Web3 Diaries-Coinbase Not To Shut Staking Service
Crypto exchange Coinbase (COIN) will continue operating its crypto staking service despite facing lawsuits from state and federal regulators over the program and several of its other offerings, Coinbase CEO Brian Armstrong said Wednesday at the Bloomberg Invest Conference.
“We’re not going to wind down our staking service,” Armstrong said. “Again, as these court cases play out, it’s really business as usual.” He noted that the exchange’s staking service accounts for about 3% of overall net revenue.
His comments came after the SEC on Tuesday sued Coinbase for a swath of violations, including allegations the company sold unregistered securities. A ten-state coalition led by the Alabama Securities Commission also took aim at the exchange, slapping Coinbase with allegations the company’s staking program had violated various state securities laws.
Gensler Once Offered to Be an ‘Informal Advisor’: Binance
Gary Gensler, former Goldman Sachs investment banker serving as the chair of the U.S. Securities and Exchange Commission, offered his services to Binance – the world’s largest cryptocurrency trading platform, which is facing regulatory ire. Lawyers demanding recuse of Gensler from the case.
Gensler had acknowledged then “the regulatory uncertainty around cryptocurrency and offered to serve as an advisor to Binance,” lawyers for the exchange told SEC officials on June 4.
As Binance faces a suit from the SEC, these lawyers say the history between Gensler and Binance means that Gensler should recuse himself from the case.
Technical Snag Stops Processing Arbitrum Temporarily
The Ethereum layer 2 network went out of service for several hours due to a bug in the sequencer and a resulting transaction backlog that stressed the network. A fix was deployed and the network is now processing again.
The Arbitrum blockchain suffered from a bug in its software Wednesday that caused the network to stop processing transactions on-chain for several hours.
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