🥛 Coinbase returns fire 🎯
- Writer Milk Man
- April 26, 2023
- •4 Min Read
GM. This is Milk Road, your ticket to crypto success. And we don’t even charge a service fee.
It’s Wednesday! Leggo:
- Coinbase takes a shot at the SEC 🎯
- ARK can't get enough of $COIN 💰
- BTC whale pays $5 to send $10M ⚡
- Guess who’s hiring in Web3? 📝
- A new memecoin just pumped 50% 🍪
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COINBASE FIRES BACK 🎯
Another day, another Coinbase headline.
This time? Coinbase is suing the SEC. shots = fired
Here’s a quick recap:
- Last year Coinbase filed a petition with the agency on if existing securities laws could apply to crypto
- The SEC left Coinbase on “Read” but then sent over a Wells Notice last month
- So Coinbase followed up with a lawsuit saying that they want a response to their petition and long list of unanswered questions
It’s like when your friend has been giving you the silent treatment, and your other friend has to become the messenger.
But there’s a lot more at stake here than just friendship bracelets
Why does this matter? Two reasons:
1/ Coinbase might be the strongest challenger to the SEC. They have a top-tier legal team and a history of complying with U.S. regulation.
They’ve been a crypto pioneer since 2012, too. And other notable folks in the space will probably voice their support for the company’s move.
2/ The SEC really is making things up as it goes along. The agency has been throwing lawsuits around like hot cakes. Pair that with all the times Gary’s put his foot in his mouth, and there could be a happy ending for Coinbase.
And if there isn’t, there’s always Bermuda…🏖️
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ARK BOUGHT $8.6M IN COINBASE SHARES 💰
*whistles* Gather round & pay attention, cause one of crypto’s biggest bulls just made a Major Money Move.
No, not Balaji… we’re talkin’ Cathie Wood & her ARK funds.
They bought over 157K shares of Coinbase ($COIN) valued at over $8.6M on Monday - AKA the same day Coinbase sued the SEC.
And she’s just adding to her $COIN collection:
- ARK funds hold a combined 10.65M shares worth ~$596M.
- The investment fund bought 147,250 shares earlier this month.
- It also purchased some in March, after the SEC slapped Coinbase with a Wells Notice...
…even while Coinbase CEO Brian Armstrong himself was selling $COIN shares.
Plus, her funds’ cost basis is ~$240. Meaning she’s been buying from the top and is still doubling down.
Get you someone who believes in you as much as Cathie believes in Coinbase. 🌟
So what? 2 things:
1/ Cathie could be bullish on a Coinbase win against the SEC. We talked about why the company has an edge a bit earlier ^
2/ $COIN has recovered big-time this year. It rose from ~$33 in January to ~$55. Even without the SEC lawsuit, Coinbase could be on the up-and-up.
Don’t call it a comeback.
A BITCOIN WHALE PAID $5 FOR A $10M TRANSFER ⚡
Listen y’all, sometimes we’ve gotta remember why we’re here.
It’s all about that financial inclusion & decentralization.
Well, here’s a nice reminder of that: it cost just $5 for a BTC whale (big crypto wallet holders) to transfer 400 BTC in 1 instant transaction.
Yep, that’s right folks - they paid the cost of a Crunchwrap Supreme to move more than $10M.
So what? It should be this easy to move your own money!
We’re not saying crypto doesn’t have a high gas fee problem - nothin’ like paying ~$12 to send $36 of ETH. -_-
But with TradFi banks like Chase charging a flat ~$30 per transfer with $10K - $100K daily limits & days-long wait times…
I like my money transfers like I like my UberEats delivered: lightning fast. #notanad
WEB3 WEDNESDAY 📝
Welcome back to Web3 Wednesday - where we shake up your hump day with the coolest jobs in Web3. No dress code required.
Here are some openings we found this week for all you roadies:
- Come work with us! We’re hiring a contract writer with a passion for NFTs. Come on in, the milk is warm 🥛
- Head of Developer Relations at Venom Technologies - Remote
- Cyber Threat Analyst at Chainlink Labs - Remote (EST)
- Digital Marketing Manager at Valynt Digital - Dallas, TX
- Senior Solidity Engineer at GammaSwap Labs - Remote
- Social Media and Content Specialist at WalletConnect - Remote
- Product Engineer at Outlier Ventures - Remote
- Applied Cryptography Researcher at Spacemesh - Remote
P.S. - Are you trying to hire in Web3? Learn how to get your open jobs in front of 250k+ crypto enthusiasts here.
MILK & COOKIES 🍪
A new memecoin called Floki Inu was listed on Binance Monday & jumped 50%+. It’s sitting at No. 3 after DOGE & SHIB. Memecoins gonna memecoin
Ethereum DEXs saw the highest number of traders since 2021 last week. All those noobs tryna get rich quick off memecoins
Binance pulled out of a $1B deal to buy bankrupt lender Voyager’s assets. First FTX tries to save Voyager, then FTX implodes, then Binance steps in, then a court vetoes that, now Binance exits. What a ride
The ex-head of digital assets of Signature (shut down crypto-friendly bank) is joining a trust. He’s bringing 3 others that worked on Signet, the real-time payments network, with him.
MILKY MEMES 🤣
That's a wrap for today. Meet us on Twitter to talk all about it. It’s kinda like a family BBQ but better - no screaming kids, awkward photos, or drunk uncles telling weird stories (@MilkRoadDaily)
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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