Web3 Diaries-U.S. SEC Alleges Coinbase
The U.S. Securities and Exchange Commission (SEC) argued in a new filing Friday that Coinbase acknowledged the possibility that federal securities laws would apply to its listings years ago.
The regulator responded to Coinbase filing that asserted that the SEC doesn’t have required jurisdiction to bring a lawsuit against it.
A month ago, SEC sued Coinbase, alleging that it was functioning as unregistered broker and exchange by listing at least 13 different types of cryptocurrencies, which are, unregistered securities.
SEC said in Friday’s document that it would repudiate any motion for judgement Coinbase might file, and asked a court to wipe out Coinbase’s arguments that the suit violated the major questions doctrine among other concerns.
Bitcoin Miners Under Pressure As Hash Rate Sets Fresh Record
Bitcoin network hash rate – used for determining the health, security, and mining difficulty of a blockchain network – has set a fresh record over the week-end. Further, the Bitcoin miners are feeling the pressure from rising hardware prices, which will ultimately drag margins lower. This is undesirable situation for miners given the near stagnancy of Bitcoin prices.
Hash Rate Index suggests the Bitcoin 7-day and 3-day average hash rate increased to all-time highs over the weekend.
On Sunday, July 10th, the Bitcoin mining industry outlet Hash Rate Index reported a remarkable rise of network horsepower. Interestingly, most of the index gain was reported during the weekend.
Collectors Are Bored Of Apes And Don’t Want To Pay Royalties
The floor price of the Bored Ape Yacht Club NFT collection fell to its lowest price this week in nearly two years.
Moreover, NFT royalty payouts also dropped this month, as creators, platforms and collectors continue to clash over the matter of royalty payments.
Shockingly, one of the most popular NFT collection to date, Bored Ape Yacht Club (BAYC), is suffering a decline in popularity. This week, the collection’s floor price fell to a 20-month low of about $53,000, suggesting a decline in public opinion in the collection at large.
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