Coinbase to Distribute Regulatory Framework for Cryptocurrency Industry to US Lawmakers

4 October 2021 | Updated: 4 October 2021

Recent reports show that Coinbase had embarked on a journey to Influence cryptocurrency regulation in the US. According to a recent tweet, Coinbase CEO Brian Armstrong asserted that:

“We’ve now met with 30+ crypto firms, 25+ members of congress and or staff, four major law firms, and three trade groups about our regulatory proposal for crypto. Our policy team is doing great work, and we’re trying to be part of the solution.”

The CEO initially revealed his company’s plans to draft and submit a regulatory framework to US legislators at the TechCrunch Disrupt event on September 22. Armstrong noted that distributions of this proposal should begin this month.

The Coinbase executive also revealed that he had received multiple requests for a cryptocurrency regulatory framework proposal, as regulatory agencies like to receive industry feedback when creating new rules. Armstrong stated during the interview that: “When I go to DC, I’ve met with a number of people in government, and they typically will ask us ‘Well, do you have a draft, do you have a proposal of something we could try to shop around about how this could be regulated federally?'”

Coinbase has Lender License in 50 States but Seeks Federal Framework

The CEO revealed that Coinbase is recognized and licensed as a money transmitter and lender in 50 states. He also highlighted that the behemoth exchange operates under the purview of the Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Internal Revenue Service (IRS), the Treasury, and the Office of Foreign Assets Control (OFAC).

That said, Armstrong opined that he would prefer a federal regulatory framework instead of dealing with the complexities of several independent states. He noted that:

“We have a proposal that we actually want to put out there that could help maybe create at least one idea about how to move forward. But this is going to require input from a lot of people.”

 

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Coinbase Forfeits Lend Program Launch Amid Lawsuit Warning from SEC

22 September 2021 | Updated: 22 September 2021

Nasdaq-listed cryptocurrency exchange Coinbase has announced that it will no longer proceed with its plan to launch a Lending program amid a legal action threat from the US Securities and Exchange Commission (SEC).

The giant crypto exchange made the announcement last Friday, detailing that:

“Our goal is to create great products for our customers and to advance our mission to increase economic freedom in the world. As we continue our work to seek regulatory clarity for the crypto industry as a whole, we’ve made the difficult decision not to launch the USDC APY program.”

Coinbase added that: “We have also discontinued the waitlist for this program as we turn our work to what comes next. We had hundreds of thousands of customers from across the country sign up, and we want to thank you all for your interest. We will not stop looking for ways to bring innovative [and] trusted programs and products to our customers.”

Coinbase announced the Lend program in June, explaining that interested users could “earn interest on USD coin (USDC) with rates more than 50x the national average of a traditional savings account.” The program revealed that users could earn up to 4% APY with guaranteed security of principal.

In early September, the company received a Wells Notice regarding its Lend program from the SEC. Coinbase revealed that: “The SEC has told us it wants to sue us over Lend. We don’t know why,” adding that “The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.”

Coinbase Continues to Excel Amid Setback

Amidst this setback, Coinbase continues to expand its service base. Last week, the giant crypto exchange applied with the National Futures Association (NFA) to offer futures and derivatives trading services on its platform.

Also, reports show that Coinbase recently initiated a $2 billion corporate bond program.

Furthermore, the largest cryptocurrency exchange in the US announced on September 20 that it was launching Coinbase Prime, a comprehensive platform for institutional investors.

 

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Coinbase Faces Legal Action from SEC for Its Proposed Lending Program

8 September 2021 | Updated: 8 September 2021

The US Securities and Exchange Commission (SEC) has indicated that it could charge Coinbase with breaking security laws with its proposed yield program.

In a blog post released earlier today, Paul Grewal—the Chief Legal Officer at Coinbase—revealed that the agency sent a Wells notice to the exchange, which regulatory bodies send to prospective respondents notifying them of their intention to sue.

Coinbase noted that it would cooperate with the financial regulator for about six months over the upcoming launch of the Coinbase Lend program, which would offer fixed interest to users for lending specified crypto assets.

Lending programs are commonplace in the crypto space, with other large and small crypto companies offering them. Coinbase highlighted that: “Other crypto companies have had lending products on the market for years, and new lending products continue to launch as recently as last month.”

Although the SEC has not clamped down on any crypto company offering yield programs before now, other state regulators previously went after BlockFi for offering similar services.

Coinbase Omitted Its Waitlist Register While Answering SEC’s Investigation

Before now, Coinbase met with the SEC to discuss its framework for the yield program. The behemoth crypto exchange provided extensive details and addressed all inquiries about the program from the regulator. Grewal noted that: “The SEC told us they consider Lend to involve a security, but wouldn’t say why or how they’d reached that conclusion.”

However, Coinbase did not scrap the program but went ahead to announce it in June without setting a launch date and initiated a waitlist to register initial customers.

The Commission then launched a formal investigation against the crypto company, requesting documents, written responses, and sworn testimony by a corporate witness. Although Coinbase followed due process in most of the requirements, it failed to provide the details of registered waitlist customers. The Chief Legal Officer added that: “Despite Coinbase keeping Lend off the market and providing detailed information, the SEC still won’t explain why they see a problem. Rather they have now told us that, if we launch Lend, they intend to sue.”

 

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Coinbase to Invest 10% of Net Profit into Crypto Amid Expansion Plans

20 August 2021 | Updated: 20 August 2021

The largest cryptocurrency exchange in America, Coinbase, plans on expanding its crypto holdings on its balance sheet with $500 million according to a recent announcement by the firm’s CEO, Brian Armstrong.

Although he did not mention the cryptocurrency Coinbase currently holds our plans to acquire, he noted that 10% of all profits would go into crypto acquisition henceforth. Armstrong explained that he expects this allocation to “keep growing over time as the crypto-economy matures.”

The current 10% allocation should hold significant weight in USD terms, considering the historical profits reports from Coinbase. In Q2 2021, the company reported a record-breaking $1.6 billion in net profit. This record-breaking figure was a 4,900% surge from its Q2 earnings report in 2020.

That said, a 10% investment into the crypto space would fall somewhere around $160 million per quarter.

The Coinbase boss also noted that he has high hopes that in the future, the exchange should have the capacity to “operate more of our business in crypto,” as today it’s “still a mix.”

Coinbase Expands Into Japan

Meanwhile, the company announced some expansion plans into Asia a day before Armstrong’s tweet. The official statement noted that the exchange, which boasts about 70 million active users and operations in over 100 countries, has expanded to Japan. The firm described Japan as “one of the first countries to embrace crypto and one of the largest markets by crypto trading volumes in the world.”

To achieve this feat, the crypto exchange partnered with a recognized local bank, Mitsubishi UFJ Financial Group (MUFG). That said, Japanese users can access the trading platform via the MUFG Quick Deposit Platform.

The company noted that it would release retail products first, including the five most traded cryptos, and subsequently add more products.

 

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Tips: How to choose best crypto converter

19 June 2021 | Updated: 19 June 2021

There are many ways to buy cryptocurrency now. This is mining, buying on an exchange, or purchasing directly from other owners. Sooner or later, the moment comes when it becomes necessary to use cryptocurrency exchangers to exchange fiduciary money – the usual rubles, euros or dollars.

This is primarily due to the fact that world currencies have the greatest liquidity.

Anonymous Cryptocurrency exchangers are online services that convert currencies in a given direction. Their priority over other methods of “cashing out” virtual money is simplicity and efficiency. In most cases, users do not need to verify their identity or even register to perform a transaction. They can also exchange currency at any time of the day.
Various types of cryptocurrencies are converted into money on the account of a particular bank, electronic payment system, and even cash. However, all cryptocurrency exchangers take a certain share of the payment as a reward for the transaction – a commission. Now there is a huge selection of exchangers, including those that work with virtual money.

How to exchange cryptocurrency for money on the Internet
The main methods of selling and buying cryptocurrencies include:

• Exchangers. Services offering a wide range of payment directions, including cryptocurrencies, bank cards, electronic payment systems, mobile operators and, in some cases, even cash. They work without verification and do not impose practically any requirements on the user.

Anonymous Cryptocurrency exchange. They can be centralized and decentralized, but only the former support withdrawal to fiat. The downside is that to work with cards and payment systems, cryptocurrency exchanges usually require identity verification, so this option may not be suitable for those who want to trade anonymously.

Peer-to-peer exchange sites. p2p exchanges provide an opportunity to buy and sell anonymously and without intermediaries. Users exchange assets directly with each other, and in order to make the transaction safe, the sites support a special escrow mechanism. He keeps the cryptocurrency in a separate escrow account until the application is paid.

Of the most popular monitoring services (free, of course), the following can be distinguished:

• KursEkspert – large monitoring with a large base of exchangers.

• BestChange is the oldest monitoring service.

• OkChanger is also a fairly large monitoring service, though not as popular as the first one. However, it will allow it to be supplemented very cool to obtain more or less balanced information. The principle of operation is very similar to the previous service.

The above monitoring services differ from their other competitors in the completeness and more or less high reliability of information. Once again, I draw your attention to the fact that it is better not to rely on one of them, but to monitor all three.

Advantages and disadvantages of exchangers
Anonymous Cryptocurrency exchangers are a fairly fast and secure way to exchange cryptocurrencies for real money or vice versa.

For example, let’s take one promoted exchanger called “xchange”. In general, this is an even less sparing exchanger, compared to some others. Let’s start with the pros of xchange (fortunately there are):

1. Huge selection of payment systems for exchange. You can directly transfer money to a Sberbank card, or qiwi.

Relative convenience, to exchange cryptocurrency, you need to use almost only one service (in our case, it is xchange).

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The Best Trader in the World

15 June 2021 | Updated: 15 June 2021

“Life itself is a risky enterprise. Sometimes we fly high, enjoying great success. But then suddenly we fall into deep disappointments and the haunting reality of a failure, leaving our hearts wondering if there is anything worth looking forward to.” – Joe Stowell

There are super traders all around the world. If you don’t know them, I know some of them. They earn their livelihood by trading and they’re financially free. Now the question is: Who’s the best trader in the world? Indeed, the best trader exists. Now, I won’t mention names, but I’ll tell you how the best trader trades.

The best trader doesn’t argue with the markets – he always admits his mistakes. Most people tend to feel they’re right, even if facts prove them wrong. Extremely terrible speculators don’t accept their errors. It’s really a psychological condition that makes a person refuse to think he’s made a mistake, even if reality shows otherwise. Being overconfident in riding a position that’s determinedly negative is definitely not a good thing. Top traders always acknowledge their mistakes.

Likewise, the best trader may use any kind of positive expectancy system including fundamental strategies and anticipate that the market will move in a certain direction. If the price movement or fundamental figures happen to be against his expectation, he’ll smooth all his positions immediately. No arguments, no hope. Financial markets have no mercy upon anybody. If things go against you, then get out of the market without wasting time. Every good speculator I’ve studied is really good at cutting positions that seem to go determinedly against them. Yet, whenever the market proves them right, they run their gains for a considerable amount of time.

The greatest trader accepts the uncertainty that can affect any open orders; they even do this before they open the orders. Uncertainty remains our ally, since speculation is a game in its own right. Negativity is also included in the game. The best trader doesn’t feel sad when a trade goes negative, nor does he feel too happy when a trade goes positive.
Using a System Profitably is Conditional
Are you a successful trader? Did you like the results you produced as a trader in the previous year? If not, what errors did you make and how can you improve your results henceforth? You may need a trading system that takes care of some cogent factors contributing to profitable trading. Do you have these factors in mind? Please consider some of them:

1. Do I have a rule to follow in my speculative activities? A trading strategy should be approached with the level of seriousness and enthusiasm with which one would approach any high level endeavor or business. The entry, exit, position sizing and other rules of this strategy must be followed to the letter.

2. Do I have a worst-case emergency plan? A good system should have a rule (or rules) that can deal with any adverse movements that can affect an open trade, as well as a rule that makes you exit quickly if things are no longer going in your favour.

3. Do I have a positive expectancy system that can enable me to survive the current type of market? A good system ought to make money in good market conditions and make as little drawdowns as possible in bad markets conditions. It should have positive expectancy incorporated into it, which means that at least, two dollars should be expected for each dollar that is being risked. In other word, you should be profitable on a long-term basis even with only 30% accuracy.

4. Do I have a technique that will continue working even if the market conditions change without warning? Yes, a good trading system ought to survive all market conditions. A good trading system can work well in bull or bear markets. But maybe you should stay out of extremely consolidating markets! You just need to stick to its rules.

5. Do I even recognize the current type of market? It helps to be aware of the type of the market one is trading and the current prevailing condition of the market. This can help you make informed trading decisions.

6. Do I constantly condition my mindset in a way that makes me execute my trades flawlessly? You need to work on yourself. There are traders who use position sizing that is far bigger than the one recommended. Some enter additional trades based on analysis that is completely different from the rules of the system. Some do not even use stops at all – contrary to the system rule! A trader using a good system should learn how to control herself/himself and do the right things in the markets rather than doing things that would satisfy human emotions.

If you answered no to any of those questions, you have clues about why your results in the past have been undesirable. These, by the way, are only a few of the questions you could ask yourself. If you could take the factors above into consideration and work on them successfully, then you may find that trading can indeed be profitable.

Conclusion
When the markets go in our favour, we feel like a champion. We assume that we are a super trader and that we’re smarter than other traders. In most cases, only traders who have experienced the good and the ugly sides of the markets and survived them all are those who are really qualified to be our mentors. You need to forget about your past and look forward to a brighter future. It’s important that you overlook your past failures and press forward.

This chapter concludes with the quotes below:

“Stephen Covey says – ‘Live out of your imagination, not your history’. Look forward, not in your rear view mirror – or you’re sure to crash. It’s not what happens to you, it’s how you handle it that counts. Your mistakes are completely separate from who you are as a person. Take pride that you’re moving one step closer towards your goals. Don’t cripple your future growth by shooting yourself in the foot because you made a screw up.” – Louise Bedford

“One of the main issues that new traders have is that they have expectations of huge rewards in a short period of time. ‘I’ll take my $5,000 trading account and turn it into a million dollars in a year, and tell my boss where he can go!’ That rate of return is a bit unrealistic. By increasing your account size just a couple of percentage points a month, the power of compound interest will make you wealthy, but over a long period of time. Trading as a career is a marathon, not sprint. Those who try to make too much too fast often over-leverage their account and take on unnecessary risks by doing so. One or two large losses can wipe out a few weeks or months of good gains! If you do that you have ‘worked for free’ as your account takes these major drawdowns. Does anyone want to work for free? I know I don’t.” – Rick Wright (Online Trading Academy)

 

This text is taken from the book “Unlock Your Potential with the Realities of Trading”


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Coinbase Acquires Data Analytics Company; Allows Crypto Purchases Through PayPal

30 April 2021 | Updated: 30 April 2021

Coinbase, the largest cryptocurrency in the US, has announced that users can now buy digital assets on the platform via debit cards and bank accounts linked to PayPal and Venmo. However, this service only allows a limited amount of crypto purchases for now.

Normally, ACH and wire transfers take a long while to process. However, with a PayPal account, users can start carrying out transactions on Coinbase instantly. The user does not have to provide a bank account linked to Coinbase.

To purchase cryptocurrency using PayPal, it has to be selected as the payment method. Subsequently, you have to add a debit card to a bank account linked to the PayPal account and make a purchase, and is applicable only for $25,000 a day.

The PayPal crypto purchase option on Coinbase is only available to a few countries, including the US, Canada, the EU, and the UK.

Coinbase Acquires Skew
Meanwhile, Coinbase has just announced the acquisition of data analytics platform Skew, which would allow the company to deliver real-time actionable data analytics to institutions and traders.

 

This acquisition will help the company cater to more than 7,000 financial institutions and boost its prime offering. That said, Coinbase’s acquisition is subject to traditional closing conditions and is expected to close in the second quarter.

Skew, a London-based company was founded in 2018 and serves over 100 customers, including One River Asset Management and Susquehanna International Group.

Earlier this month, Coinbase became a publicly listed enterprise, with its share price hitting a peak of $430. At press time, COIN is trading at $294.77.

 

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Veteran US Investor: Cryptocurrency-Economy is the Next Multi-Trillion-Dollar Opportunity

18 April 2021 | Updated: 18 April 2021

Big-shot investor Ron Conway in an interview with CNBC on Wednesday discussed his very optimistic view of the cryptocurrency industry and its future. Conway, also known as a Silicon Valley “super angel,” has compared Coinbase to Google, in which he is an early investor.

The American venture capitalist, regarded as the Godfather of Silicon Valley, has reportedly participated in more seed funding rounds for many tech startups than anyone else. Conway was an early investor in big tech names like Google, Facebook, Twitter, Reddit, Airbnb, Square, Pinterest, among many others.

The veteran investor spoke highly of the crypto market, noting that:

“If you start at the very top of the funnel. Look at the market size for the crypto economy. Last year, it was $778 billion, headed to over a trillion. And the crypto economy is in its infancy.”

He also affirmed that the crypto-economy could become the next multi-trillion-dollar innovation opportunity.

Ron Conway on Coinbase
When quizzed about Coinbase, which IPOed last week and has a larger valuation than the company it is trading on, Conway stated that:

“If people look at the size of the opportunity, then the market cap of these companies looks a little more reasonable.”

Coinbase shot up to a whopping $100 billion in valuation immediately after its public debut.

Ron Conway.

The super angel added that:

“We are in an inflated market no matter what, so all companies are worth a pretty high price today. When you look at the size of the market of crypto, I think they are analogous.”

Coinbase (NASDAQ: COIN), a US-based cryptocurrency exchange operator, went public via a direct listing on Nasdaq on April 14. According to Vandatrick, a data analytics company that monitors retail activities in over 9,000 individual stocks and ETFs in the US, retail investors poured more than $57 million into Coinbase on its debut day. The analytics firm noted that Coinbase’s IPO was the fifth-largest based on retail buying for the past four years.

 

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Coinbase Finally Debuts on Nasdaq, Surges 50 Percent Immediately

14 April 2021 | Updated: 14 April 2021

Coinbase has made history today, following its initial public offering (IPO) on the Nasdaq. The exchange’s stock price (NASDAQ: COIN) saw a massive spike immediately after its debut on the stock exchange.

The stock price surged by 52.4% to $380 per share, as its highly-anticipated listing kicked off on the tech-heavy exchange this afternoon.

The rally sent the firm’s market capitalization to $99.6 billion, exceeding its estimated valuation by $34.6 billion. This price activity seen in COIN is on par with the debuts of tech giants like Facebook and Airbnb.

The company noted that it opted to be directly listed, which means that no new shares will be issued, with shares made available for existing investors at a quoted of $250 per share.

Record-Breaking Revenue Report
The US-based cryptocurrency exchange is the first cryptocurrency company to go public amid a booming appetite for inflation-proof assets during the global economic crisis.

The cryptocurrency exchange generates its revenue from charging fees on trades on cryptocurrency trades, making volatile markets particularly profitable for the company.

In its most recent quarterly report, Coinbase noted that its revenue target for Q1 2021 was between $730 and $800 million. The company ended up reporting $1.8 billion in revenue in the first three months of its fiscal year. The company now boasts more than 56 million verified users.

Meanwhile, the founding and managing partner of Eden Block, Lior Messika, noted that:

“The company’s aggressive growth, underpinned by an increasingly dominant presence in the West, has laid the groundwork for what will surely be one of the most important listings in tech and a complete game-changer for the crypto industry.”

 

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Bitcoin Breaks New All-Time High Ahead of the Coinbase Nasdaq Listing

13 April 2021 | Updated: 13 April 2021

With Coinbase getting set to launch its public listing on the Nasdaq tomorrow, investors are on the edge of their seats for what they hope could be a massive milestone for the adoption of Bitcoin (BTC) and cryptocurrencies in general. This event would be the first time in history a cryptocurrency exchange as big as Coinbase carried out this undertaking.

Coinbase has recorded significant growth over the past year leading up to its IPO, including reporting a $1.8 billion revenue for Q1 of 2021 alone. For context, the whole of 2020 saw just about $1.3 billion in revenue for the company.

The goodish revenue reports in Coinbase occurred alongside a spike above the crucial $60k mark for the primary cryptocurrency.

That said, with the recent launch of the crypto lobby group Crypto Council for Innovation by Fidelity, Square, Coinbase, and Paradigm, hopes have gotten ignited that new regulations would be more industry-friendly and could create a new target price for Bitcoin.

Matt Blom, the Head of Sales at Nasdaq-listed asset company Diginex, recently noted that:

“$70,000 is the new target for the bulls. Every month this year has so far registered a new all-time high.”

Key BTC Levels to Watch — April 13
Bitcoin has finally cleared the $60k mark in an unprecedented rally, ahead of the Coinbase listing. The bullish momentum accelerated following the break above the $61 mark, which saw the cryptocurrency secure a 4.6% climb today.

BTCUSD – Hourly Chart

That said, the rally seems to still be in its beginning phase, as bulls set their eyes on the $65,000 level. Based on our MACD indicator, BTC is still far from overheating conditions meaning that a bullish continuation will likely resume following the current consolidation below the $63,727 area (the new all-time high).

Meanwhile, our resistance levels are at $63,727, $64,000, and $65,000, and our key support levels are at $63,000, $62,550, and $62,000.

Total Market Capitalization: $2.19 trillion

Bitcoin Market Capitalization: $1.18 trillion

Bitcoin Dominance: 53.9%

 

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.