Market
Coinbase CLO Paul Grewal Defends Firm
Coinbase Chief Legal Officer Paul Grewal defends the firm against claims by the Federal Election Commission (FEC). The US-based cryptocurrency exchange faces allegations of breaking the rules, with claims that it is a “federal contractor.”
Meanwhile, The US Securities and Exchange Commission (SEC) has responded to the exchange’s subpoena for documents, including that of its chair.
Coinbase Is Not a Contractor, Grewal Says
Grewal denied that Coinbase breached election campaign finance laws in its Marshall Service contract. Digital asset critic Molly White and Public Citizen claim that Coinbase violated FEC laws in its $25 million donation to Fairshake Super PAC.
“Last week, Public Citizen’s Rick Claypool and I filed a complaint with the Federal Election Commission based on my research into apparent campaign finance violations by the Coinbase cryptocurrency exchange,” White wrote.
Challenging this allegation, Grewal articulated that payments made to the exchange are not from Congressional-appropriated funds but from the sale of assets forfeited to the Department of Justice (DOJ) Assets Forfeiture Fund. He also said Coinbase is not a contractor, citing “misinformation.”
“Seized crypto assets are not congressionally appropriated funds, period. There is nothing new in the FEC complaint filed by a self-described crypto critic and Public Citizen’s research director. Notably, there is no minimum bar to file such a complaint. This one – filed by individuals with no election law expertise and funded by who exactly? – Appears to amount to a press release by another name,” Grewal wrote.
Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?
It comes amid ongoing crypto donations to election campaigns, with crypto firms contributing to several Super PACs and other entities. According to Grewal, Coinbase has donated equally to Democrat and Grand Old Party (GOP) super PACs. He also highlighted $500,000 to House and Senate funds for each party, respectively, for 2024.
With these, Grewal indicates that petitioners only want to report a political bias that does not exist. Elsewhere, the exchange is still a loggerhead with the US SEC. In April, the exchange subpoenaed the regulator, requesting documents and expanding the request to include SEC chair Gary Gensler’s communications.
SEC Responds to Coinbase Exchange’s Subpoena
After Judge Katherine Polk Failla critiqued Coinbase’s subpoena in July and the SEC opposed the request, citing “improper intrusion” into Gensler’s personal life, the exchange has made a formal response.
The SEC’s legal representatives say Coinbase’s request for millions of documents is a waste of time. In court documents filed on Monday, lawyers call out the exchange for “overreach,” adding that the subpoena is “disproportional” to the case’s needs.
“It is the Court’s analysis of the facts and the law, not the SEC’s internal discussions or discussions with market participants, that will decide this case, and Coinbase fails to cite a single case to the contrary,” an excerpt from the document reads.
The SEC also counters that Coinbase does not have any precedent regarding internal discussions being able to support its defense. Notably, the regulator has already provided more than 240,000 documents relevant to the case.
Therefore, the regulator indirectly urges Coinbase to explain the relevance of the additional documents it seeks. The exchange is expected to claim privileged status with most of the documents it seeks from the regulator and its chair.
Read More: Who Is Brian Armstrong? A Deep Dive Into the Coinbase Founder
These developments suggest that the case, which began in June 2023 and is already over a year old, is far from over. At inception, the SEC claimed Coinbase operated an unregistered securities exchange, broker, and clearing agency.
Coinbase’s stand is that the regulator is overstepping its regulatory authority without clear guidelines on what constitutes security in the first place. The exchange aims to use the documents to demonstrate this lack of clarity.
As BeInCrypto reported, the exchange has already ramped up its legal team, which could bode well for Coinbase as the developments continue to unfold.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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