Today's Crypto Updates:
- Coinbase User Files Class Action Against Company, Claims Insider BCH Trading
- US: TechCrunch Founder’s Crypto Fund Becomes Yet Another Target Of SEC Crypto Probe
- How Cryptocurrency and Blockchain are Changing Philanthropy: Expert Take
- Ripple's CEO Will Join Coinbase's President On The First Ever CNBC Fast Money "Goes Crypto"
Summary Of Today's News:
Coinbase getting sued. SEC investigation numerous crypto funds. Philanthropy getting changed by crypto? Ripple CEO and Coinbase president to be featured on CNBC Fast Money. Read all about it below!
1. Coinbase User Files Class Action Against Company, Claims Insider BCH Trading
Key Highlights:
"Coinbase, a major US-based cryptocurrency exchange and wallet platform, faces a class action lawsuit claiming that its employees and other insiders benefited from trading on non-public information that the exchange planned to introduce Bitcoin Cash (BCH) support last December"
"In the lawsuit, the plaintiff accuses Coinbase of “artificially inflated prices” by means of disclosing buy and sell orders moments after Coinbase launched BCH support on Dec. 19, 2017. The move may have caused the price of the cryptocurrency to soar by over 130 percent"
Crypto Phil's Take:
I remember watching the price of BCH climb dramatically when it was first listed on Coinbase and GDAX. I'm sure some people bought in from fear of missing out only to watch the price drop just as dramatically shortly afterwards. Hopefully this lawsuit doesn't trigger a lot of FUD.
2. US: TechCrunch Founder’s Crypto Fund Becomes Yet Another Target Of SEC Crypto Probe
Key Highlights:
"TechCrunch founder Michael Arrington’s $100 mln cryptocurrency hedge fund has received a subpoena from the US Securities and Exchange Commission (SEC) as part of their recently uncovered cryptocurrency industry probe"
“Multiple news outlets, including CNBC, have reported that a total of 80 firms have already received subpoenas from the SEC.”
Crypto Phil's Take:
Although many are leery of regulation, news like this is to be expected. in the long run this will only add legitimacy to cryptocurrencies.
3. How Cryptocurrency and Blockchain are Changing Philanthropy: Expert Take
Key Highlights:
"Much of the growing interest in Bitcoin and other digital currencies has focused on getting and not giving. But flying under the radar is an exciting new trend toward leveraging cryptocurrencies for philanthropy."
"In the short term, it is unlikely that cryptocurrency and Blockchain platforms will significantly disrupt or displace traditional philanthropy, but they will drive further innovation and experimentation in the sector."
Crypto Phil's Take:
This is definitely an interesting take on how blockchain technology will positively affect us going forward. I think innovations due to blockchain technology are going to become more and more frequent as time goes on.
4. Ripple's CEO Will Join Coinbase's President On The First Ever CNBC Fast Money "Goes Crypto"
Source:
Crypto Phil's Take:
There isn't any "huge" news here really. Although many will probably be saying that Ripple's addition to Coinbase is imminent now. But this is definitely great news for crypto exposure.
