Coinbase Wins Round One of Fight with SEC [ Crypto Espresso 5.5.23 ]

It's Friday Friday and you know I'm Getting down on Friday I'm your host Andrew and this is crypto espresso your Teeny tiny daily shot of caffeinated Crypto headlines May the 5th be with you Now that that does not work first up Bitcoin users are experiencing a surge In transaction fees as the network Becomes more congested with activity According to data from bit info charts The average transaction fee on bitcoin Reached over seven dollars on Thursday The highest level since June of 2021 one Of the reasons for the higher fees is The increased demand for BRC 20 tokens a New type of asset that is created and Stored on the Bitcoin blockchain brc20 Tokens use a technique called ordinal Inscriptions to attach data to Individual satoshi's which is the Smallest unit of a Bitcoin these Satoshi's can then represent anything From digital art ownership to meme Tokens creating and transferring brc20 Tokens requires more data than a regular Bitcoin transaction which means they Take up more space on the blockchain This then leads to more competition for Block space and higher fees for users Who want their transactions confirmed Faster bitcoin's High fees May deter Some users from using the network Especially for small or frequent Transactions however some solutions have

Been developed to address this issue Such as the lightning Network a second Layer protocol that enables fast and Cheap off-chain transactions open sets a Non-profit that supports free and open Source projects relating to bitcoin Noster and other Technologies has Received a donation of 10 million Dollars from start small a philanthropic Initiative by Jack Dorsey the co-founder Of Twitter and square according to a Statement by open sets half of the Donation will go towards the Noster Ecosystem a new and growing network of Open protocols for social networking Open sets believes that free software And open Protocols are essential for a Free and prosperous society and that Without them modern society risks Falling into digital totalitarianism Open sets operates as a 100 pass-through Organization meaning that all donated Funds are fully Associated to projects Vetted by its board of directors unless They are specifically designated for Operational purposes the board includes Several core developers and contributors To bitcoin and Noster in late April Coinbase took legal action against the U.S Securities and Exchange Commission To force the agency to clarify its rules On crypto assets the crypto exchange Claimed that it's been waiting for nine Months for a response to its petition

For rulemaking and this lack of guidance And transparency is harming its business And customers who face potential Enforcement actions without even knowing How the law applies to them well fast Forward to nowish as coinbase's legal Challenge related to the sec's Non-response was filed in the U.S court Of appeals in the third circuit on April 24th well the court has said the SEC Must respond to coinbase's petition Within the next 10 days so that clock is Ticking and we here at coin market cap Will be glued to the news to see what They say Robert F Kennedy Jr a Democrat And Son of the late Senator Robert F Kennedy senior is running for president In 2024 during his campaign announcement Rally in Boston Kennedy said that he Wanted to challenge the corporate power That has corrupted the government and Threatened the Liberties of the people Kennedy is a lawyer and an author who's Been pretty outspoken against covid-19 Restrictions and vaccine mandates he is One of two Democrats who are challenging President Joe Biden in the primary along With Marianne Williamson a self-help Author recent polls have Kennedy polling At about 20 percent against Biden and Williamson so why are we talking about Him well Kennedy shared a blog post by Ellen Brown who wrote about the Government's war on crypto additionally

Kennedy recently pushed back against the Supposed environmental concerns around Bitcoin mining in a tweet thread well Now Kennedy is also scheduled to attend Bitcoin 2023 a major annual event for Bitcoin enthusiasts Kennedy yua you Watch crypto espresso at all leave me a Comment let's let's chat and finally Nathaniel Chastain who was a product Manager at non-fungible token Marketplace open sea was found guilty of Fraud and money laundering on Wednesday He used confidential information about Which nfts would be featured on the Openc homepage to make illicit trades And earn more than fifty thousand Dollars in profit this was the first Case of insider trading involving Digital assets according to Federal Prosecutors in Manhattan Chastain denied The charges and claimed that he did not Know that he was violating any rules or Policies of open C his lawyers argued That the company did not treat the Information about the homepage features As secret or sensitive however the Prosecutors showed that Chastain used Anonymous accounts to hide his Transactions and then lied to cover his Tracks he also breached the Confidentiality agreement that he signed With open seat when he joined the Company Chastain is scheduled to be Sentenced on August 22nd by U.S District

Judge Jesse Furman who oversaw the trial And speaking of fur man here's an Engagement Spiel that should make you Feel all warm and fuzzy inside like this Video subscribe to our YouTube channel And click on that little bell icon to Get buzzed whenever a new crypto Espresso video goes live how would you Like today's episode is your last name Kennedy well just drop me a line in that Comment section below because I read Them and I take all that feedback to Heart and I also like hard-hitting Interviews with presidential candidates Wink wink questions about our headlines Or crypto in general why not take the Plunge and ask Alex in that description Below Alex is always a great resource For all things web 3 and the metaverse And that about does it for today and the Week again I've been your host Andrew These have been your headlines and Ladies and gentlemen The weekend see you Monday