SEC Proposal: Coinbase Says Crypto Custody Rules ‚Unnecessarily Single Out‘ Digital Assets

• DCG is in discussions with capital providers to resolve its Genesis mediation.
• Coinbase’s Paul Grewal objects to the SEC’s proposed custody rule.
• Bittrex has filed for US bankruptcy, but will continue operating globally.

DCG in Discussions with Capital Providers

Digital Currency Group (DCG) is in talks with capital providers to resolve a mediation involving its subsidiary, Genesis Global Trading. This was announced by Coinbase Chief Legal Officer Paul Grewal amidst the U.S Securities and Exchange Commission’s (SEC) proposed revisions to federal custody requirements.

Coinbase Objects to SEC Proposed Custody Rule

Coinbase’s Grewal objected to the SEC’s proposed changes which he stated „unnecessarily singles out crypto“. He suggested that a more inclusive approach should be taken towards qualified custodians and a unified possession or control standard for crypto assets should be adopted instead of the current proposal. Approves ‚Kim Jong-Un‘ Crypto Account

In an unrelated news, recently approved a crypto account application under the name “Kim Jong-Un”, although it remains uncertain whether this is affiliated with North Korean leader Kim Jong Un or not. The exchange clarified that any attempts of illegal activities through accounts registered on the platform will not be tolerated and appropriate action will be taken if need be.

SBF Asserts Charges Against Him Are Legally Flawed

The former head of defunct digital asset exchange QuadrigaCX, Gerald Cotton aka SBF, claims most charges against him “suffer from multiple legal flaws” according to court documents published on May 7th 2021. The document states that Cotton could not have committed fraud as he had no knowledge of it at the time when it happened, if such fraud had occurred at all..

Bittrex Files for US Bankruptcy

Lastly, popular cryptocurrency exchange Bittrex Inc recently filed for US bankruptcy protection citing operational losses due to increased competition and other external factors beyond their control as reasons for filing Chapter 11 proceedings on May 6th 2021 . However, the firm assured customers that global operations remain unaffected and services still remain available worldwide without interruption .