Coinbase Sues SEC & Genesis Restructuring 👨‍⚖️

Coinbase Sues SEC ⚖️

Seeking to encourage the SEC to impart regulatory insight to the crypto industry, Coinbase took a bold step and legally challenged the US securities watchdog. With the hope of compelling the SEC to act on its July rulemaking petition in a timely fashion, the top US crypto exchange sought a federal court order to provide the SEC with a seven-day response window.

Coinbase, a Delaware-registered exchange, contended that no functional system existed in the US for properly running the market. In March, the company implored the SEC for an explanation on the use of staking services; yet, to this day, the SEC has neither addressed the question nor spoken about it, as reported by Coinbase. “Coinbase does not urge the Court to tell the SEC what to do,” Coinbase mentioned in a recently filed legal document. “It merely requests that the Court require the SEC to respond in some way.” However, a spokesperson for the SEC chose to remain mum.

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Genesis Creditors Reject Restructuring ⛔

In a tweeted statement, DCG voiced their dismay over the group of Genesis Capital creditors that have rejected the restructuring deal agreed to in February, thus throwing the lengthy bankruptcy proceedings into a tailspin. They added that the fresh demands from the creditors will only delay the process, potentially unbeknownst to the hundreds of thousands of individuals creditors.

In January, the crypto lender, unable to bounce back from the catastrophic effects of the Three Arrows Capital hedge fund and FTX exchange's collapse, filed for bankruptcy protection. By November, the firm had already ceased all withdrawals in light of FTX's downfall.

Genesis, owing more than $3.6 billion to its top fifty creditors - including Gemini, the exchange created by the Winklevoss twins - has professed its desire for a fair outcome for all in a statement today, adding that any fresh requests will be weighed against existing concessions.

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Ethereum Shanghai Record Inflow 📈

The recent Shanghai upgrade of Ethereum proved to be a game-changer, as it ushered in a wave of unprecedented inflow of ether (ETH) deposits for staking. This historic surge was primarily driven by the unwavering support of institutional staking service providers and savvy investors who reinvested their rewards after withdrawal, according to seasoned crypto analysts.

As per the brilliant findings of Tom Wan, an expert analyst at digital asset investment firm 21Shares, a whopping 571,950 ETH tokens were deposited into staking contracts, worth more than a billion dollars! Such a colossal infusion of funds has set a new record, making it the largest weekly token inflow in the nearly two-and-a-half-year history of ether staking, as revealed by blockchain data provided by 21Shares.

With great fanfare, the Ethereum blockchain has successfully undergone its eagerly awaited technological facelift, known colloquially as Shanghai or Shapella. This ambitious endeavor has paved the way for a historic milestone - for the very first time, users can withdraw tokens that were previously entombed in staking contracts. This marks a pivotal moment, as it signals the final step in transitioning the network from a mining-based transaction validation system to a staking-based model, following the successful Merge last year.

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Google Adds Web3 Features 🌐

Google Cloud is launching the Web3 Startups Program—a special initiative to foster collaborations and partnerships with the top names in crypto. As part of the Google for Startups Cloud Program, it grants pre-seed to Series A companies access to the best of cloud services, technical tools, and more.

Joining the program grants projects exclusive access to a world of Web3 wonders. Not only will they be welcomed into a private Discord channel with Google Cloud's top Web3 experts, but they'll also receive top-notch training and grants from some of the biggest names in the business: Aptos, Celo, Flow, HBAR Foundation, Near, and Solana Foundation. 

This isn't just another project; it's a golden ticket to the future of Web3. And with Google Cloud's long-standing commitment to Web3 innovation, this opportunity is not to be missed. Just last year, they assembled a top-tier team of Web3 gurus to spearhead the development of cutting-edge products for the ever-expanding Web3 community, building upon their earlier success with the Blockchain Node Engine.

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Other Breaking News 📰

• Binance introduces Wrapped Beacon ETH (WBETH) for native staking.
• Optimism launches a new SuperChain Token List, a unified token list for the ecosystem.
• Andre Cronje teasing a new project for crypto payments.
• Alpha Homorra launches 8th open letter pleading with Iron Bank to retrieve funds.
• Hundred Finance post mortem on smart contract exploit.

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There you have it, another day Datawallet newsletter. Google is pushing its way into Web3, while Ethereum sees record staking inflows, thanks to the Shanghai upgrade. While Genesis seeks to have another shot at composing its restructuring plan, Coinbase hits back at the US SEC. Stay informed and ahead of the game with our daily crypto scoop. See you tomorrow!