Coinbase Sued For Crashing During Volatility & Listing Securities – August 23

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $21,382

Bitcoin price starts yet another day hanging around the $21,000s, as the market awaits its next major move.

Top-20 altcoins have somewhat recovered, as Ethereum gains 3%, BNB remains unchanged and Avalanche leads with a 4% rise.

Top Stories for August 23, 2022 πŸ”₯

πŸ‘‰ Coinbase Sued For Crashing During Volatility & Listing Securities

Crypto exchange Coinbase is being sued for failing to function smoothly during times of market volatility, as well as failing to disclose that assets on the platform are securities.

Plaintiff George Kattula claims that Coinbase fails to provide the services and protections that it promises to users, suggesting that the exchange chose user growth over meeting the needs of its customers.

The SEC recently labelled nine tokens trading on Coinbase as securities, while alleging insider trading at the exchange upon the listings of new assets.

πŸ‘‰ Bitfinex Announces Launch Of Ethereum “Chainsplit” Tokens

Bitfinex has become the latest exchange to announce support for the trading of Ethereum hard-fork tokens, as its derivatives platform lists ETHW and ETHS contracts.

The tokens will provide users with the ability to speculate on the price of each side of a chain split following the upcoming “Merge”, which will see the Ethereum network switch to a proof-of-stake consensus mechanism.

πŸ‘‰ Congressman Tom Emmer Questions Treasury Over Tornado Cash Sanctions

US Congressman Tom Emmer has requested comment from the Treasury’s Office of Foreign Asset Control (OFAC), relating to their sanctioning of privacy mixing service Tornado Cash.

Emmer claims the sanctions appear to diverge from previous OFAC precedent, with some of the sanctioned addresses being open-source software – not a person or entity. Distinctions previously made by the Financial Crimes Enforcement Network (FinCEN) would subject only service providers (not software) to Bank Secrecy Act rules.