Yesterday you could read in the crypto news that a judge had dismissed the lawsuit against Coinbase. The prosecutors claimed that there are 79 securities on the US-listed crypto exchange that are being sold without registration.
However, the reason the case was dismissed has nothing to do with whether the tokens actually qualify as securities under US law. The case became turned down because, contrary to the plaintiffs’ claim, Coinbase is not the “actual seller” of the tokens. The judge also said that within the strict legal definition, Coinbase does not promote sales of the tokens.
Coinbase shares skyrocket
Coinbase’s stock immediately shot up in response to this news. COIN was in the green with more than 26%. It is currently on January 6 low of COIN at a rate of $31.95. At the time of writing, the price is $81.46, meaning it’s up a whopping 155% from the low.
This increase is of course also related to the performance of the crypto market. Coinbase shares often react more strongly to both rises and falls in the bitcoin price. Bitcoin (BTC) has had an excellent start to 2023 and is up more than 40% since the turn of the year. After the interest rate decision of the US Federal Reserve, the price of bitcoin reacted positively and rose to a new high of more than $ 24,000. At the time of writing, the price is around $23,400.
Coinbase improvements
Earlier you could also read that Coinbase has taken steps to improve its crypto wallet. This self custody wallet is now both more secure and easier to use for web3 enthusiasts. You will see a preview before you enter into a smart contract and you can disconnect dApps from the wallet, so that you are also safe if the dApp is hacked. Coinbase will also warn you if a dApp is considered unsafe.
In addition, you could read that new ‘creator drops‘ on the crypto exchange’s non-fungible token (NFT) marketplace are currently paused. The reason for this is that the crypto exchange wants to focus on new ones features and tools which would be in demand from the creators.