Coinbase's Chief Legal Officer, Paul Grewal, has criticized the proposed rule change from the Securities and Exchange Commission (SEC) that could change the definition of an exchange and how digital assets are regulated. Grewal said the SEC proposal "tries to fit a square peg in a round hole" and was "too flawed on process and substance to move forward." He added that requiring a decentralized exchange (DEX) to register in the same way as a national securities exchange is impossible and violates the Administrative Procedure Act. Coinbase's comments came amid the SEC being at the forefront of attention in the US concerning the regulation of cryptocurrency.
Crypto analyst and founder of Crypto Capital Venture, Dan Gambardello, discusses the future prospects of Cardano (ADA) and addresses concerns over swap completion time on Cardano-based decentralized exchanges (DEXs). Gambardello assures his audience of the reliability and efficiency of the ecosystem, defending it against circulating doubts. He highlights that Cardano is now at a critical juncture where it could either experience a significant upward surge or a sharp decline, with the potential for a subsequent rebound. The Cardano development team continues to advance the network’s offerings to bolster adoption, including the launch of the first mainnet-compatible version of Hydra two weeks back.
Despite SEC Chairman Gary Gensler's refusal to clarify Ether's status, the cryptocurrency industry is shifting towards rebuilding. Solidly's legacy lives on through several forks that have captured sizable market share on non-ETH networks. Token analysis has been further complicated by the SEC staff's suggestion that a token's status can "morph" from being a security to a non-security. Meanwhile, former SEC Chairman Jay Clayton agrees with Gensler that "securities cover a very wide swathe of crypto," but says courts are not the place to resolve asset classifications.
Following the collapse of Silicon Valley Bank, there was a surge in outflows from centralized exchanges (CEXs) to decentralized exchanges (DEXs), with users loading up on USD Coin (USDC) due to confidence in the stablecoin. Chainalysis noted that USDC was one of the top assets being moved to DEXs, with some crypto users betting that it would regain its peg. However, the surge in daily trading volumes for large DEXs was short-lived in both cases.
