Latest Crypto News: Coinbase Was Aware of Violations Prior To SEC Law Suit, Says US Market Regulator

Here are some developments in the crypto world over the past few days
Latest Crypto News: Coinbase Was Aware of Violations Prior To SEC Law Suit, Says US Market Regulator

The US Securities and Exchange Commission (SEC) countered Coinbase's argument that it lacks jurisdiction to sue the company, stating that Coinbase was aware of violating federal securities laws years ago.

The SEC on July 7, 2023, said that it would oppose any motion for review Coinbase might file and asked a court to strike Coinbase's arguments that the suit violated the major questions doctrine and other concerns, CoinDesk reported.

The SEC sued Coinbase a month ago, alleging it was operating as an unregistered broker, clearinghouse and exchange all in one go.

"Coinbase, a multi-billion-dollar entity advised by sophisticated legal counsel, argues it was unaware that its conduct risked violating the federal securities laws, and suggests that by approving Coinbase's registration statement in 2021, the SEC confirmed the legality of Coinbase's underlying business activities – at that time and for all time," the SEC said in its filing.

Solana Labs Develops AI Tools to Aid NFT Buyers 

Solana Labs is creating AI tools to assist prospective NFT buyers in choosing collections based on their specific needs.

"One of the challenges right now for buyers is that they need to figure out a lot of different data points," The Block quoted Solana Labs Head of Product, Tal Tchwella, as saying.

Among efforts to make selecting the perfect initial collection easier, Solana Labs is working on an AI tool to help users identify and buy the non-fungible tokens best suited to their wants and needs. "Some of it is a lot of hype, as we've seen with certain NFT collections," Tchwella said. "But some of it is about the genuine connections that people are creating through this, and this is where AI can come in and make that data accessible for a normie, for somebody new coming into web3 to discover what are the things that they care about," Tchwella added.

Tchwella said Solana might soon be able to unveil AI-powered applications that can assist first-time NFT buyers in determining what collections are "trending" and choosing the communities that match their profile.

Australian Officials Probe Binance, Request Internal Data

Australian officials have launched an inquiry into crypto exchange Binance, requesting internal communications and data from current and former employees.

The representatives of Binance were individually contacted by the Australian Securities and Investments Commission (ASIC) outside the company's offices this week in a coordinated effort, CoinDesk reported.

Binance faces legal headwinds in many parts of the world as it faces weighty accusations by US regulators, a French raid, and a denial of licensing by the Dutch government. 

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