Update on SEC vs Coinbase and a fall in BTC amid inflation

That’s a two-way street the community has reached. The SEC and Coinbase have an updated movement in their contest. The Commission staff has made a recommendation to the SEC on the rulemaking petition for Coinbase. Meanwhile, the price of BTC has once again lost its resistance level despite having had a positive run for a few days. Reversal is on the table, but the community is still not holding its breath.

The Court has stated that it will retain jurisdiction but not deliver a rule on the mandamus petition. The US Securities & Exchange Commission is expected to share an updated status with the Court for the matter to move an inch. Paul Grewal, the Chief Legal Officer for Coinbase, has shared this update by saying that they are grateful for this order by the Court, for it inspires small steps.

Paul has also acknowledged that the SEC is actively campaigning against the cryptosphere, urging the Commission to at least share a definite timeline with the court.

During the crypto winter, Bitcoin is the most valuable digital asset available on the market. On a lighter note, this season is unwilling to abandon the community until at least the middle of 2024. The price has decreased below the $27,000 threshold and is currently $26,831.40. This is a decline of 0.14% over the past 24 hours. Worrying nonetheless for those who have placed large bets on the token closing October above the $30,000 mark.

This comes at a time when the FOMC, short for Federal Open Market Committee, has called for a restrictive approach to controlling inflation.

It is high at more than 3%, and the ideal goal is to bring it back to the track of 2%. An imminent movement is to increase the rate, which could happen again in the future. Bitcoin has been serving as an alternate investment proposal. With prices going down, there is a chance that investors will hesitate to put their eggs in this basket. BTC halving is scheduled for mid-2024, and there is speculation that the price could jump.

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Coinbase awaits the judgment, with operations as usual on the platform. Users can get started with the platform by signing up on the website. In our Coinbase exchange review, we detail its features, offerings, and the number of countries where its services are valid.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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