bloomberg Radio. He highlighted that the country's fiscal deficit has reached unprecedented levels, even with low unemployment. Van Eck emphasized that this is a departure from previous times when deficits were similarly alarming but often mitigated by central bank interventions. He compared this to Japan, which has managed to avoid economic fallout despite having high debt for over 20 years.
Van Eck argued that the U.S. cannot continue its current spending patterns, especially after seeing inflation driven by government expenditures. He suggested that, regardless of the political landscape, spending cuts will be necessary. In the past, concerns about the U.S. deficit were often sidelined as central banks bought up debt, but this time, van Eck believes that spending must be reduced, which could slow economic growth.
Bloomberg Radio host Barry Ritholtz challenged van Eck by pointing out that Japan has managed to handle its debt without severe economic consequences. Van Eck acknowledged Japan’s situation but insisted that the U.S. would soon need to scale back its spending due to the inflationary pressures caused by recent high spending. He also noted that government spending from 2022 to 2024 helped prevent a recession, but continuing this approach may not be viable in the long term.
SEC asks court for four months to produce documents for Coinbase
Lawyers for the U.S. Securities and Exchange Commission (SEC) have asked a court for an extension until February 2025 to produce "hundreds of thousands of documents" as part of the discovery process in their case against the cryptocurrency exchange Coinbase.
In a filing on September 18 with the U.S. District Court for the Southern District of New York, the SEC requested an additional four months to complete the document review. The SEC was originally expected to produce the documents by October 18, but a partial victory by Coinbase in a motion to compel discovery means the SEC must now provide information about how it applies securities laws to tokens.
According to the filing, "The SEC is reviewing at least 133,582 unique documents." The extension, if granted, would give the SEC the time it needs to comply with the court’s order.
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