Coinbase Crushes Court Case: Legal Loot or Just Luck?
GM, crypto fam ☕️
It’s a brand new day and we’re ready to dive into the crypto ocean.
So, grab your coffee mugs, HODL them tight, and get ready to DCA into today’s crypto news.
Coming up: We’ve got some juicy goatish news today, from a major shakeup at TrueUSD to a landmark victory for Coinbase at the U.S. Supreme Court.
So, let’s dive right in!
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TrueUSD: A Stablecoin’s Wild Ride
What’s the deal with TrueUSD (TUSD)? Well, it’s been a wild ride, to say the least. The saga started when TrueUSD announced it would no longer mint $TUSD via Prime Trust, a crypto custody specialist.
Despite this, a billion new $TUSD were minted, leading to some serious head-scratching.
So, what’s the big picture? Binance, facing troubles with its own stablecoin, $BUSD, started adopting TrueUSD as the main stablecoin in its ecosystem. This led to a $4B in trading volume, making $TUSD the third-largest stablecoin by trading volume.
But here’s the twist: Prime Trust, the original minter of $TUSD, is facing its own troubles. After BitGo pulled out of a deal to buy Prime Trust’s parent company, Nevada’s Financial Institutions Division ordered Prime Trust to stop all operations.
Despite all this, the market cap of $TUSD continues to expand, and Binance continues to offer no-fee trading on TUSD pairs. It seems like the FUD from Prime Trust won’t hinder the stablecoin ecosystem…
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Coinbase’s Supreme Court Victory
Coinbase is popping the champagne after a victory at the U.S. Supreme Court. The court sided with Coinbase in a 5–4 vote, bolstering the exchange’s ability to go through arbitration when dealing with customer disputes.
This ruling came after a class action suit was filed, alleging that Coinbase “failed to replace funds fraudulently taken from the users’ accounts.” The court’s decision has significant implications for federal litigation.
But what does this mean for Coinbase? Well, it’s a win, but the company is still in a bitter battle with the U.S. Securities and Exchange Commission over crypto regulation in the country.
Crypto Highlights
- Leverage Lift-Off: SEC gives the green light to the first leveraged #Bitcoin futures ETF
- Cross-Border Crypto: German software giant SAP is testing the waters of international payments with Circle’s $USDC. Will it be a smooth sail?
- Bitcoin Breaks the Bank: Bitcoin’s monthly volume is outpacing its yearly average. Is this the calm before the storm or the start of a bull run?
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Grand Finale
As we wrap up today’s edition, let’s ponder over the wise words from Nassim Nicholas Taleb:
“Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.”
In the constantly evolving crypto world, being adaptable is not just a trait, it’s a necessity.
So, keep up with the pace, crypto fam, and let’s traverse this uncharted territory together.
Cheers to being a part of the financial revolution with Goat News
And with that, we close another edition! Remember, knowledge is power, so share this with your friends and help us cultivate a more informed crypto community
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GOAT out ✌️
