🗿 Coinbase Pillow Fights SEC

GM. Crypto’s darling child is fighting with the SEC again. Reddit pushes deeper on its IPO filing. China rolls out new EVs.

☕ *knuckle cracks* ☕ Let’s get into it.

Today’s Specials:

• Coinbase Is Pillow Fighting With The SEC 

• No Fomo News 📰 : Reddit Targets $6.4B Valuation for IPO

Coinbase Is Pillow Fighting With The SEC

What you need to know:

• Coinbase criticized the SEC's dismissal of its rule making petition as "arbitrary and capricious" and has filed a petition with the US Court of Appeals for the Third Circuit demanding regulatory clarity.

• Core Complaint: Coinbase argues that the SEC's denial of its petition is an abuse of discretion and violates the Administrative Procedures Act, lacking substantive reasons and transparency.

Our take: The whole situation just emphasizes the need for clear SEC guidelines on digital assets.

Without clear rules, the US is harming innovation and places cryptocurrencies outside SEC jurisdiction under the current regulatory void. It’s far overdue, crypto is not a drug (even if Johnny Hamcheck says so). Let’s legitimize the industry.

TLDR: Coinbase launched a legal challenge against the SEC, seeking to force the regulatory body to define its stance and rules regarding digital assets. The crypto exchange is highly critical of the SEC’s opaque approach to crypto regulation, demanding clear guidelines.

No Fomo News 📰

AI

• Thomson Reuters has $8bn war chest for AI-focused deals, says chief (FT)

• What Is Shadow AI? Enterprise IT’s Latest Security Threat (Tech)

Web3

• Kickstarter received secret $100m investment to become web3 company (Crypto.com)

• Ethereum on track to burn $10B ETH over next year (Blockworks)

Tech

• Reddit targets up to $6.4 bln valuation in much-awaited US IPO (Reuters)

• China's Xiaomi to start first EV deliveries this month (Reuters)

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.