Coinbase blasts SEC for ‘no straight answers’ following court order - DeviceFile

Coinbase blasts SEC for ‘no straight answers’ following court order

Coinbase has slammed the United States securities regulator for failing to answer questions asked in the U.S. Court of Appeals as part of its ongoing legal battle with the regulator.

In a June 17 letter filed in the Court, lawyers for the crypto exchange accosted the Securities Exchange Commission for continuing to dodge Coinbase’s rulemaking petition, which calls on the SEC to establish a regulatory framework for digital assets.

“When ordered by this Court to address the stark inconsistency between its litigating position and its actions and statements elsewhere, the SEC still offers no straight answers and instead repeats its talking points,” Coinbase’s letter said.

The letter was in response to the SEC’s June 13 submission requesting an additional 120 days to reply to Coinbase’s rulemaking petition.

Coinbase claimed the SEC is reluctant to inform the Court of updates on its decision, saying it “bristles even at being ordered to update the Court on its progress.”

The firm claimed the impact of the SEC’s silence

, the lengthy delays and its enforcement actions continue to weigh on the crypto industry and SEC chair Gary Gensler “continues to charge well down the path to irreparably damaging a U.S. public company and an entire industry.”

On June 17, Coinbase’s chief legal officer, Paul Grewal, said in a series of tweets that it’s “unusual for the government to defy a direct question from a federal court

Grewal said he’s hoping for the court to grant a writ of mandamus — a court order to a government official ordering them to fulfill their official duties under the law — given that the SEC knocked back Coinbase’s petition.

Coinbase is also submitting that the court instead set a deadline of 60 days or less starting from June 13 — the date of the SEC’s request.

In a separate case, the SEC sued Coinbase on June 6, alleging the trading platform broke various securities rules, most notably for purportedly offering cryptocurrencies that the regulator considers to be unregistered securities.

Twitter has suspended the account of the popular memecoin-linked artificial intelligence-powered bot “Explain This Bob” after Elon Musk alleged it was a “scam crypto account.”

Musk alleged the account was a scam in a tweet on June 18 in a reply to the bot; the account was seemingly suspended soon after.

The Explain This Bob account reportedly amassed over 400,000 followers before its suspension.

The bot was created by Prabhu Biswal from India and used OpenAI’s GPT-4 model to comprehend and provide responses to tweets by those who tagged the account.

The project was also linked to the ERC-20 memecoin Bob Token (BOB), which was launched in April. The suspension sent the price of BOB down over 30%, according to CoinGecko.

The suspension is a U-turn on Musk’s earlier impression of the bot, who tweeted “I love Bob” in response to one of its tweets on April 20, a tweet that als

o prominently features on the project’s website.Twitter has not taken action against the account for Bob Token, however. The project’s team humorously responded to the news of the suspension, sharing a meme of Musk monitoring a distraught “Bob” in a prison.

Since the suspension, the hashtag “FREEBOB” has circulated on Crypto Twitter. Most observers take the view that BOB isn’t a scam coin and the suspension is unwarranted, as the launch of the token was “fair” in addition to BOB being “fully decentralized” with a 0% tax mechanism.

Another claimed the team didn’t provide themselves with any tokens or airdrops prior to the Bob Token launch in April.

Since the beginning of crypto, the trading volume on exchanges has grown significantly.

As with traditional assets, traders are looking for ways to optimize their strategies and maximize returns. Some of the instruments they use include option contracts.

Instead of buying Bitcoin

on an exchange, which is a simple transaction from one trader to another

crypto options offer a lot more possibilities. With options, traders can speculate on the future direction of the value of an underlying asset. If the expectation is that the asset’s price might rally, then traders

can use options to generate returns.

Like futures, options are derivatives. They differ from futures in that a trader can choose not to buy the underlying asset when the option contract expires.

Traders can choose to open either a put or a call option

, as well as American or European options. Call options allow traders to buy an asset on the date that the contract expires. Put options, on the other hand,

give the trader the option to buy an underlying asset, allowing him to speculate on the future value of a cryptocurrency. In addition,

European options must be sold exactly on the predetermined date.