Coinbase Files Motion to Dismiss SEC Lawsuit, FTX Begins Reboot Discussions

Market Update Traditional indices are mixed today following stronger than expected economic data. The $SPY and $QQQ are trading +0.26% and -0.35%, respectively. The US Dollar and US Treasury yields have rallied today as the strong economic data reinforces the higher-for-longer mantra regarding US interest rates. All eyes will be on the May PCE data release tomorrow, which should give investors a better view into the ongoing inflation fight. After dipping yesterday, crypto markets are rebounding, with both $BTC and $ETH rising approximately 1.40%. Solana ($SOL) is one of the top performers today, rising 10% after being heavily shorted over the last week amid rumors that Robinhood and Celsius would be selling large amounts of tokens by the end of the month.Coinbase has filed a motion to dismiss a lawsuit brought against it by the US Securities and Exchange Commission (SEC). The lawsuit claims that Coinbase facilitated the trading of 12 tokens considered unregistered securities. Coinbase strongly contests these allegations, arguing that the SEC is applying securities laws in a manner that deviates significantly from existing legal frameworks. Coinbase filed a motion to dismiss the case, raising concerns about the SEC's interpretation of securities laws and suggesting that the agenc