Coinbase Strikes Back at the SEC and Genesis' Restructure Plan Collapses

Market Update Equity indices are falling today amid an action-packed week of corporate earnings. The $SPY (-0.81%) is trading just above $410, while the $QQQ (-1.03%) is hovering around $313. After reaching its lowest level since November 2021, the $VIX (+8.53%) is beginning to rise again. Crypto is in-line with equities as $BTC (-0.49%) is trading at $27,300, and $ETH (-1.39%) is trying to stay above $1,800. Arbitrum has completed its distribution of $ARB tokens to its ecosystem’s DAOs. Airdrop allocations are providing a large boost to projects’ value as a percentage of their market caps (see below). As a result, smaller Arbitrum tokens such as $VSTA and $PLS are outperforming amid a broader market selloff, rising 15.86% and 3.52%, respectively, over the last 24 hours.Source: TwitterCoinbase has filed an action against the SEC to force the agency’s hand in providing answers to an outstanding petition regarding regulation of the crypto industry. The petition includes 50 different questions which are broad in scope and requests that the SEC uses its normal rulemaking process to develop a regulatory framework for the digital asset industry. Coinbase initially filed the petition in July of last year. The SEC has been uncooperative in providing answers despite actively se