🚨 SEC Faces Backlash: Coinbase CLO Condemns Halt on FTX Repayments

Author

CoinGape Media
September 02, 2024

News

Coinbase CLO Paul Grewal slammed US SEC for reserving its right on FTX repayment plan while failing to maintain clarity on the matter.

In its latest filing, the U.S. Securities and Exchange Commission (SEC) has warned bankrupt crypto exchange FTX of repaying the victims in stablecoins or other crypto assets. Paul Grewal, chief legal officer (CLO) of Coinbase has slammed the US SEC stating that the regulator holds a keen interest in maintaining uncertainty over crypto rules.

Metaplanet known as Japan's MicroStrategy has teamed with Ripple-partner SBI for Bitcoin trading, custody, and management.

Metaplanet Inc., now called as Japan’s MicroStrategy, has announced a strategic partnership with SBI Group, a partner of crypto payments leader Ripple Labs on Monday. SBI VC Trade and Metaplanet begin the partnership with Bitcoin trading, custody and management. This move marks a fascinating development toward huge crypto adoption and interconnected collaborations in the future.

Crypto presales offer the opportunity to buy new crypto at reduced prices before their official launch.

In this guide, we list the best crypto presales to invest in for 2024 based on our comprehensive research and expert analysis.

Our evaluation criteria focus on strong community engagement, practical utility, and growth potential. The highlighted presale crypto projects showcase innovative approaches and promising returns, helping you make informed investment decisions.

Markets

BTC price wanes to the $57K level with weekly outflows in spot ETFs and capital flows shifting to stablecoins. Altcoins mimic price dips.

The crypto prices today have again sparked severe investor concerns globally. Bitcoin (BTC) price slipped to the $57K level, whereas Ethereum (ETH), Solana (SOL), and XRP traded dominantly in the red territory. The global crypto market cap witnessed a 1.74% decline in value to $2.02 trillion today. However, the total crypto market volume experienced a 68.49% increase in value to $55.39 billion.

Here’s a brief collection of some of the leading cryptocurrencies by market cap and their price action today, September 2.

Bitcoin price consolidates but the US stock market flashes recession signs. If history repeats, investors should expect a steep Bitcoin crash.

Bitcoin (BTC) price suffered a fatal crash in the first week of August and is still reeling from it. Last week, BTC crashed by 7%, but it currently trades at a key psychological level. But, the US stock market shows signs of exhaustion, which could impact BTC and broader financial markets.

Crypto funds saw $305M in outflows amid bearish sentiment, impacting Bitcoin and ETH prices, which fell over 8% as investor interest declined.

Crypto funds witnessed substantial outflows, amounting to approximately $305 million over the past week. This decline is primarily due to negative investor sentiment across various cryptocurrencies, with Bitcoin (BTC) and Ethereum (ETH) experiencing the most outflows.