GM, this is The Crypto Explorer, Let's face it, trying to keep up with crypto is like catching a greased-up pig.

Let’s do the chasing for you! 😀

Here’s what we got for you today:

• 👊 Coinbase is ready to fight SEC in court

• 🧱 Around The Block: CFTC wins a record $3.4B penalty payment

👊 Coinbase is Ready to Fight SEC in Court!

Coinbase responds to SEC’s Wells notice.

Coinbase's CEO Brian Armstrong and Chief Legal Officer Paul Grewal released a 14-minute video on YouTube addressing their concerns and the possible way forward.

Here are the key takeaways:

• When Coinbase became a public company, the view of the SEC was that it lacked the statutory authority to regulate businesses like Coinbase.

• Just one month after they became public, Gary Gensler testified to Congress saying: “The exchanges trading in these crypto-assets do not have a regulatory framework either at the SEC or our sister agency the CFTC”. 

• Everything changed when FTX collapsed, Gary Gensler said in an interview “I feel that we have enough authority, I really do, in this space" [to regulate crypto company], when in fact Congress did not pass any new legislation to fill the statutory void.

• Two years ago, the SEC approved Coinbase to be listed on the Nasdaq stock exchange after a rigorous review process, nothing has changed in the way they conduct their business.

• So, they don't know exactly what they've done that's of concern to the SEC.

• Coinbase has repeatedly asked the SEC for their views on how the current security laws apply to Coinbase, but their response has been silence.

• The SEC believes that certain digital assets are securities. Coinbase wants the SEC to identify (at the very least) which digital assets are securities.

There is so much packed in that 14-minute video, you've got to watch it.

Meanwhile, Coinbase said they're open to a dialog with the SEC about a workable path forward for the industry. However, if it comes to it, they're prepared to fight their case in court.

In related news, Gary Gensler made a video pointing out the fact that the law doesn't care about what you say your project is, only what the law says it is!

In other words, if it says it's a security, it is!

Was that directed at Coinbase? We'll never know. 🤷‍♂️

🧱 Around The Block: CFTC Wins Big

• 👏 CFTC wins big: CFTC wins a record $3.4B penalty payment in a Bitcoin-related fraud case.

• 🥴 US GDP: US GDP misses goal as Bitcoin price seeks to erase ‘ultra nasty’ 7% dip.

• 🏦 Banks bullish on crypto: Standard Chartered’s Zodia raises $36MCZ speaks.

• 👩‍⚖️ Crypto Bill: Sens. Warren, and Marshall have pushed back reintroducing their crypto anti-money laundering bill.

That's all we have for today.

We'd love your feedback.

In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research