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The price of Coinbase stock opened in positive territory at the start of Monday’s trading session.

At 10:05 a.m. ET, the price was trading at $53.37— a roughly 3.4% increase from the open, according to TradingView data. The price opened at $53.28.

On Tuesday, Coinbase’s price fell sharply on breaking news that the Securities and Exchange Commission had filed a lawsuit over its staking program — the latest stage in an ongoing legal spat between the U.S. crypto exchange and the top American securities regulator. 

Coinbase CEO Brian Armstrong spoke about the lawsuit and the exchange’s relationship with the SEC this morning during an appearance on CNBC. 

“This isn’t good for America,” Armstrong told the outlet. “It’s not good for the industry, obviously. And we now need to get clarity from the courts.”

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Participants at Consensus 2023 describe the tension between the need for privacy, transparency and regulation in crypto and DeFi in an excerpt from CoinDesk’s first-ever Consensus @ Consensus Report.

Informal Systems raised $5.3 million to support its work as a core developing team in the Cosmos ecosystem.

VC firm CMCC Global led the raise with support from Nascent, Maven11 and others. Angel investors also participated, from companies such as Celestia and EigenLayer. The funds were raised in the form of a convertible note.

“This fundraiser marks an important step for Informal, enabling us to continue to lead and expand the interchain while transforming the quality standards of software, money, and organizations.” said Informal Systems CEO Ethan Buchman in a statement.

Informal Systems has played a vital role in developing technology that supports blockchains in the Cosmos ecosystem, including in relation to the Cosmos Hub. It helped build Interchain Security, a way for blockchains to lean on the Cosmos Hub for its security, rather than running their own sets of validators.

The funds will boost the company’s security auditing division, Informal Security. This helps projects find bugs and improve their code.

Informal Systems also has a project called Collaborative Finance, which wants to blend Cosmos technology with fintech products to provide liquidity systems for businesses. It plans to expand more on its goals in an upcoming whitepaper.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

FTX’s collapse reignites the self-custody debate with Consensus 2023 attendees in an excerpt from CoinDesk’s first-ever Consensus @ Consensus Report.

United States Treasury Secretary and former Federal Reserve Chair Janet Yellen has reiterated that crypto needs more regulation.

Speaking to CNBC’s Squawk Box on Wednesday morning, Yellen claimed that they have “identified a number of risks” relating to crypto, and would “like to work with Congress to see additional regulation pass.”

“I see some holes in the system where additional regulation would be appropriate,” Yellen said.

She added that she was very supportive of regulatory agencies using the tools they already have to protect investors.

Yellen’s comments do not come as a surprise. Following the high-profile collapse of crypto exchange FTX, the U.S. Treasury Secretary claimed that regulators should “rigorously” enforce existing rules and Congress should “move quickly” to fill regulatory gaps.

The comments follow this week’s news that the U.S. Securities and Exchange Commission filed lawsuits against both Binance and Coinbase for allegedly violating the country’s securities laws.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The latest price moves in bitcoin (BTC) and crypto markets in context for June 7, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.

Ethereum Name Service is set to support a web domain called .box that can be routed on web browsers, just like any conventional internet domain.

The .box name, or Top-Level Domain, originates from a project named My.Box. According to Nick Johnson, the founder and lead developer of ENS, it will be the first blockchain-based internet name service to be rolled out for Ethereum users and enabled by the ENS protocol. Notably, My.Box will allow domains to be used for both crypto and internet services, such as email. 

“We are delighted to have .box as the pioneer of blockchain-native DNS-routable TLD enabled by ENS. These bridges between Web2 and Web3 are vital to bring decentralized use cases to a broader audience,” Johnson said in a statement shared with The Block. “By building on ENS, it’s part of the overall goal of making decentralized naming a simple, usable standard.”

Registrations and transfers of the .box domain will be conducted on the Ethereum blockchain. The ownership of the associated NFT will encompass both the Domain Name System and My.Box ENS-based names.

The My.Box project is set to go live in September.

What’s different about .box domains?

ENS currently operates the .eth name service for Ethereum users, offering an easily memorizable alternative to long and complex Ethereum crypto addresses. Unlike .eth, which doesn’t interact with the internet’s default naming protocol, DNS, the .box domain will be accessible on all web browsers via ENS. This signifies a crucial integration of ENS and DNS protocols under the project.

The team at My.Box explained that the project will be able to use Ethereum names and conventional web names simultaneously by tokenizing a DNS domain with each naming registration and by having a crypto counterpart.

“We have a mechanism to tokenize a DNS domain. Think of everything you know about .eth, then add that you also get to set your DNS records (through the same dApp), and you can use it for websites and email,” Josh Brandley, founder of My.Box, told The Block. Furthermore, it is deployed on an Ethereum Layer 2, so gas fees will be minimal, Brandley added.

However, Johnson highlighted potential challenges concerning censorship resistance. He stated that, unlike .eth, the .box name would not have the same resistance level. As per ICANN’s TLD policies, .box names must adhere to certain regulations — meaning the DNS records could be seized under specified and rare circumstances. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Crypto exchange Binance.US has raked in $410 million of revenue since it was launched, generating a profit of $225 million.

The exchange’s financials were detailed in a filing by an SEC accountant based on information that the exchange provided the agency. The accounts are from the period of 2019 to April 2023 and refer to BAM Trading Services, the entity behind the exchange.

This story is breaking and will be updated.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

A California judge backtracked on a tentative ruling to dismiss the allegations against the reality TV star after receiving a more detailed complaint.

The majority of investors did not stand to gain from Pepecoin’s herculean rise, indicating a limited window for potential gains.