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mardi 15 octobre 2024

Coinbase Intensifies Legal Push for SEC's Views on Ethereum

In an ongoing legal battle between Coinbase and the Securities and Exchange Commission (SEC), the crypto exchange is intensifying efforts to access critical internal communications that could shed light on how the regulator views Ethereum (ETH) and other digital tokens.

Coinbase's Quest for SEC Documents

Coinbase asked a federal judge to rule on whether it can obtain SEC documents related to the agency's discussions on cryptocurrencies, Coindesk reported. These documents, which were initially denied by the SEC, could reportedly reveal the regulator's stance on whether Ethereum and similar tokens should be considered securities, potentially impacting the future of the digital asset industry in the US.

History Associates, acting as an intermediary for Coinbase, filed a notice with the US District Court for the District of Columbia, signaling its intention to seek partial summary judgment. The firm claims that the SEC's original reasons for withholding the documents may no longer apply, given the agency's changing narrative.

Coinbase had previously requested the documents under the Freedom of Information Act, focusing on SEC communications regarding ETH 2.0, the next stage in Ethereum's blockchain evolution. When the request was denied, citing an ongoing investigation, Coinbase's legal team decided to sue, accusing the SEC of blocking efforts to uncover these discussions.

The Regulator's Stance

The SEC has remained largely silent on the matter, refusing to comment beyond its public filings. However, Coinbase's efforts to extract transparency from the agency form part of a much larger legal strategy.

In addition to this case, the company is engaged in multiple disputes with the SEC, including a lawsuit over accusations of operating an illegal securities exchange. Coinbase is also pushing for the creation of crypto-specific regulations through another legal petition.

Last month, The US Court of Appeals for the Third Circuit questioned the Securities and Exchange Commission's (SEC) denial of a rulemaking petition by Coinbase. The exchange maintains that the SEC lacks clear rules for the industry.

In 2022, Coinbase filed a petition asking the regulator to create specific rules for crypto assets to clarify the regulatory framework for securities based on digital platforms. The SEC denied this request in December 2023, forcing Coinbase to seek judicial intervention to compel the regulator to reconsider its decision.

This article was written by Jared Kirui at www.financemagnates.com.

* This article was originally published here

lundi 14 octobre 2024

UAE Approves Dirham-Pegged Stablecoin

United Arab Emirates (UAE) granted AED Stablecoin LLC in-principle approval to launch AE Coin, the country's regulated stablecoin, GulfToday reported.

The stablecoin issuer aims to improve payments and transactions in the region. It also seeks to offer a stable currency based on blockchain technology and pegged to the Dirham for security and a better experience for businesses and individuals.

AE Coin

AE Coin aims to provide users with the benefits of a fiat-backed currency and the flexibility of blockchain technology. It is reportedly regulated by the Central Bank of the UAE, and every AE Coin issued will be pegged to the Dirham.

The introduction of AE Coin aligns with the UAE’s Digital Government Strategy 2025. The UAE government has long been an advocate for incorporating technology to drive innovation in the economy, and AE Coin serves as the next leap in this journey.

AE Coin isn’t just about transforming the payment sector; it’s about offering practical solutions for both businesses and consumers, the company explained. Companies in the UAE can leverage AE Coin to manage cash flow more efficiently through instant payments between AE Coin wallets.

The platform allows individuals to invest, save, and make everyday payments without the typical delays and fees associated with traditional banking.

AE Coin can also be integrated with decentralized finance platforms. Users can participate in decentralized lending, borrowing, and interest-earning activities without needing intermediaries. This feature opens up new financial opportunities for UAE residents and businesses alike.

Integrating DeFi

Beyond DeFi, AE Coin is looking to integrate with e-commerce platforms, mobile wallets, and merchant partnerships to make everyday transactions simpler. As the currency continues to grow in usage, its reach will extend beyond the digital world, offering a more accessible way to handle real-world payments.

AE Coin’s roadmap includes forging strategic partnerships with financial institutions and payment gateways, which will help ensure widespread adoption across the UAE.

Plans are also underway for listing on major exchanges, allowing easier access to the stablecoin. The focus on technological advancements includes creating mobile wallet capabilities, expanding AE Coin’s usability on the go, and partnering with merchants for broader use in daily transactions.

This article was written by Jared Kirui at www.financemagnates.com.

* This article was originally published here

Richard Heart Is The MOST WANTED Man In Crypto

* This article was originally published here