Coinbase Sues SEC & California Courts DAOs
Good moooorning, crypto fam ☕️
Another fine crypto day is upon us 🌞
I’m here to fuel your morning with the latest and greatest from the digital cryptocurrency realm.
So, grab your favorite brew and let’s dive in 🚀
Coinbase Takes on the SEC: A Legal Showdown Begins
The U.S. crypto market’s uncertain regulatory environment has pushed many companies to leave the country, but Coinbase ain’t taking it anymore.
They’ve filed a lawsuit against the SEC demanding more clarity on crypto laws. They submitted a petition in July 2022, asking the SEC 50 specific questions on digital asset regulation, seeking a simple “yes” or “no” response.
But the SEC has remained mum, and it looks like they’re leaning toward a denial. Time to take it to court!
Why is this relevant? Coinbase’s lawsuit is the first formal action taken against the SEC. The company had received a Wells notice warning of pending legal action over a month ago.
The SEC has been cracking down on crypto exchanges, lenders, and individuals accused of manipulating crypto assets since January.
As the tussle unfolds, the outcome could have major implications for the future of crypto in the U.S.
California’s Embrace of DAOs: A Legal Framework in the Making
San Francisco Assemblymember Matt Haney introduced Assembly Bill 1229, which aims to provide a legal framework for Decentralized Autonomous Organizations (DAOs) in California.
With support from crypto investment giant Andreessen Horowitz and the Crypto Council for Innovation, this bill could change the state’s corporate code to include DAOs, blockchain networks, and smart contract protocols.
Zoom out: If passed, this bill will enable DAOs to incorporate in California, pay taxes, and provide better protection for Californians participating in the Web3 economy.
The move comes at a critical time, as regulators worldwide are keeping a close eye on the crypto space. Will California lead the charge in embracing and regulating DAOs? I don’t really know but like a legend once sang:
The times they are a-changin’ — Bob Dylan
And it’s never been truer than in the crypto world fam. As Coinbase takes on the SEC and California considers embracing DAOs, change is in the air.
Let’s see where this wild ride takes us next 👀
Quick Bites: Crypto News on the Go
- Fine Art Photographers unite to launch NFTs to fight climate change.
- Coinlist announces the onboarding of validators for the ZetaChain incentivized testnet, with a max of 150 participants.
- Binance US lists Floki Inu, sending it mooning by 50%.
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Until tomorrow, keep HODLing on, and may the Crypto Force be with you 🐐
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