Coinbase Gets Sued By The SEC
Manuel Olumorin
June 07, 2023
GM. It’s Lootbox, your hideout when everything is being blown up by an air strike.
For today,
Immutable reveals its roadmap
SEC goes after Coinbase, and someone is making bank on it
The Sneakies
Tweet of the day
Immutable Reveals Their Roadmap
Immutable unveiled what meals they’ll be cooking in the near future and their long-term vision for each.
So let’s break down where they are headed.
Immutable Passport
Immutable Passport, a non-custodial wallet and authentication solution, is coming soon. We already talked about it here.
Their future plans include making Passport compatible with Immutable zkEVM, developing Unity & Unreal SDKs for in-game transactions and smoother integrations, and adding relayer functionality to allow for gas payment with other tokens.
And they want Passport to become the all-in-one gamer identity solution, removing the barrier to entry for mainstream audiences and abstracting away web3 complexities.
Immutable Orderbook & Marketplace Network
Plans are for Immutable Orderbook & Marketplace Network to go live on the Immutable zkEVM testnet soon. It will collect orders from all marketplaces on Immutable zkEVM and put them in a single pool that any other marketplace can access.
Their long-term vision for the Immutable Orderbook is to increase revenue and liquidity for marketplaces, studios, and creators by sharing NFT orders across the world’s leading NFT marketplaces.
Unified SDK to Launch Games In Days
Immutable is working on consolidating multiple product SDKs into a single solution to improve discovery, integration, compatibility, and stability.
This Unified SDK will enhance the user experience, reduce complexity, and streamline the development process by offering a cohesive builder journey on Immutable.
Immutable Rollups
The public launch of Immutable zkEVM Testnet is coming soon, allowing developers to test out their games' web3 and EVM functionality.
Their expectation for the public testnet is to enable the launch and testing of applications in a production-like environment, reducing risk for mainnet launch and enabling game studios to begin integrating with the protocol.
SEC Hits Coinbase With A Lawsuit
Gary G & co at the SEC seem to have woken up to wage war this week, dropping bombs on Binance and now Coinbase.
So what do they have against Coinbase?
Mainly the following:
Operating its crypto asset trading platform as an unregistered national securities exchange, broker, and clearing agency.
Failing to register the offer and sale of its crypto asset staking-as-a-service program.
Intertwining the traditional services of an exchange, broker, and clearing agency without having registered any of those functions with the Commission as required by law.
The SEC also decided to go for a second punch at Binance as they made a request to freeze funds in Binance US.
It didn’t stop there, though.
Another 20 states in the US couldn’t resist the urge to pile on Coinbase with announcements of legal action for violating various state-level laws.
But something strange is happening behind all this chaos.
Someone was cashing in, as revealed by @unusual_whales.
Well, this is unusual.
Yesterday, someone opened new $COIN $50 weekly puts for $107,000. They were 19% OTM and expired in four days!!!
Today, the SEC sued Coinbase, $COIN.
Those positions are up big, nearly 2572%.
They turned $100K to millions.
Someone always knows.
— unusual_whales (@unusual_whales)
Jun 6, 2023
And they call crypto a land of fraudsters. Someone needs to look in the mirror.
The Sneakies
GameStop and Illuvium come together with an exclusive edition Illuvitar collection. This 20,000 units collection is called GameStop x Illuvitar D1SK and will be available June 12, 2023.
PancakeSwap launches an NFT collection named Pancake Protectors. And NFTs would be used in a tower defense game.
Fractal has announced FStudio, a no-code product that enables game devs easily add crypto integrations into their games. They also mentioned game devs would be able to host their own tournaments with prize money, create events and more.
Tweet of the Day
⚔️ Fight Back!
Donate to advocacy groups like @coincenter, @DFA2024, and @coinbase's Crypto 435
AND
Contact your Congressperson! Learn how to express your concerns about the anti-crypto regulatory environment in the article below 👇
5/6
🔗— Bankless (@BanklessHQ)
Jun 6, 2023
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