Coinbase vs. SEC, Trump slams CBDCs, and the memecoin millionaire

Coinbase and the SEC battle it out in a New York federal court and there's a lot You need to know about It good morning you're listening to the Ryzen crypto podcast by coin Telegraph With me Robert bags steering you through The crypto Cosmos with daily dispatches From the digital Frontier from crypto courtrooms to mcoin Millionaires we've got it all here so Make sure you click that follow button Okay grab yourself a coffee and let's Get into It so it was a big day in crypto Yesterday as coin base took on the SEC In federal court so firstly we're going To cover the arguments from that hearing Yesterday and all of the key points then We're going to look at Donald Trump Who's vowing to never allow cbdcs in the US Jamie dimon calls Bitcoin a pet rock Van e closes their Bitcoin ETF no not That one and a mcoin Trader became a Millionaire in the weirdest way so Yesterday was a more significant day in Crypto than many might have realized the Sec's lawsuit against coinbase was in Air federal court in New York and it's a Seminal case for the future of crypto in The United States okay let's add a Little bit of background here on the 6th Of June 2023 the SEC sued coinbase Alleging that the cryptocurrency Exchange violated several Securities

Laws and that 13 tokens listed were Securities these tokens were salana Cardano polygon filecoin the sandbox axi Infinity chili flow internet computer Near Voyager Dash and nexo the court Appearance yesterday was set to hear Arguments on coinbase's motion to Dismiss this case Anna paa Pereira Covered the story yesterday and cited Jeremy Hogan a partner at Hogan and Hogan who said that while motions to Dismiss are rarely granted the district Judge in this case Katherine pul fer has Dismissed crypto cases before Hogan Wrote based on the judge's prior Dismissal of the Unis swap case her Clear understanding of the technology Her finding that eth is a commodity and Acknowledgement that Congress should be Involved in this process I'll be very Interested to see how this plays out in A similar a crypto legal expert meta law Man wrote on X that the judge will be Posing some tough questions to the sec's Lawyers so what happened well the Hearing lasted nearly 5 hours and Covered a lot of ground Anna has done a Great job of summarizing the key points In this hearing and to get an exhaustive Breakdown of them make sure you read her Article it's linked in the description Below however I will give you a Highlevel summary a lot of the case as To be expected is revolving around the

Hoe test if you're not sure what that is The hoe test was developed in 19 46 and It determines what qualifies as an Investment contract and thus is subject To US security laws crypto is a great Area with many arguing that the hoe test Needs to be updated with digital Assets In mind Senator Cynthia lumus said we've Had a good run we've had 90 years where These Securities laws have been able to Apply to these markets but now we have Something new the SEC argued yesterday That coinbase were interpreting the Howe Test differently and they said we think They're making up a new test and we Believe that our position is is the one That's most faithful and consistent but In fact compelled by the Hoy test it's Not just a plausible reading as they Claim it is the next major theme of Yesterday's hearing still hinges on the Howe test and that's the drafting in of The terraform labs and ripple cases the Terraforms lab case concluded that it Had sold digital assets as Securities Without registration and the Ripple case Found that its institutional sales Violated Securities laws but that the Xrp token itself wasn't a security as Well as and this is pertinent secondary Trades of it could not be considered an Investment agreement so each of these Cases does differ from one another Including coinbase but the sec's lawyers

Argued that our perspective is that They're identical in terms of the how we Test that applies coinbase's legal team Hit back by questioning the legal Requirements for establishing an Investment contract under us law they Said an investment contract at a minimum Requires the Contracting parties to Agree or scheme together that the Contracte will invest in the Contractor's profit-seeking endeavor This angle was pressed further by Coinbase's lawyers as they pulled apart The differences between tokens and Stocks it got rather deep in places but Anna summarized the argument neatly when She wrote coinbase argued that token Holders don't receive dividends or have Legal rights over a project just because They own tokens which is different from Stocks it's difficult to call which way The hearing went yesterday and I'm Sensitive to the fact that many of my Sources are crypto leaning however from My Ventures outside of the echo chamber It does feel as if judge fer is asking The right question questions Paul gruul The chief legal officer at coinbase took To X after the case to summarize and Wanted to make one thing clear he wrote After hours and hours this much remains Clear the SEC continues to claim broad Authority over all Investments while Offering no limiting principle to its

Definition of investment contract this Case really is Paramount to crypto in The US and really worldwide so I'll be Following it closely and keeping you Informed yesterday also saw the former President of the United States and Current Republican presidential Candidate Donald Trump giving a campaign Speech in Portsmouth New Hampshire The Narrative was a familiar one and Trump Promised to protect the American people From government tyranny however one Element to this plan was involving Central Bank digital currencies cbdcs And Trump said I will never allow the Creation of a central bank digital Currency adding that such a currency Would give a federal government our Federal government the absolute control Over your money they could take your Money and you wouldn't even know it was Gone Trump went on to call cbdcs a Danger dous threat to Freedom that he Will stop while Trump is a highly Divisive figure both inside and outside Of the US his views on cbdcs are not all That extreme many inside crypto do not Want cbdcs and do not view them as Crypto in any meaningful way given that They are issued by backed by and Regulated by a country's Central Bank That flies in the face of much of the Crypto ethos not least through a lack of Decentralization but I'm curious to know

What you think on all this tweet us on @ Cointelegraph and Rbags I want to weave in a story from William suberg who does brilliant market Analysis for cointelegraph the piece is Worth reading for the insight into Bitcoin's current movements or lack Thereof Bitcoin slipped again a little Yesterday but is more or less stabilized And various industry folk gave their 2 p On the immediate future one standout for Me was the trader crypto Tony who wrote I expect Bitcoin to range between $47,000 and $38,000 over the next few Months more attention to altcoins to Come I'll plant a flag now I think the Altcoin narrative is something I will End up covering frequently over the next Few months but we'll see anyway the main Reason I wanted to include this piece is Good old Jamie dimon CEO of JP Morgan Chase and he has been saying things Again the words are slightly different But the message isn't at the annual Gathering for the world economic Forum In Davos Switzerland dimon told CNBC There are cryptocurrencies that do Something they might have value and then There's the ones that do nothing I call It a pet rock the Bitcoin or something Like that he went on to say I'm not Trying to make a joke here there are use Cases AML fraud anti-money laundering Tax avoidance sex trafficking I'm going

To sidestep the fact that he used Anti-money laundering twice in that Short list but do I need to point out Again that these use cases are wildly Misrepresentative of Bitcoin and the Majority of them have been completely Debunked or perhaps that his JP Morgan Is an authorized participant in spot Bitcoin ETFs Dion also claimed that this Will be the last time he mentions Bitcoin on their Network spoiler it Won't be but in all honesty the segment Is worth watching I'll link to the video In the description of this episode under References dimon does talk about Blockchain tokenization of assets and Even some cryptocurrencies that do Something as he puts it he mostly seems To oppose Bitcoin I think this is a Lesser discussed angle of demon on Crypto obscured by the plumes of Statement on bitcoin that are patently Unfair I want to know what Cryptocurrencies he believes do Something if you glanced at a van e Headline yesterday you might have had The same reaction I did which was wait What I then saw some tweets to that Effect so let's break down what actually Happened yesterday van EK announced that His Board of Trustees had approved the Liquidation and dissolution of the Bitcoin strategy ETF on the cob bzx Exchange this is not the recently

Approved spot Bitcoin ETF a week after The approval of that spot Bitcoin ETF by The SEC the asset management firm stated That Vanek continuously monitors and Evaluates his ETF offerings across a Number of factors including performance Liquidity assets under management and Investor interest among others the Decision was made to liquidate the fund Based on an analysis of these factors And other operational considerations This ETF has been listed since November 2021 and shareholders can sell their Shares until the 30th of January but it Will be delisted on the 6th of February Van X suggested on X that the approval Of their Vanek Bitcoin trust ETF last Week with the ticker hoddle is the Reason for the closure of the Bitcoin Futures ETF so fear not nothing to worry About just good oldfashioned Progress the final story is a bizarre One about a meme coin Trader who made Over a million dollars in under 10 days The blockchain data provider look Onchain used ether scan data to break This story on X I'm just going to read This tweet in just 10 days this Trader Turned $300 into $1.03 million how did He do it after noticing that Elon Musk Had changed his Twitter profile to CTO Chief troll officer the trader Immediately withdrew 4313 e around $10,000 from binance and spent 4.3 e to

Buy1 19 .37 trillion troll token he then Sold 9.37 trillion troll for 5318 e Which was $1,467 to get the cost back and as of This tweet yesterday he still holds 10 Trillion troll which is worth 1.03 Million so what is troll well as Tom Mitchell Hill wrote in this article Troll was initially launched in April 2023 and like all meme coins experienced A brief price surge before retracing to Near its launch price that all changed On January the 9th when musk changed his X bio and sent the token surging over 150,000% in 3 days Elon Musk sometimes On purpose sometimes by accident seems To be the puppet master of memecoins you Might remember that in 2021 he tweeted About Dogecoin and sent it to the moon This happened again when a completely Unaffiliated meme coin called grock Shared the same name as musk's AI Project it immediately become one of the Biggest meme coins in the space and Reached a market cap of nearly $200 Million in November nevertheless less This mcoin Trader managed to troll his Way to a million Dollars that was a fun little pallet Cleanser after the heavy legal talk at The start but that is it for today so Consider yourself informed thank you for Listening to the ryen crypto podcast by Coin Telegraph if you're enjoying these

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Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

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