Cetoex News – Coinbase is officially deciding to re-list Ripple XRP, according to an official announcement from the exchange. “Coinbase will re-enable trading for XRP (XRP) on the XRP network,” an official tweet from Coinbase reads.

The tweet adds “Trading is anticipated to begin later today, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT, and XRP-EUR trading pairs will launch in phases. Support for XRP may be restricted in some supported jurisdictions.”

According to the latest ruling of the ongoing Ripple, a US judge officially ruled earlier today that Ripple XRP is not a security. The ruling has finally put an end to the ongoing battle between XRP and the SEC. Since the ruling, XRP is seeing its price surge by over 30%.

Following the favorable outcome for Ripple in its case vs the SEC, XRP is gaining the attention of prominent exchanges. Crypto exchange Gemini has also expressed that the exchange is exploring the listing of XRP for both spot and derivatives trading. Coinbase appears to be the first exchange to re-list Ripple’s XRP however. More exchanges may decide to re-list the cryptocurrency soon.

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Cetoex News – One of the largest cryptocurrency exchanges, Coinbase, has said it “screwed up” in an apology for its Pepe Coin coverage. Specifically, the exchange’s chief legal officer, Paul Grewal, issued the apology after calling the original meme a “hate symbol,” in a recent newsletter. 

“We screwed up, and we are sorry,” Grewal said in a tweet Thursday. Additionally, Grewal admitted that the information the exchange shared regarding the meme coin “did not provide the whole picture,” of the meme’s history.

Coinbase Apologizes for Pepe Statements

The Pepe Coin has experienced a meteoric rise within the digital asset community. Moreover, it has been one of the stories of the year, as the meme coin has become a consistent headline within the cryptocurrency community. Catapulting to the top three meme coins.

Now, in response to previous statements made by the exchange, Coinbase says it “screwed up” in an apology for its Pepe Coin coverage. Moreover, Grewal issued a statement acknowledging the exchange’s wrongdoing. Specifically in regard to the information it shared regarding the original meme.

“Yesterday we shared an overview of the PEPE meme coin to provide a fact-based picture of a trending topic,” Grewal shared. “This did not provide the whole picture of the history of the meme, and we apologize to the community.” 

The original Pepe coin coverage was issued in a newsletter that was published on Wednesday. Conversely, certain aspects have since been edited out, but not before setting off a fiery response from Twitter circles. Specifically, early Thursday, as the #deletecoinbase hashtag trended on the platform. 

Despite its rapid ascension, Pepe Coin has seen a cooldown over the past few days. Currently, the meme coin is down almost 15% over the last 24 hours, and trading at $0.00000158, according to CoinMarketCap. 

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Cetoex News – SEC vs. Ripple is a well-known dispute that has been going on for more than two years. The SEC charged Ripple with marketing XRP as a security, burdening XRP’s potential for long-term price growth.

It is one of the most well-known court battles in the history of cryptocurrencies and a crucial development for industry regulatory worries. A crucial summary decision in the case of Ripple v. SEC is imminent, and fresh developments could change the outcome.

Amidst this, there have been some issues going on between cryptocurrency exchange Coinbase and the SEC after the latter filed a Wells notice with the exchange. Coinbase has recently responded to the Wells Notice and XRP supporter and lawyer Bill Morgan has something to say about it.

Morgan says Coinbase’s fair notice defense is a bad idea

Morgan highlighted that if the exchange uses the fair notice defense in the response, it could possibly backfire. “It even submits it has a stronger fair notice defense than other defendants and footnotes Ripple’s fair notice defense.”

Morgan pointed out that Coinbase faces a challenge because it delisted XRP in January 2020, following the SEC v. Ripple lawsuit, which suggests that it evaluated the matter of XRP trading closure and opted to halt it. He highlighted that the SEC will definitely notice the point and tagged Paul Grewal and Brian Armstrong in his tweet to reconsider their submission in the Wells notice response.

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Cetoex News – Coinbase is one of the largest cryptocurrency players in the US. Every now and then, Brian Armstrong, the CEO of the exchange, has voiced his opinion on the country’s cryptocurrency stance. A lack of clarity in regulations for cryptocurrencies, along with tightened scrutiny by the SEC and CFTC, has alerted the crypto industry and the community.

Armtsrong’s exchange has recently released a blog speaking on how the US government’s stance on cryptocurrencies could jeopardize the country’s tech leadership.

Coinbase Says the US Must Reassert Its Leadership Role

Speaking about the risks associated with the government’s current stance on crypto, Coinbase stated, “The U.S. has historically led the world in technological advancements by fostering responsible innovation.” “It is critical to nurture and support new and disruptive innovation because it is impossible to know which technologies will turn out to be the next cell phone, semiconductor, or internet.”

Coinbase stressed in the blog why the exchange chose to become a public company, keeping in mind the vision of building trusted products. The exchange also added that it believed the US to be a hub for embracing such innovations.

The exchange also spoke about how other nations are steering towards a friendly approach to establishing themselves as crypto hubs and how the US is moving in the opposite direction.

Coinbase Speaks about New Institue White Paper

In the blog, Coinbase also talks about their new Institute white paper dubbed “Defending American Leadership: The National Security Case for Crypto and Blockchain.” Coinbase mentioned how the white paper talks about the US’s approach to cryptocurrencies and the threat they pose to US security.

The exchange also stressed the importance of understanding the utility of these technologies before beginning to embrace them. Coinbase mentioned some of the key benefits, including the ability to transfer value without an intermediary. Additionally, talking about the genius of historical US technology leadership, Coinbase mentioned, “It didn’t try to pick winners or losers. Instead, it took a welcoming posture toward innovation while managing risks, rather than attempting to set in stone old ways of doing things.”

Coinbase also spoke about China and its aggressive promotion of blockchain technology. The exchange quoted the roadmap of the Made in China 2025 strategy with the vision of establishing the most advanced blockchain technology by 2025.

Talking about the severity of the situation, Coinbase stressed that if the US continues to destroy the crypto industry, it will find itself at a devastating disadvantage against other nations. The exchange also mentioned that it is time for the government to create a crypto-regulatory infrastructure.

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Cetoex News – Just a day back, the United States Securities and Exchange Commission issued a Wells Notice to crypto exchange Coinbase. The agency went on to warn the company of potential federal security law violations. Afterward, the share price of the company tumbled. However, crypto investors with accounts on Coinbase continue to remain optimistic.

As shown below, the Coinbase Premium Index for Bitcoin shot up mid-month to a high of 1.009. However, it immediately de-escalated. That being said, it is interesting to note that the reading of this index is still oscillating around multi-year high levels.

The premium usually turns green when buying pressure bubbles on an exchange and investors are willing to buy an asset at a slightly higher price. At press time, the Coinbase Premium Index [CPI] reflected a value of 0.2033. Since mid-2021, the index visited has tested the level only once, on June 30, 2022. At that time, it went on to attain a high of 0.2176.

Thus, despite the recent drop, the CPI continues to hover around a comfortable high. This likely means that the masses are not letting FUD call the shots and continue to buy crypto assets on Coinbase.

Binance vs. Coinbase: Head to head

In terms of volume settled, Binance continues to occupy a dominant position. For context, just over the past 24 hours, it settled transactions worth $14.5 billion. Coinbase, on the other hand, managed to foster a volume of only $1.86 billion.

However, as far as the weekly trend is concerned, Coinbase seems to be in a comfortable position. On Binance, the volume curve initiated a downtrend on March 21. From a high of $30.2 billion, it dropped to the aforementioned $14.5 billion.

On Coinbase, the volume initially dropped as well. However, after a couple of days, the curve started making northward strides. In fact, at press time, it was seen horizontally consolidating, rather than correcting and dropping down.

Thus, keeping in mind the stabilized volume figure and the green-premium figure in mind, it can be deduced that investors aren’t steering away from Coinbase, but are rather using the exchange more, likely indicating that optimism is seeping back.

Ark buys ‘discounted’ COIN

Post the SEC episode, COIN shares erased a significant proportion of their gains by registering a 14.05% drop in just a single day. In fact, the “gap” between candlesticks on the chart was prominently visible at press time. COIN closed March 23’s trading session at $66.30.

Cathie Wood’s Ark recently dumped 160k Coinbase shares. However, the asset management company has already made up for the same. Via two separate transactions, ARK added 230.59k and 38.29k shares to its ARKK and ARKW funds on March 23.

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Cetoex News – Coinbase has announced the listing of the Euro-backed stablecoin, $EURO. The Euro Coin is issued by Circle and is fully backed by the Euro. Moreover, it arrives on the crypto exchange amidst some controversy regarding stablecoin issuers and the US Securities and Exchange Commission (SEC).

Earlier this month, the EUROC was added to Coinbase listing roadmap, as users expected the Euro stablecoin to eventually arrive. Moreover, Coinbase thus notes that the asset meets the standards of the exchange “for legal, compliance and technical security.”

Euro Coin Listed on Top Exchange

Coinbase is one of the top crypto exchange platforms in the industry and has been seen in headlines plenty over the last couple of weeks. The delisting of the Binance Stablecoin (BUSD) sparked some concern. Thereafter, the exchange launched Crypto435, an initiative to fight for the industry amidst regulatory scrutiny.

Now, Coinbase has officially listed the Euro-backed stablecoin, $EUROC, on its exchange for users. The stablecoin was previously listed on the exchange listing roadmap earlier this month, coming to fruition today.

Specifically, the Eurocoin is a Circle-issued stablecoin that is backed 1:1 by the Euro. Additionally, in their listing roadmap issued, they stated the stablecoin would be added to the exchange because it meets the extensive standards for “legal, compliance, and technical security.”

Furthermore, the roadmap stated, “These standards do not take into account the market cap or popularity of the project.” Speaking towards the exchanges desire to treat all assets equally, and only by their meeting of the specific standards, and not their relevance.

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Cetoex News – Coinbase has recently announced in one of their recent tweets that the exchange is planning to suspend the trading of Binance USD (BUSD). The exchange mentioned that trading will be suspended on March 13, 2023, at or around 12:00 p.m. EST.

The exact reason for the delisting has not been mentioned. However, Coinbase stated that they regularly monitored the assets on the exchange to ensure they met the listing standards.

Details from the tweet revealed that trading will be suspended on Coinbase.com for both simple and advanced trades, Coinbase Pro, Coinbase Exchange, and Prime. However, the exchange made it clear that the BUSD funds will be accessible and can be withdrawn at any time.

Binance and BUSD are going through a tough time due to increased SEC scrutiny of stablecoin issuer Paxos. Paxos was asked to stop issuing BUSD, and the stablecoin started slipping away from its peg. However, at press time, the BUSD has regained its peg. There has also been a drop in the market cap for BUSD recently due to ongoing issues.

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Cetoex News – Bloomberg reported that former FTX US President, Brett Harrison, has raised $5 million from both Coinbase Ventures and Circle Ventures for a new crypto startup. The former executive is attempting to chart a course forward following his close relation to Sam Bankman-Fried and his collapsed crypto exchange.

Harrison is crafting a new crypto software firm called Architect, which will develop software to aid in the accessibility of both centralized and decentralized markets. Bloomberg notes Harrison’s hope that Architect can aid institutional investors, and “allow people to get their confidence back in trading in this industry.”

Ex-FTX President Gains Funding for Software Firm

There is no understating the massive effect the collapse of FTX had on the crypto industry over the last year. What was once a prominent and reliable brand in the crypto sector, had ended in 2022 as one of the largest financial fraud schemes in history.

Much of the platform’s fate was driven by co-founder Sam Bankman-Fried, the former CEO who was arrested for his role in the fraud back in November. Now, the platform, and much of the industry, is attempting to regain the trust lost by his actions. A task that is understandably proving difficult

Bloomberg reports that venture funding for crypto startups has fallen a remarkable 75% in Q4, almost reaching a two-year low. That reality, and Brett Harrison’s status as the former president of FTXs American arm, made funding a near impossibility.

Yet, the former executive has attempted to move forward beyond the perception of his association with the platform. Harrison left FTX in September, just before the criminal practices came to light. Still, his association, and the state of crypto funding, made acquiring capital for his Architect difficult. Specifically affecting the company’s valuation.

Conversely, despite the difficulty, Bloomberg has reported the former FTX US President has raised $5 million for Architect, predominately from Coinbase Ventures and Circle Ventures. Additionally, Bloomberg states that Anthony Scarmucci and the SALT Fund, SV Angel, Third Kind Venture Capital, and Motivate Venture Capital have invested.

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Cetoex News – Coinbase is under scrutiny for allowing customers to open accounts without due diligence and insufficient background checks. The New York regulators fined the exchange $50 million after the regulators were made aware of the situation. The penalty is on grounds of violation of the anti-money laundering laws.

Coinbase is also required to invest $50m in its compliance program

According to the details of the settlement made public on Wednesday, Coinbase is also required to invest $50 million in its compliance program. This compliance program is in place to aid in preventing drug traffickers and other lawbreakers from opening a Coinbase account.

The cryptocurrency exchange faced scrutiny initially in 2020 during a routine examination. The examination revealed problems with the exchange’s anti-money laundering rules in 2018. Over 100,000 alerts regarding suspicious customer transactions were also identified by late 2021. According to the regulators, the exchange only conducted rudimentary checks before allowing individuals to open an account with the exchange.

“We found failures that really warranted putting in place an independent monitor rather than wait for a settlement,” Adrienne A. Harris, New York State’s superintendent, said in an interview.

Exchanges have been under regulatory scrutiny ever since the fall of FTX. The fall of one of the largest cryptocurrency exchanges triggered a drop in trust vested in centralized exchanges.

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