Regulatory Turmoil: SEC’s Coinbase Decision, Circle’s Singapore License & Delayed Philippine Framework

Intricate crypto landscape, SEC and other regulators at work, contrast between clarity and uncertainty, Singapore and Philippines' approach, Circle's MPI license, earthy tones, subtle blend of digital and traditional, subdued lighting, chess pieces representing strategic moves, dynamic mood, hopeful atmosphere, emerging innovation in DeFi and NFTs.

The United States Court of Appeals for the Third Circuit recently ordered the US Securities and Exchange Exchange (SEC) to clarify its position on a rulemaking petition from the crypto exchange Coinbase. The regulator was given a seven-day deadline to either explain its declination of Coinbase’s request, state the reasons for such a decision, or reveal how much more time it would need to make a decision, according to the document shared by Paul Grewal, Coinbase’s Chief Legal Officer.

In regulatory news, Circle Singapore, the local arm of the USDC stablecoin issuer Circle, has been granted its Major Payment Institution (MPI) license for digital payment token services in Singapore after obtaining in-principle approval last November. This license will allow the company to offer digital payment token services, as well as cross-border and domestic money transfer services via its Circle Account for institutional customers accessing USDC.

Meanwhile, the Philippines’ Securities and Exchange Commission (SEC) has delayed the issuance of a framework for digital assets. SEC Chairperson Emilio Aquino explained that the regulator does not want people to “get burned” and find themselves involved in potentially risky activities, such as those witnessed within FTX. However, Aquino also mentioned that there is still a possibility for the regulator to release the framework and necessary guidelines governing digital assets this year.

In the investment sphere, Cathie Wood’s Ark Investment Management purchased $21.6 million worth of shares in Coinbase after the SEC sued the crypto exchange, causing share prices to plunge. The shares were divided across ARK’s Innovation ETF, the Next Generation Internet ETF, and the Fintech Innovation ETF.

In other exchange news, the INX Digital Company recently revealed its proactive self-regulatory measure to fully segregate customer funds, ensuring they remain “bankruptcy remote.” Bitget, on the other hand, introduced a new Martingale AI strategy as part of its lineup of Martingale investing strategy services. Aimed at providing newcomers with a convenient and advanced investment strategy enabled by artificial intelligence (AI), Martingale AI allows for automated trading once traders set their risk appetites and investment frequency based on Bitget’s proprietary AI-recommended parameters.

In DeFi, the developer of the Aave’s gho (GHO) stablecoin recently proposed two key features, moving closer to launching the stablecoin on the Ethereum mainnet. Finally, in NFT news, Mint Square’s non-fungible token (NFT) marketplace announced it will shut down on June 3rd, with buying and selling activities on the platform ceasing entirely by June 30th. The team did not provide a reason for this decision at the time of writing.

Source: Cryptonews

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