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Coinbase, Inc., the largest cryptocurrency trading platform in the US, has filed a legal action against the US Securities and Exchange Commission (SEC) seeking regulatory clarity for the crypto sector. 

Standard Chartered has announced that the "crypto winter" has come to an end, and Bitcoin could potentially reach $100,000 by the end of 2024. In a note released on Monday, Geoff Kendrick, the head of crypto and FX research at the bank, cited the recent U.S. banking crisis, which sparked a price rally in Bitcoin and re-established its core use case "as a decentralised, trustless and scarce digital asset."

A judge has approved the use of surveillance software on the mobile phones of Sam Bankman-Fried's parents to ensure that the FTX co-founder adheres to his bail conditions. Bankman-Fried's legal team had previously requested an extension for enforcing the revised bail conditions, citing difficulties in finding suitable surveillance software for his parents' devices.

 Top stories in the Crypto Roundup today:

  • Coinbase Pursues Legal Action for Crypto Regulatory Clarity from the SEC
  • Standard Chartered Predicts the End of 'Crypto Winter' 
  • Judge Approves Surveillance Software on SBF's Parents' Phones to Ensure Bail Compliance



 
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Coinbase Pursues Legal Action for Crypto Regulatory Clarity from the SEC

 

Coinbase, Inc., the largest cryptocurrency trading platform in the US, has filed a legal action against the US Securities and Exchange Commission (SEC) seeking regulatory clarity for the crypto sector. 

On 24th April, Paul Grewal, Coinbase’s Chief Legal Officer, outlined in a blog post that Coinbase has filed a narrow action in federal court, urging the SEC to provide a clear response to their July 2022 petition for formal rulemaking guidance for the crypto industry.

Over 1,700 entities and individuals have commented in support of Coinbase's petition, highlighting the demand for regulatory clarity. Grewal emphasised the importance of a timely response, particularly if negative, as this would enable Coinbase to challenge the decision in court and argue for the necessity of rulemaking in the crypto sector.

In the Petition for Writ of Mandamus Coinbase filed with the Clerk of the Court for the United States Court of Appeals for the Third Circuit on April 24th, Eugene Scalia, Counsel for Coinbase, wrote:

“Coinbase brings this mandamus action to seek modest, but meaningful and time-sensitive, relief: a writ requiring the Securities and Exchange Commission (SEC or Commission) to act on Coinbase’s pending rulemaking petition to provide clarity for the crypto industry. Coinbase does not ask the Court to instruct the agency how to respond. It simply requests that the Court order the SEC to respond at all. The Commission has repeatedly demonstrated that its mind is made up to deny the petition. But the Commission’s delay in formally announcing that decision has enabled it to improperly delay judicial review at a critical moment for the industry.“

On 22nd March, Coinbase announced receiving a Wells Notice from the SEC, indicating possible enforcement action against the company. Coinbase confirmed that its products and services would continue to operate without any changes, assuring its users that business will operate as usual.

 
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Standard Chartered Predict the End of 'Crypto Winter'

 

Standard Chartered has announced that the "crypto winter" has come to an end, and Bitcoin could potentially reach $100,000 by the end of 2024. In a note released on Monday, Geoff Kendrick, the head of crypto and FX research at the bank, cited the recent U.S. banking crisis, which sparked a price rally in Bitcoin and re-established its core use case "as a decentralised, trustless and scarce digital asset."

Bitcoin's price, which is currently trading at around $27,000, has increased from under $17,000 at the beginning of the year. The bank also referred to the end of the Fed's interest rate hikes, the next halving of Bitcoin, and regulatory benefits as reasons for the potential rise in Bitcoin's value.

Standard Chartered highlighted that Bitcoin benefits from being a "safe haven" with a perceived relative store of value and a means of remittance, factors that are expected to contribute to the cryptocurrency's increasing dominance. The bank also mentioned that the upcoming Bitcoin halving, scheduled for around the end of March 2024, should improve price outcomes.

Finally, the bank believes that regulatory developments, such as the European Union's Markets in Crypto Assets (MiCA) regulation that passed last week could have "constructive implications for investor interest and volatility," with the US and UK expected to follow suit.

 
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Judge Approves Surveillance Software on SBF's Parents' Phones to Ensure Bail Compliance

 

A judge has approved the use of surveillance software on the mobile phones of Sam Bankman-Fried's parents to ensure that the FTX co-founder adheres to his bail conditions. Bankman-Fried's legal team had previously requested an extension for enforcing the revised bail conditions, citing difficulties in finding suitable surveillance software for his parents' devices.

On April 21st, SBF’s lawyers filed documents in a New York District Court stating that the surveillance software they found could log the keystrokes of all activity on Bankman-Fried's parents' devices but was unable to take a photo of the user every five minutes as initially suggested. U.S. District Judge Lewis Kaplan reviewed and approved the proposed measures on April 24th.

The software will not only monitor unauthorized application installation, internet browser history, iMessage, voice calls, and FaceTimes, but also track the devices' activities across all messaging and calls. This extensive surveillance is aimed at ensuring Bankman-Fried remains in full compliance with his bail conditions.

A technical consultant has been appointed to review the keystroke logs and screenshots at least three times a week to ensure that Bankman-Fried's bail conditions are not breached. This level of monitoring is a clear indication of the seriousness with which the court is treating the case and the need to ensure compliance with the bail terms.



 
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