Coinbase CEO Brian Armstrong Says SEC Has Agreed To End ‘Bogus’ Enforcement Case Without Penalties – Coinbase Global (NASDAQ:COIN)

Coinbase Inc. COIN CEO Brian Armstrong announced that the Securities and Exchange Commission has decided to fully withdraw its enforcement case against the company.

What Happened: Speaking to CNBC on Friday, Armstrong described the lawsuit as an unjustified attack on the cryptocurrency industry and said the SEC had no legal basis for its claims.

“This is a huge day for us and also for the 50 million Americans who hold crypto,” Armstrong said. “This case was bogus, and we were right on the facts. If we hadn’t stood up for our customers’ rights, it could have been the end of the crypto industry in America.”

The SEC sued Coinbase in 2023, accusing it of operating as an…

Read more on Benzinga

LATEST: Iowa Considers Legislation to Allow State Treasury Bitcoin Investments Now

House File 246 known as the Inflation Protection Act marks a significant stride for digital asset integration into state-level fiscal strategies. Authored by Collins the bill enables the Iowa State Treasurer to invest up to 5% of certain public funds into cryptocurrencies and precious metals aiming to shield state finances from inflation.

The legislation specifies investments in digital assets with substantial market capitalizations including stablecoins that meet stringent regulatory standards. A robust secure-custody solution must manage these assets ensuring the safety and integrity of the state’s investment portfolio.

Additionally the bill allows the possibility of lending digital assets to generate additional state revenue provided the financial risk remains unchanged. This innovative approach signifies Iowa’s proactive stance in embracing the potential of blockchain technologies to enhance its economic resilience.

Bill

Sui Up More Than 6% In 24 hours

Over the past 24 hours, Sui’s SUI/USD price has risen 6.61% to $3.49. This is contrary to its negative trend over the past week where it has experienced a 3.0% loss, moving from $3.68 to its current price. As it stands right now, the coin’s all-time high is $5.35.

The chart below compares the price movement and volatility for Sui over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

Sui’s trading volume has climbed 14.0% over the past week along with…

Read more on Benzinga

After ‘I’m A Nazi’ Rant On X, Kanye West Is Reportedly Considering A Token After All

Ye, formerly known as Kanye West, may be set to launch a cryptocurrency called YZY, marking his latest move in a long string of business ventures.

What Happened: Quoting sources familiar with the project, Coindesk reported that the token is intended to serve as the official currency of his Yeezy brand while allowing him to sidestep traditional financial platforms that have distanced themselves from him due to his public controversies.

The YZY token’s structure has already raised concerns.

Seventy percent of its total supply will be allocated to Ye himself, with only a small portion set aside for investors and liquidity.

This centralized ownership model closely resembles…

Read more on Benzinga

LATEST: South African Firm Altvest Adopts Bitcoin as Inflation Hedge Strategy

Altvest Capital Limited a major player on the Johannesburg Stock Exchange has declared its transition to Bitcoin as its principal treasury reserve asset. This bold move positions Altvest as the first listed African company to anchor its financial strategy in cryptocurrency securing its assets against inflation with Bitcoin’s finite supply of 21 million coins.

The company’s strategic shift includes a focused Bitcoin-only investment strategy amid a global rise in institutional acceptance of the digital asset. Altvest aims to bolster financial resilience and preserve shareholder value by leveraging Bitcoin’s liquidity and strong market security features.

CEO Warren Wheatley expressed confidence in Bitcoin’s unique attributes stating that it aligns perfectly with Altvest’s investment philosophy. The decision reflects a comprehensive risk assessment and a commitment to navigating economic shifts while enhancing the company’s treasury portfolio with a proven decentralized asset.

Source

Moving Forward with Bitcoin Reserve Bill

Montana is moving to allow bitcoin to be part of its state reserves. House Bill 429 (HB 429) passed the Montana House Business and Labor Committee with a 12-8 vote. All Republicans voted for it, all Democrats against.

Satoshi Action Fund on X

The bill, introduced by Representative Curtis Schomer, now goes to the full Montana House. If it passes, it goes to the state Senate.

HB 429 creates a state investment fund with bitcoin, precious metals and stablecoins. Digital assets must have a market cap of at least $750 billion over the past year to qualify. Right now, only Bitcoin meets that requirement.

This bill allows Montana to invest in bitcoin as a hedge against…

Read more on bitcoinnews