Markets
Five things to know about crypto this week: Spot ETFs extend entry streak to five weeks
XRP Weekly Chart 080624
US courts challenge SEC stance on disclosure
On Wednesday (June 5), the U.S. Fifth Circuit not busy SEC rules require private fund advisers to provide full disclosures to investors.
The decision coincided with SEC Chairman Gary Gensler targeting the crypto market in disclosure, saying,
“We, the SEC, will be 90 years old tomorrow. Happy birthday, SEC, 90. And what President Roosevelt did was create this Commission to oversee that you, the investors, get disclosure. And in the cryptocurrency markets, they’re not disclosing that.”
The court’s ruling could give U.S. lawmakers more reason to implement a U.S. digital asset framework that supports innovation while protecting investors.
Coinbase contributes $25 million to Fairshake
On Monday (June 3), Coinbase (COIN) contributed $25 million to Fairshake PAC. According to its website, Fairshake supports US candidates committed to ensuring that the US is home to innovators building the next generation of the Internet.
Last week, Ripple announced his $25 million contribution to the Fairshake PAC.
Significantly, Coinbase contributed $25 million shortly after US President Joe Biden vetoed resolution SAB 121.
Coinbase is also fighting the SEC in court. Investors await court decision on Coinbase Motion for Interlocutory Appeal. If Judge Katherine Failla grants the appeal request, Coinbase will appeal against the court largely denying Coinbase’s motion to dismiss (MTD).
A victory for Coinbase against the SEC would be a boon for the crypto market. Despite the uncertainty about the SEC versus Coinbase In this case, Coinbase rose 8.07% to $244.16 in the week ending June 7.