At Extreme Investor Network, we are dedicated to providing you with the latest and most insightful news from the stock market and trading world. In this week’s update, we have some exciting developments to share with you.
Republican Party Front-Runner and Former President Trump Plugged Cryptos
Former US President Donald Trump made waves this week by expressing his support for cryptocurrencies. In a bold statement, Trump highlighted the contrasting views between Democrats and Republicans on the topic, asserting that “a lot of people are very much for it.” With the upcoming elections, the crypto community is hopeful for a positive outcome that could potentially pave the way for the Lummis and Gillibrand Responsible Financial Innovation Act.
The act, if passed by Congress, would grant the Commodity Futures Trading Commission (CFTC) the authority to regulate the digital asset space, providing a boost to the US digital asset market. With Trump’s endorsement of cryptocurrencies, the landscape of the industry could see significant shifts in the near future.
SEC Opposed the Coinbase Motion for Interlocutory Appeal
In other news, the Securities and Exchange Commission (SEC) recently responded to Coinbase’s motion for interlocutory appeal. The ongoing legal battle between Coinbase and the SEC has been a topic of interest in the trading world, with Coinbase Chief Legal Officer Paul Grewal providing updates on the developments.
The SEC’s response to the motion shed light on their stance regarding Coinbase’s registration as an intermediary of securities. Despite the court ruling against Coinbase’s motion to dismiss, the company remains confident in their position and is determined to navigate through the legal challenges they are facing.
As a result of the recent events, Coinbase shares experienced a 10% decline, reaching $200.92 by the end of the week. The outcome of the legal dispute between Coinbase and the SEC is closely monitored by investors and traders alike, as it could have a significant impact on the future direction of the company and the broader digital asset market.
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