Coinbase News: SEC Chair Uyeda Plans to Revise Proposal for Crypto Trading Venue Registration

In a move that could have significant implications for the cryptocurrency market in the United States, the acting Securities and Exchange Commission (SEC) Chair has announced plans to revise a controversial proposal.

Acting SEC Chair Uyeda Challenges Proposed Rule on Crypto Trading Venues

In a significant development for the crypto market in the United States, acting Securities and Exchange Commission (SEC) Chair Mark Uyeda announced plans to revise a controversial proposal requiring digital asset exchanges to register under alternative trading system (ATS) rules. Initially introduced in 2022, the proposal sought to broaden the definition of an “exchange” to close a “regulatory gap” concerning various trading platforms. However, it faced substantial pushback from the industry, particularly from major players like Coinbase, who argued that the regulations would severely restrict their operations. In remarks made at the Institute of International Bankers conference in Washington, Uyeda expressed his view that the SEC had made a misstep.

Ark Invest Buys $11.5M in Coinbase Shares Amid 17% Drop

Ark Invest seized the opportunity to buy the dip on Coinbase (COIN) shares, acquiring 64,358 shares worth $11.5 million across two of its exchange-traded funds (ETFs) on Monday. The investment move came as COIN plummeted 17.6%, dropping to $172. Of the total purchase, the Cathie Wood-led investment firm added 52,753 shares ($9.4 million) to its Ark Innovation ETF (ARKK) and 11,605 shares ($2.1 million) to its Ark Fintech Innovation ETF (ARKF). This follows Ark’s continued accumulation of Coinbase stock, with purchases totaling $28.2 million over the past three weeks.