Bitcoin falls below 70K! SEC may appeal against Coinbase, Bitcoin ETF could be affected
The reason for BTC dropping below 70K may be due to a court ruling that allows the SEC to continue its appeal against the custodian of the Bitcoin spot ETF and the exchange Coinbase. The SEC accuses Coinbase of being an unregistered exchange, broker, and clearinghouse, and engaging in "unregistered securities issuance and sales" through its staking program.
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The reason for BTC falling below 70K may be due to a court ruling that allows the SEC to continue its appeal against the custodian of the Bitcoin spot ETF and the exchange Coinbase, accusing Coinbase of being an unregistered exchange, broker, and clearinghouse, and engaging in "unregistered securities issuance and sales" through its staking program.
Prior to this, Coinbase filed a motion with the court, hoping that the SEC would not continue to target Coinbase with the above accusations.
SEC: Coinbase cannot claim ignorance of violating securities laws
🚨BREAKING: Judge Failla has denied @coinbase’s motion to dismiss and will allow the @SECGov to continue with its case against the company in regards to the allegation that it operates as an unregistered exchange, broker, clearing agency and through its Staking Program “engages… pic.twitter.com/KlSanETjB6
— Eleanor Terrett (@EleanorTerrett) March 27, 2024
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