Five things to know about crypto this week: Spot ETFs extend entry streak to five weeks

XRP Weekly Chart 080624

US Courts Challenge SEC Position on Disclosure

On Wednesday, June 5, the Fifth U.S. Circuit overturned SEC rules requiring private fund advisors to provide complete disclosures to investors.

The decision coincided with SEC Chairman Gary Gensler targeting the crypto market over disclosure, saying:

“We, the SEC, will celebrate our 90th anniversary tomorrow. Happy birthday SEC, 90 years old. And what President Roosevelt did was he created this commission to oversee that you, the investors, got the disclosure. And, in crypto markets, they don’t disclose this information to you.

The court’s ruling could give U.S. lawmakers further reason to deploy a U.S. digital asset framework that supports innovation while protecting investors.

Coinbase contributes $25 million to Fairshake

On Monday, June 3, Coinbase (COIN) contributed $25 million to Fairshake PAC. According to its website, Fairshake supports American candidates committed to making the United States the home of innovators who will build the next generation of the Internet.

Last week, Ripple announced its $25 million contribution to Fairshake PAC.

Importantly, Coinbase contributed its $25 million shortly after US President Joe Biden vetoed SAB 121.

Coinbase is also fighting the SEC in court. Investors are awaiting a court decision on Coinbase’s interlocutory appeal request. If Judge Katherine Failla grants the motion for interlocutory appeal, Coinbase will appeal the court denying, in large part, Coinbase’s Motion to Dismiss (MTD).

A Coinbase victory against the SEC would be a boon for the crypto market. Despite the uncertainty surrounding the SEC versus Coinbase case, Coinbase rose 8.07% to $244.16 in the week ending June 7.

Read Complete News ➤

Leave a Reply

Your email address will not be published. Required fields are marked *

5 × 3 =