Search Results for: Coinbase Custody

Coinbase’s Chief Legal Officer, Paul Grewal, critiques the proposed US rule on cryptocurrency custody requirements as “misguided,” urging revisions. Grewal suggests recognizing state trusts and state-regulated firms as qualified custodians, promoting competition, efficiency, and investor protection while limiting exposure to non-qualified custodians.

The SEC’s proposed revisions to RIA custody rules have been met with pushback from Coinbase, who asserts that the regulation unfairly targets crypto and fails to protect all asset classes, including cryptocurrencies. Coinbase legal chief, Paul Grewal, has called for several changes to ensure adaptability and protection of future investments.

The article discusses legal disputes in the crypto world, highlighting a lawsuit involving legal team Fenwick & West and cryptocurrency exchange FTX, caught up in allegations of fraudulent activities. On a positive note, it mentions Coinbase’s recent AML compliance registration from the Bank of Spain, indicating global advancements in cryptocurrency regulation.

Coinbase has secured an Anti-Money Laundering compliance registration from Spain’s central bank, enabling crypto services in the country. As Coinbase expands globally, it faces possible complications from varying regulatory frameworks and is urged to prioritize asset security as skeptical holders consider withdrawing assets.

“Nasdaq, the tech-centric US stock exchange, has halted its plans to introduce a cryptocurrency custody service, raising concerns within the crypto industry. This comes despite BlackRock’s proposal brought hope for deep institutional interest in Bitcoin and cryptocurrencies. If the regulatory status continues, it may herald a bleak future for the industry.”

“Nasdaq has terminated plans to launch a cryptocurrency custody service due to recent regulatory challenges. Despite the setback, CEO Adena Friedman confirms Nasdaq will continue supporting advancements in the digital asset ecosystem. This highlights broader tension within the financial industry around cryptocurrency regulations.”

“Crypto-exchange Coinbase faces the U.S. Securities and Exchange Commission (SEC) over allegations some cryptocurrencies offered are unregistered securities. Meanwhile, Binance encounters difficulties getting a custody license from the German Federal Financial Supervisory Authority. With this, the saga of crypto regulation continues highlighting the tension between investor protection and market innovation.”

Deutsche Bank, Germany’s largest bank, seeks regulatory permission from the German Federal Financial Supervisory Authority (BaFin) to operate a digital asset custodial platform. This move signifies the growing importance of regulations in the cryptocurrency space and the increasing involvement of major financial institutions, providing further validation for the future of blockchain technology and digital assets.

Deutsche Bank, with $1.3 trillion in assets, has applied for a digital asset custody platform license from Germany’s finance regulator. This move positions the bank to potentially establish a minimum viable product in 2021, signaling a significant step toward embracing digital assets in the traditional financial sector.

The SEC proposed a rule that may limit certain financial stakeholders in cryptocurrency custody requirements. Lawmakers Torres and Flood argue that excluding state-regulated institutions as qualified custodians could stifle competition and stress the importance of maintaining diverse custodial solutions while protecting investors.

The upcoming SEC enforcement action against Coinbase may impact the company’s revenue streams and challenge its attempts to pivot away from the US market, raising questions about cryptocurrency exchanges’ sustainability amidst changing regulatory landscapes.

The SEC’s proposed custody rule faces criticism from industry players and officials, citing overreaching authority, potential advisor inhibition, and investor asset security risks. Amidst concerns, clearer regulatory frameworks are needed to balance market stability with innovation in the crypto landscape.

The SEC’s proposal requiring investment firms to safeguard client assets, including cryptocurrencies, with approved custodians faces pushback from organizations like JPMorgan and the Small Business Administration. Critics argue the rule is “illegal, infeasible, and dangerous,” with concerns over unique custody logistics for crypto assets and potential limitations on service options.

Bittrex, a once-popular crypto exchange platform, files for bankruptcy protection due to an untenable regulatory and economic environment in the US. The rise of decentralized finance (DeFi) and platforms like Uniswap have contributed to its decline, while regulatory uncertainty looms over the crypto industry.

Coinbase urges the SEC to reconsider its proposed rule on registered investment advisers’ duties, arguing that it unfairly targets the crypto sector and neglects other asset classes. The company suggests multiple adjustments to ensure adaptability to future advances in asset types and to foster innovation and investor protection in the evolving crypto market.

Investment giant Franklin Templeton has made a move into the Bitcoin exchange-traded fund (ETF) sector, filing an application with the US Securities and Exchange Commission. Termed “Franklin Bitcoin ETF,” the fund would primarily contain Bitcoin, securely stored by the custodian, Coinbase Custody Trust. This clears a path into the mainstream investment arena, despite similar ETF applications from other financial powerhouses remaining stuck in SEC review.