Coinbase triggered a short-term rally with 2 new altcoins it added to its roadmap. The latest announcement means that the respective cryptocurrencies will be traded on the exchange very soon.
Coinbase adds 2 more popular altcoin projects to its roadmap
Popular altcoin projects VeChain (VET) and VeThor (VTHO) may soon be listed on the exchange, according to a new announcement from Coinbase Assets. The US-based exchange will keep these projects on its roadmap until further notice. We may see a listing announcement in the coming days if the necessary needs are met.
https://twitter.com/CoinbaseAssets/status/1671995071414059008
How did altcoin prices react to the news?
VeChain (VET)
Coinbase Assets’ announcement surfaced earlier this morning. Prior to this, the market in general was in a strong recovery period, quickly reversing the losses of the last weeks. VET price soars over 8% after Coinbase announcement. For comparison, BTC and ETH were moving sideways in the same time frame.
VeChain (VET) is a cryptocurrency built on Blockchain technology. It has been developed especially for supply chain management and optimization of business processes. The platform offers transparency and reliability by monitoring factors such as tracking, safety and sustainability of products. It rallied in August 2022 with news of its partnership with Amazon Web Services.
VeThor (VTHO)
VTHO is one of two cryptocurrencies developed by VeChain’s Thor Blockchain. It gained more than 9% after the Coinbase announcement.
The latest in the SEC-Coinbase case
As we quoted as Kriptokoin.com, the SEC filed a lawsuit against Coinbase on similar grounds a day after Binance. The U.S. regulator accused Coinbase of operating an unregistered exchange, broker, and clearing agent because it “combines orders for securities from multiple buyers and sellers using built-in, non-optional methods with which such orders interact.”
The SEC also claimed that Coinbase offers unregistered securities to customers by offering them a staking-as-a-service staking program where Coinbase pools all types of customer stapable crypto assets, staking the pool to perform Blockchain transaction verification services.
Today we charged Coinbase, Inc. with operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency and for failing to register the offer and sale of its crypto asset staking-as-a-service program.https://t.co/XPG2gDkxtV pic.twitter.com/hCdVMw8B2v
— U.S. Securities and Exchange Commission (@SECGov) June 6, 2023
In the latest developments from the case, Brian Armstrong, CEO of Coinbase, pointed to the 2024 elections in the USA. At a conference in New York on Thursday, he said the election could bring more regulatory clarity.
“Obviously, the 2024 election is also a factor here,” Armstrong said. Being anti-crypto isn’t politically popular right now. We will potentially see a change in the administration, the parties or the SEC chairman.” says.
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