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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.
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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
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 – $2,850
Major Resistance Level – $2,720
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