Coinbase puts pressure on the United States Ministry of Justice to intervene and prevent individual states from applying cryptographic regulations that come up against national policy.
The main dishes to remember:
- Coinbase urges the doj to block the laws of state cryptography that conflict with federal policy.
- Legal director Paul Grewal said that inconsistent state rules affect innovation and legal clarity.
- The exchange indicates the Oregon trial as a key example and supports federal legislation for uniform regulations.
In an official letter, the exchange asked the federal authorities to pre -empt the laws of states which, according to them, suffocate innovation and harm consumers.
Coinbase clo slams patchwork of cryptography at the level of the state
Legal director Paul Grewal has criticized what he described as a confusing patchwork of state -level cryptography rules, accusing states of relying on broad and inconsistent interpretations of securities law.
He underlined the current Oregon trial against Coinbase as an excellent example of the problem.
“When Oregon can continue for legal services under federal law, something is broken,” said Grewal on social networks, arguing that the current regulatory configuration hinders progress and adds a legal risk to businesses.
Oregon Attorney General Dan Rayfield brought an action for Coinbase in April, accusing the exchange of promoting unregistered titles in the state.
It came only two months after the SEC abandoned its own file against the company, which had alleged that Coinbase operated as an unregistered broker and exchange.
Rayfield defended the action, declaring that federal regulators withdrew from the application under the new administration and leaving gaps that states are now forced to fill.
Coinbase pushes. In June, the company intensified the Oregon affair before the Federal Court and filed a separate complaint in July to target Governor Tina Kotek, contesting the state authority in the matter.
In his letter, Coinbase called the MJ to support the federal legislation which would prevail over the contradictory state rules.
Grewal has cited waiting bills such as the Clarity Act and the responsible financial innovation law as possible solutions that could provide long -awaited clarity to the cryptography industry.
Coinbase is struggling to stay ahead of the race
As indicated, Coinbase is underway to stay ahead of a wave of new competitors, because it pivots an exchange of pure crypto to a wider financial service platform.
Founded in 2012, Coinbase has entered the S&P 500 this year and now has a market capitalization of $ 83 billion.
Its shares have increased by 70% since the election of Donald Trump, thanks in part to the position of the cryptocurrency of his administration.
However, the profits of the second quarter disappointed and the stock dropped by 15%, reporting the prudence of investors.
An increasing concern is the exposure of the company to the price of Bitcoin. Negotiation costs, always at the heart of Coinbase income, increase and decrease with the volatility of the cryptography market.
Compression of costs and competition from Asian exchanges also eat in its margins.
Coinbase obtained his goalkeeper position for eight of the 11 best American FNB Bitcoin FNB, winning $ 43 million in the last quarter of 2024 from this.
However, new legislation could open the door to traditional guards like State Street and Bny Mellon to enter the market, threatening the domination of Coinbase.
The company also plans to trading shares and small businesses, while strongly relying on stablecoins and stake.
Revenues from its USDC Stablecoin partnership with Circle Now Trail Only Trading, while Staking offers high margin yields and defense.
In its most daring decision to date, Coinbase has acquired the cryptocurrency derivative platform for $ 2.9 billion, signaling its intention to dominate this space.
The company has also teamed up with banks like JPMorgan and PNC to reject crypto and traditional finances.
The Coinbase post urges the doj to block the rules of contradictory state crypto appeared first on Cryptonews.