Both bitcoin and ether saw their prices plunge, reversing an earlier rally fueled by U.S. President Donald Trump’s crypto reserve announcement, over renewed anxieties over escalating trade tensions and unsettling macroeconomic indicators.

Nasdaq-listed cryptocurrency exchange Coinbase is demanding that the U.S. Securities and Exchange Commission (SEC) reveal a detailed record of its spending on investigations and actions against the cryptocurrency industry in the last few years.

The U.S. Securities and Exchange Commission has “agreed in principle” to drop its lawsuit against cryptocurrency exchange Kraken as the regulator keeps on moving away from enforcement actions on crypto firms.

Top stories in the Crypto Roundup today:

• Bitcoin and Ether Plunge Amid Trade Tensions and Recession Fears
• Swiss Central Bank President Dismisses Bitcoin Reserves
• SEC Agrees ‘In Principle’ to Drop Lawsuit Against Crypto Exchange Kraken

Bitcoin and Ether Plunge Amid Trade Tensions and Recession Fears

Both bitcoin and ether saw their prices plunge, reversing an earlier rally fueled by U.S. President Donald Trump’s crypto reserve announcement, over renewed anxieties over escalating trade tensions and unsettling macroeconomic indicators.

Bitcoin has lost nearly 9% of its value over the last 24-hour period to now trade at $83,700, while ether is down more than 11% to $2,100, having endured a 13% drawdown over the past week, compared to BTC’s 7% drawdown.

February’s ISM Purchasing Managers Index (PMI) figures showed concerning trends for investors with “employment and new orders plunging below 50 while prices surged.” On top of that, the Atlanta Fed’s GDPNow forecast pointed to real GDP growth of -2.8% for the first quarter of the year, leading to recession fears.

Trump has meanwhile moved forward with 25% tariffs on imports from Canada and Mexico, with an additional 10% tariffs on Chinese imports set to go into effect. While new announcements are expected from Trump’s incoming crypto summit, investors have seemingly turned bearish.

Coinbase Demands SEC Reveal Spending on Crypto Enforcement Actions

Nasdaq-listed cryptocurrency exchange Coinbase is demanding that the U.S. Securities and Exchange Commission (SEC) reveal a detailed record of its spending on investigations and actions against the cryptocurrency industry in the last few years.

Coinbase has filed a Freedom of Information Act using its contractor History Associates, to internal documentation on the expenses that the regulator had on its enforcement campaign against cryptocurrency businesses.

The request aims to obtain the total costs incurred for investigation and enforcement actions within the last four years, a listing of targeted companies, the personnel assigned to these cases, and gradual financial data on the operations of its crypto enforcement unit.

The SEC is under new management after the inauguration of President Donald Trump, who brought in Commissioner Mark Uyeda as acting chairman. Uyeda has been leading a reversal in the SEC’s stance against crypto, dropping lawsuits and investigations against companies in the space.

SEC Agrees ‘In Principle’ to Drop Lawsuit Against Crypto Exchange Kraken

The U.S. Securities and Exchange Commission has “agreed in principle” to drop its lawsuit against cryptocurrency exchange Kraken as the regulator keeps on moving away from enforcement actions on crypto firms.

The regulator sued Kraken back in November 2023, alleging the exchange acted as a broker, dealer, exchange, and clearing agency without registering with the agency. It also alleged the exchange commingled users’ cryptocurrencies and fiat holdings with its own, creating what an indecent auditor identified as a “significant risk of loss” for customers.

Per Kraken, the regulator is dismissing the lawsuit with prejudice, meaning it can’t reopen the case later with the same claims. It’s also being dismissed without admission of wrongdoing, penalties, or changes to Kraken.

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