Huge Bitcoin & Crypto News! Coinbase, Binance, Ripple

To the chair other Commissioners and Staff of the Securities Exchange Commission wow the largest Cryptocurrency Exchange in the US Coinbase has just Unleashed on Gary Gensler the SEC but the news today goes So much deeper so as you know the United States SEC issued a Wells notice to Coinbase pretty recently basically a Wells notice is the step before the SEC Files a lawsuit well in the last 24 Hours CEO Brian Armstrong tweeted this As part of our response our chief legal Officer and I sat down to explain why We're confident in the facts on the law And why a Wells notice is not in the Best interest of the US coindes has been Talking to the SEC about our business For many years now including sharing our Legal views on our asset listing and Staking Services we've repeatedly asked The SEC for its own views on how Securities laws might apply to coinbase And our industry and to be candid we've Mostly gotten silence in response so Basically really in this video statement Their Chief legal officer does most of The talking Brian Armstrong does come in At the beginning of the end but this is Them explaining how seemingly two-faced The SEC has been but we were very proud When two years ago in April 2021 the SEC Declared effective coinbase's Registration statement allowing coinbase

Shares to be sold to millions of retail Investors that moment came after months And months of review by the SEC the SEC Asked a lot of questions about our Business and our services which looks Very much like the business we have Today and we answer those questions in Detail that included questions about our Asset listing our staking service Coinbase wallet and all the legal Analysis we've done related to those Products I understand that the Well's Notice means that the staff has reached A preliminary determination that aspects Of our company's Core Business violate Securities laws so I want to be very Direct with you coinbase does not list Securities we use a robust process based On SEC guidance to to make sure that we Don't list Securities we reject some 90 Percent of the assets that we review It might be better for our short-term Business to be less conservative than we Are but that is not who we want to be as A company in the past two years Coinbase's business really has not Changed in any fundamental way we remain Just as committed to following the rules And engaging collaboratively with the SEC on the best way to regulate our Industry but we ask that those rules do Not change mid-stream and without any Notice to the industry and let's be very Clear before we get to Ripple before we

Get to binance Brian Armstrong retweeted This saying wow the below clip is from a Fall 2018 graduate MIT course called Blockchain and money Gary Gensler the current president of The SEC was the professor speaking about The crypto Market the hypocrisy speaks For itself so we already know in the U.S And in many other jurisdictions that Three-quarters of the market are not Icos or not what we could be called Securities even in the U.S Canada and Taiwan the three jurisdictions that Follow something similar to the Howie Test That we've talked about three quarters Of the market Is Non-securities it's just a commodity a Cash crypto So you'll hear debates about initial Coin offerings and what's a security and What's not a security relevant relevant And important debate But for three quarters of the market It's not particularly relevant as a Legal matter as a regulatory matter Nothing fundamentally has changed in Crypto and especially with coinbase's Business from when you made this talk Till today now the news today goes much Much deeper Bitcoin held on binance Exchange surges to record high of 692 000 BTC this is data from glass node the

Tally has increased by more than 50 000 Bitcoins in just four weeks so as Coinbase is stuck in a legal battle with United States Regulators other exchanges Are thriving this is the exchange Balance on binance as you can see Binance just like many exchanges there's A sharp decline after the FTX collapse Right people were scared that binance Was next are my coins safe on exchanges Huge narrative well this uptick in Balance held on finance might signify Renewed investor confidence in Centralized exchanges ability to keep Their funds safe I would disagree I Think you are much much safer keeping Your cryptocurrency in your own wallet Hot wallet cold wallet better than Exchanges if you know how to take care Of it and the unfortunate part is about This recent surge some people are saying That large amounts of Bitcoin being Moved onto exchanges generally means That those are ready to be sold so why Are so many people now transferring Their coins on to binance let's keep Track on this metric I will keep you Updated now of course wallets aren't Perfect you gotta choose the right one Great breakdown from partner of the Channel orocs over 30 million dollars Was nearly stolen from trust wallet Users this may affect you if you use Trust wallet in November researchers at

Don Juan Don John Ledger discovered a Major vulnerability in trust wallet here Is a quick breakdown of what happened And how you can stay safe and just for Some background this all started on November 14 2022 when trustwallet a Widely used software wallet announced The release of its browser extension so It was an upgrade to the software However it was recently discovered a Critical vulnerability in this browser Extension making it much much easier to Immediately compute users own private Keys and access their funds so if you Use a hot wallet the more you understand All of this the better prepared you will Be for the future first a very basic Overview of the bug a crypto wallet's Recovery phrase is generated by using Random number if the number isn't unique Enough it will generate a predictable Recovery phrase and in general bitcoin's Private key is one of the very very cool Things about cryptocurrency you have a Better chance of winning the Powerball Nine times in a row compared to guessing Just one bit Bitcoin private key so this Is your odds of guessing the winning Powerball numbers this is your odds of Guessing a specific Bitcoin private key And this is where the issue with Trustwall is that upgrade started trust While it was generating a small range of Numbers and therefore predictable

Phrases normally there would be a very Very very large number of combinations For a wallet's recovery phrase making The ability to brute force it nearly Impossible but because of the bug Trustwallet could only generate a Maximum of 4 billion combinations much Easier brute force with such a small List an attacker could generate all Combinations possible to find any Wallets created by real users so how did All of this affect you well fortunately Only about one hundred thousand dollars In funds is reported to have been stolen But if you downloaded trust wallet Extension to create a new wallet in November you will need to withdraw all Your funds from that wallet do not Reutilize the mnemonic phrase or any Wallets associated with it better yet Use a wallet that's safer and not Impacted by this use the orox wallet you Do what you want I personally do use the Oryx wallet and I like they do offer Features that do make it much much safer Transaction simulation which I like Smart contract monitoring as well as Phishing detection I actually talk about This in detail with the orac CEO I will Link this interview down below and Before we get to Ripple I do just want To say huge update if you like Avalanche Excited to announce our expansion to the Avax blockchain so the multi-chain

Expansion continues and why they chose Avax avalanche's speed scalability and Security makes it perfect for orox and By the way the mainstream media isn't Reporting on this I will PayPal just Announced at consensus 2023 that they're Enabling on-chain transfers from venmo Accounts including to unchain wallets The new thing that we're going to Mention today is venmo transfers out of Venmo the US wall at 75 million and the Thing that what might take away from That is that venmo was designed as a Peer-to-peer payment system and again This is Where we're going with this web free Stuff and that's why I mentioned that First is that so do you want to talk About about the very thing of course oh Of course I would love to talk about That so as Yang is making reference say Starting in May we are going to be Enabling on chain transfers from Bemo Wallets to meaning that you can buy Crypton bimbo and send it out Thank you thanks so you can buy crypto On demo and send it to another memo user You can send it to a PayPal user you can Send it to external wallet you can send It to the the your Hardware wallet which We think is something fundamentally Important in in two ways so the first uh First of all it is Choice consumers have Been asking for that for uh for a long

Long while we have the proof of success On the PayPal side and now we're Bringing the same functionality to to The memo users uh and second I'm sure that many of us in in the room And you and I and the audience spend a Ton of time Talking to folks who are challenging Other use cases for crypto are there use Cases for where do where can I use it Well there you have one use case now we Are enabling through crypto we are Enabling fast and free and near instant Transfers between demo wallets and PayPal wallets which is basically Connecting to the largest Network and And wallets in the country we're super Excited about that so PayPal and venmo Huge financial juggernauts have hundreds Of thousands if not millions of daily Active users and they clearly understand That crypto is not going away whether It's in the US or not crypto is only Getting bigger well what about Ripple Ripple sold 336 million dollars worth of Xrp tokens in q1 reports strong xrpl Growth so the firm continues to sell xrp Only in connection with its International transaction product so Although this article sort of frames This as negative they're selling xrp This is actually in relation to their Ledger's growth which is a positive the Sales were in connection with Ripple's

On-demand liquidity product which helps Customers to move money around the world And if you like xrp you'll like this Because xrp Ledger on-chain activity Remains strong in q1 with decentralized Exchange volume increasing 34 percent From the fourth quarter to now 115 Million be sure to click subscribe for One video per day keeping you informed About crypto and like always see you Tomorrow