The U.S. Securities and Exchange Commission (SEC) has rejected Coinbase’s request for tailored digital asset regulations, with SEC Chair Gary Gensler saying that the “existing securities regime appropriately governs crypto asset securities.”

The Arbitrum (ARB) network has suffered a “partial outage” over an unprecedented spike in transaction traffic, which disrupted the layer-2 network’s sequencer.

Solana’s Saga phone, which is priced at $599 but has sold out over an ongoing BONK token airdrop for device owners, is now selling for up to $5,000 on eBay amid a growing surge in demand.

Top stories in the Crypto Roundup today:

• SEC Denies Coinbase’s Plea for Crypto Regulation Clarity
• Arbitrum Network Suffers Partial Outage Over Traffic Surge
• Solana Saga Phone Sells for $5,000 on eBay as BONK Airdrop Frenzy Continues
• Digital Asset Futures and Options Open Interest Surges to Record High

SEC Denies Coinbase’s Plea for Crypto Regulation Clarity

The U.S. Securities and Exchange Commission (SEC) has rejected Coinbase’s request for tailored digital asset regulations, with SEC Chair Gary Gensler saying that the “existing securities regime appropriately governs crypto asset securities.”

In a statement issued with the denial, Gensler argued that the SEC has sufficient authority with today’s laws, and pointed out the regulator is already working on specific rules for the crypto industry and its enforcement division is actively addressing misconduct.

In 2022, Coinbase had urged the SEC for a response, after facing a lawsuit from the regulator for operating as an unregistered securities exchange. The SEC has maintained that current laws and regulations are sufficient for managing crypto asset securities, and concluded the request is “currently unwarranted.”

Coinbase's Chief Legal Officer, Paul Grewal, expressed disappointment and announced plans to challenge this decision in court, adding that “no one looking fairly at our industry thinks the law is clear or that there isn’t more work to do.”

In his statement, Gensler highlighted that Coinbase’s petition refers to “digital asset securities” and the SEC’s authority over them, which to the regulator acknowledges “that crypto assets can be offered and sold as securities and subject to oversight by the SEC."

Arbitrum Network Suffers Partial Outage Over Traffic Surge

The Arbitrum (ARB) network has suffered a “partial outage” over an unprecedented spike in transaction traffic, which disrupted the layer-2 network’s sequencer.

Sequencers, often compared to "air traffic controllers" in their role, are crucial for prioritizing transactions on layer-2 networks like Arbitrum. They serve as a vital bridge between the layer-2 network and its underlying base chain, Ethereum, but their central role also makes them a single point of failure.

The unexpected outage led to widespread concern and confusion within the Arbitrum community and comes after the network’s sequencer stalled out in June after a bug led to a backlog of unprocessed transactions.

Solana Saga Phone Sells for $5,000 on eBay as BONK Airdrop Frenzy Continues

Solana’s Saga phone, which is priced at $599 but has sold out over an ongoing BONK token airdrop for device owners, is now selling for up to $5,000 on eBay amid a growing surge in demand.

The surge in demand follows a rush for the memecoin airdrop, with eBay listings revealing two brand-new, boxed Solana Saga phones being available for $5,000, and other units being sold for between $2,000 and $3,000.

With each new device, there’s a 30 million BONK token airdrop, which after the memecoin’s price surged made it worth more than the $599 the device sold for.

The phone’s allure now also includes potential airdrops and financial perks from various Solana-based projects, adding another layer of appeal for buyers

Digital Asset Futures and Options Open Interest Surges to Record High

The open interest in digital asset futures and options contracts on centralized exchanges has surged to unprecedented levels in a major shift in market dynamics.

In 2023, the open interest in futures on these exchanges jumped from $6.07 billion to $11.4 billion, marking an 87.8% increase.

Explore emerging trends and potential shifts in the digital asset space via CCData’s Q4 2023 Outlook Report.

State of the Crypto by Top Tier Exchange Volume

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