US Court Orders SEC To Respond To Coinbase Complaint Within 10 Days – May 4

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$28,905

Bitcoin price ventured into the $29,000s for the majority of the last 24 hours, following signs that the Federal Reserve would be easing on rate hikes.

Top-20 altcoins are have seen small gains across the board, as Ether rises 1%, BNB gains less than 1% and Avalanche leads the way with a 2% rise.

Top Stories for May 4, 2022 🔥

👉 US Court Orders SEC To Respond To Coinbase Complaint Within 10 Days

The US Securities and Exchange Commission (SEC) has been ordered by a US court to respond to Coinbase’s complaint about how it applies securities laws to digital assets.

Coinbase argued that the SEC is providing insufficient regulatory guidance for US companies operating in the crypto sector. The SEC has been given a 10-day deadline to provide a legal basis for why it has not responded to Coinbase’s 2022 petition asking for formal rule-making within the digital assets sector.

Coinbase has been attempting to launch a pre-emptive strike against the SEC, which said in March it expected to sue the exchange over allegations of offering unregistered securities products.

👉 Federal Reserve Alludes To Rate Pause, Gold Nears All-Time Highs

Gold prices are close to record highs after signals that the US Federal Reserve may be finished with raising interest rates.

Following the latest rate hike of 0.25%, most-active futures for gold rose 0.5% to around $2,047 a troy ounce, and briefly hit $2,085.40 in early Asian trading. Lower interest rates tend to boost gold as they reduce the opportunity cost of owning a metal that pays no income.

👉 Meme Coins Send Ethereum Fees To Highest Levels Since May 2022

Average transaction fees on the Ethereum network have reached their highest level since May 2022 due to increased on-chain activity around memecoin trading, with fees jumping to around 87 gwei on May 2.

The rise in transaction costs is largely attributed to increased demand for trading Pepe the Frog-themed tokens on decentralized exchanges on Ethereum, which have attracted the highest level of users since 2021.

As a result, users are increasingly seeking alternatives, with Ethereum Virtual Machine (EVM)-compatible blockchains hitting all-time highs last week due to high transaction fees.