Court Partially Dismisses SEC's Lawsuit Against Coinbase, Kucoin Charged by DOJ and CFTC for AML Violations

Mar 27, 2024
Market Update Crypto markets are declining following news that most of the SEC’s lawsuit against Coinbase will proceed (more below). $BTC (-1.27%) reached intraday highs of $71.8k before declining to $69k after the news. Rumors have circulated that Morgan Stanley and PNC will soon approve access to Bitcoin ETFs on their wealth management platforms. Together, Morgan Stanley and PNC hold over $1.5 trillion in client assets and likely will provide a tailwind for ETF flows. Inflows yesterday totaled $418 million, helping to offset last week’s record outflows. $ETH (-1.78%) is trading near $3,500, as Fidelity filed an S-1 for its Ether Spot ETF this morning, posing interesting timing given the recent pessimism surrounding potential approvals. Fetch.AI ($FET), SingularityNET ($AGIX), and Ocean Protocol ($OCEAN) have agreed to merge into an “Artificial Superintelligence Alliance” to create one token (ASI) encompassing all three protocols with an FDV of $7.5 billion, pending governance approval. All three respective tokens have surged over 10% following the proposed merger. The SEC brought a lawsuit against Coinbase last summer, alleging the platform was operating an unregistered exchange, broker, and clearinghouse under federal securities laws, and through its staking platform

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Crypto subscription is required in order to access this content.

*Free trial available only on a monthly plan

Reports you may have missed

MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -0.73% falling to $60k and ETH -1.18% approaching the low $2,300s. Aptos (APT 0.76% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -0.68% is also showing slight gains following...

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -0.73% climbing back above $61,000 and SOL 2.05% moving above $145, while ETH -1.18% is lagging, trading around $2,400. Among today's outperformers is SUI 16.26% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...

Sign in to read the report!

We have detected you are an active member!

Ray: a672b3-52064a-8adabc-ede1b5-081abc