Arichain Network and Ariwallet: Revolutionizing Blockchain Scalability and User Engagement
The blockchain world is alive with innovation, and Arichain Network is quickly carving out a name for itself with its lightning-fast transactions, limitless scalability, and an ecosystem that’s easy for anyone to use. Together with its official digital wallet, Ariwallet, Arichain is creating serious buzz in the Web3 space. Whether it’s their game-changing partnership with Ankr or the explosive growth of Ariwallet’s user base, this project is one to watch. Here’s the full scoop on what makes Arichain so exciting and how it could play a big role in the future of blockchain technology.
Arichain Network: A Blockchain Built for Mass AdoptionArichain is a Layer 1 blockchain designed to tackle the infamous blockchain trilemma—balancing scalability, security, and decentralization—while delivering unparalleled transaction speeds. Powered by its unique Delegated Random Proof-of-Stake (DRPoS) consensus mechanism, Arichain boasts an impressive capacity of over 300,000 transactions per second (TPS), with block times as low as 3 seconds. This performance positions it as a top contender for real-world applications, especially in industries like entertainment and content creation, where speed and efficiency are paramount.What sets Arichain apart is its focus on developer accessibility. By enabling developers to use familiar programming languages without requiring separate systems for decentralized application (dApp) development, Arichain is bridging the gap between Web2 companies and Web3 innovation. This approach lowers the barriers to entry, making it easier for traditional businesses to adopt blockchain technology.Strategic Partnership with Ankr: A Game-Changer for ScalabilityOn March 13, 2025, Arichain announced a strategic partnership with Ankr, a leading Web3 infrastructure provider, marking a significant milestone in its journey toward mass adoption. This collaboration, detailed by CoinTrust, aims to enhance Arichain’s scalability and developer ecosystem by leveraging Ankr’s advanced suite of Web3 tools.Key Highlights of the Partnership: Validator Role: Ankr will act as a validator during both the testnet and mainnet phases, reinforcing network stability and transaction processing capabilities.Developer Tools: Developers building on Arichain will gain access to Ankr’s high-performance blockchain connectivity, decentralized node services, RPC endpoints, and staking solutions, simplifying dApp development.Scalability Boost: With Ankr’s infrastructure supporting over 70 blockchains, this partnership ensures faster and more reliable blockchain interactions, making Arichain a go-to platform for scalable Web3 solutions. This move not only strengthens Arichain’s technical foundation but also signals its commitment to building a robust, developer-friendly ecosystem. Keep an eye on Arichain’s official X account (@Arichain_) for updates, as a recent post on March 14, 2025, hinted at ongoing engagement with Ankr, stating, “@ankr GM.” Ariwallet: Driving User Engagement with Innovation At the heart of Arichain’s ecosystem is Ariwallet, the official digital asset manager launched on January 11, 2025. Available on both Android (Google Play Store) and iOS (App Store), Ariwallet has quickly become a cornerstone of user engagement, boasting over 2 million active users and counting. Why Ariwallet Stands Out: User-Friendly Design: Ariwallet eliminates the complexity of traditional crypto wallets by offering email login, bypassing the need for seed phrases, and incorporating two-factor authentication (2FA) and end-to-end encryption for enhanced security.Earn ARI Tokens: Users can earn ARI tokens through daily activities, such as check-ins and quizzes, making it an interactive and rewarding experience. The daily quiz, featuring questions about blockchain and the Arichain ecosystem, has become a fan favorite, as highlighted by CoinGabbar.Testnet Mining: Ariwallet supports Testnet mining, allowing users to earn ARI tokens while contributing to network testing and development.Referral Programs: Inviting friends to join Ariwallet offers additional rewards, further fueling user growth. Recent reports from MiningCombo suggest that Ariwallet’s user base may have swelled to around 3 million by March 14, 2025, reflecting its rapid adoption and the effectiveness of its engagement strategies. With a tokenomics model allocating 77.8% of ARI tokens to ecosystem growth, Ariwallet is designed for long-term sustainability, ensuring rewards for users and developers alike. Community Building and Future Outlook Arichain is not just about technology—it’s about building a vibrant, engaged community. The project has been actively fostering its user base, with a recent X post on February 16, 2025, declaring, “Arichain is building an OG community” (Arichain on X). To protect users, Arichain has also issued warnings about impersonation risks, urging the community to rely only on official channels (Arichain on X). Hints of Big Announcements The Arichain team has a knack for building anticipation. On March 6, 2025, an X post teased, “Eyes on here” (Arichain on X), suggesting potential upcoming developments. Earlier, on February 1, 2025, they hinted at major news, asking, “Aren’t you curious about what we’re going to announce next week?” (Arichain on X). While specifics remain under wraps, these posts indicate that Arichain is gearing up for further expansions, partnerships, or feature launches. Stay tuned to their official channels for the latest updates. ARI Token: Fueling the Ecosystem The ARI token is the lifeblood of the Arichain ecosystem, powering transactions, rewards, and ecosystem growth. The project’s Initial Coin Offering (ICO), which concluded on February 9, 2025, set purchase limits between 50 and 50,000 ARI tokens, with a presale price of 1 ARI = 2 USDT (CoinGabbar). Recent market data from CoinGecko shows ARI trading on exchanges like Uniswap V3 (Base), with a 24-hour trading volume of $1,631.95 as of October 30, 2024, reflecting a 425.50% increase from the previous day. While past performance is not indicative of future results, this activity underscores growing interest in the token. Why Arichain and Ariwallet Matter Arichain and Ariwallet are more than just another blockchain project—they represent a vision of accessible, scalable, and user-centric Web3 innovation. Here’s why they stand out: Scalability: With over 300,000 TPS and infinite scalability through its Superorganism Network, Arichain is built for real-world applications.Developer-Friendly: By supporting familiar programming languages, Arichain lowers the barriers to entry for developers, fostering broader adoption.User Engagement: Ariwallet’s innovative features, like daily quizzes and Testnet mining, make blockchain accessible and rewarding for everyday users.Strategic Partnerships: The collaboration with Ankr positions Arichain as a leader in blockchain infrastructure, enhancing its scalability and developer ecosystem. Get Involved with Arichain and Ariwallet Whether you’re a developer looking to build scalable dApps, a crypto enthusiast eager to earn rewards, or an investor exploring promising projects, Arichain and Ariwallet offer something for everyone. Here’s how you can get started: Download Ariwallet: Available on Google Play Store and App Store.Join the Community: Follow Arichain on X (@Arichain_) and visit their official website (arichain.com) for updates.Stay Informed: Watch for upcoming announcements, as Arichain continues to tease major developments. Final Thoughts Arichain Network and Ariwallet are setting a new standard for blockchain scalability and user engagement. With a strategic partnership with Ankr, a rapidly growing user base, and a vision for mass adoption, this project is one to watch in the evolving Web3 landscape. As Arichain continues to innovate and expand, it’s clear that it’s not just building a blockchain—it’s building the future. What do you think about Arichain’s potential?
Have you tried Ariwallet’s daily quiz and daily Check-in?
You now have new tasks in the wallet to gather extra points! Share your thoughts in the comments below, and let’s discuss the future of this exciting project! #Arichain #AriWallet #blockchain #Web3
GAIMIN (@GaiminIo) revolutionizes GPU usage, allowing gamers to earn $GMRX while their hardware works. Here's the deal:
- Earn with GPUs: Instead of buying $GMRX, users can earn it by contributing their PC's idle GPU power. Tasks like AI training, rendering, or blockchain computations are outsourced to the GAIMIN network, rewarding users in $GMRX.
- Passive Income: By simply running the GAIMIN software in the background, gamers can generate income without impacting their gaming time.
- Community Growth: With DAUs on the rise, GAIMIN's ecosystem is thriving, showcasing a practical application of unused computing resources.
- Why Earn Over Buy?: Earning $GMRX through GPU utilization offers an active investment in the platform's ecosystem. It's not just about holding a token; it's about contributing to and growing with the network.
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3/ 🏆 Gaimin Gladiators Esports powerhouses. Revving up brand visibility with strategic partnerships. Victories on the horizon at global tournaments.
4/ 🌍 GAIMIN's Global Esports Triumphs: On the world's largest digital billboard. Dota2 champs eye $60M+ hashtag#EsportsWorldCup. GAIMIN's empire expands across continents.
5/ 💡 Stats: 100K monthly active users. $500K earned during Beta. $4.5M total esports earnings in 2023. Developing world's fastest gaming blockchain. 53 top 3 finishes globally.
7/ 🔍 Where to buy? Gate.io KuCoin Bybit 8/ 🚀 Conclusion: The gaming landscape evolves with Gaimin's Web3 breakthroughs, reshaping gaming as we know it. Are you ready to level up?
Impressive Milestones: POND DEX Surpasses 160M+ Volume and 127K+ Swaps
In the dynamic world of decentralized finance (DeFi), a decentralized exchange (DEX) Pond has recently reached significant milestones, boasting a trading volume of over 160 million and facilitating more than 127,000 swaps. Decentralized Finance's Impact Decentralized finance (DeFi) is transforming the way we engage with financial services. DEXs, at the forefront of this movement, enable peer-to-peer cryptocurrency trading without intermediaries. These platforms use blockchain technology for secure and transparent transactions. Surpassing 160M+ in Total Volume One standout achievement of this DEX Pond is its trading volume, which has exceeded 160 million. This impressive volume reflects user trust and adoption, highlighting the growing importance of DeFi in the broader financial ecosystem. Facilitating 127K+ Swaps / A Shift in Financial Interactions These milestones go beyond numbers; they represent a shift in how individuals engage with financial markets. Users are increasingly recognizing the benefits of DeFi, including greater control, reduced fees, and access to a wider range of assets. In Conclusion As DeFi continues to evolve, we can expect more milestones, innovations, and opportunities, ushering in a more inclusive and accessible financial future. #bnb #bitcoin #PNDC #Binance #trading
Pond Dex's Thrilling Expansion: AVAX, wBTC, and BNB Tokens Join the Ranks!
Pond Dex, the decentralized exchange (DEX) that puts users first, is making headlines once again. If you thought Pond Dex was impressive before, you're in for a treat because they've just upped the ante. What's the Buzz All About?Unlocking Rewards: AVAX and wBTC Pond Dex is all about giving back, and they've just added two heavy-hitters to the rewards game: AVAX and wBTC. Swap AVAX, and you'll enjoy a generous 4x reward boost. But hold onto your hats because if you're into wBTC, Pond Dex is cranking up the excitement with an astonishing 10x reward boost. It's like crypto magic! A Smooth Ride with BNB But there's more. Pond Dex has introduced Binance Coin (BNB) into the mix, and it's a game-changer. With BNB, swapping to Pond Dex's native token, $PNDC, on the Ethereum network is as easy as pie. It's like having a golden key to unlock Pond Dex's treasure trove of opportunities. Expanding Possibilities Pond Dex isn't stopping there. They're spreading their wings, connecting with Polygon, Avalanche, Linea, Base Network, and now Binance. What does that mean for you? Simple – more choices, more liquidity. A Bright Crypto Future With these new additions and Pond Dex's commitment to user satisfaction, the future is looking brighter than ever. Whether you're a seasoned crypto pro or just starting out, Pond Dex has something special for everyone. Remember, at Pond Dex, the more you swap, the more you earn. It's a win-win in the world of cryptocurrencies. Im more and more certain, Pond Dex is on fire, and it's not just about making waves; it's creating a ripple effect in the world of cryptocurrencies. So, gear up, get ready, and ride the crypto rollercoaster with Pond Dex – it's an adventure you don't want to miss! 🚀✨
Pond Dex: The Crypto 2.0 Platform Rewarding Swappers and Making Waves
In the ever-evolving world of cryptocurrencies, innovation and progress are constants. One such innovation that has garnered significant attention is Pond Dex, a decentralized exchange (DEX) that is changing the game. With a unique twist on incentivizing users and fostering liquidity, Pond Dex has quickly gained recognition as "Crypto 2.0." In this article, we will explore the key features and recent developments of Pond Dex, a platform that rewards users for swapping tokens.The Pond Dex Concept Pond Dex, short for "Pond Decentralized Exchange," has garnered attention for its innovative revenue-sharing model. Unlike traditional exchanges that pocket fees, Pond Dex redistributes a portion of its revenue to the users who actively swap tokens on the platform. This approach has been nothing short of a paradigm shift, turning traders into beneficiaries. Crypto 2.0: More Than Just a Catchphrase The moniker "Crypto 2.0" has been attached to Pond Dex for good reason. Its commitment to user-centric rewards and community engagement sets it apart from conventional decentralized exchanges. By giving back to its users, Pond Dex fosters a sense of ownership and loyalty within its growing community. Impressive User Numbers Pond Dex has witnessed an impressive surge in user adoption. With over 7,000 unique swappers onboard, it's clear that the platform's unique value proposition is resonating with crypto enthusiasts. The ever-increasing number of participants is a testament to Pond Dex's appeal in the market. Skyrocketing Trading Volumes In the crypto world, trading volume is a vital metric of a platform's success. Pond Dex has not only achieved substantial trading volumes but has also maintained consistent growth. With a total volume exceeding $130 million, Pond Dex is proving that it can compete with the best of them. Rewards Galore One of the most exciting aspects of Pond Dex is its rewards program. Recently, Pond Dex conducted a revenue pay test, during which an impressive 300,000 dollars worth in $PNDC, were claimed by users. This generous distribution of rewards is just the beginning. Pond Dex has ambitious plans to offer more incentives to its users in the near future, creating a win-win scenario for all participants. "More Swaps, More Drops!" A catchy slogan that has been buzzing across Crypto Twitter, "More Swaps, More Drops!" perfectly encapsulates the spirit of Pond Dex. The more active the users are on the platform, the more they stand to gain. This simple but effective motto has drawn traders seeking not just a place to swap tokens but a platform that values their participation. To sweeten the deal further, Pond Dex is currently offering a fourfold rewards boost on swaps involving Aave ($AAVE ) and PNDC, the native token of Pond Dex itself. This promotion has garnered significant attention in the crypto community, enticing users to take advantage of the increased incentives. Now the conclusion: Pond Dex has burst onto the crypto scene with a fresh perspective on decentralized exchanges. Its commitment to rewarding users for their active participation, impressive user numbers, and skyrocketing trading volumes make it a formidable player in the crypto space. As it continues to evolve and offer more incentives, Pond Dex may very well be at the forefront of what many are calling "Crypto 2.0." Traders are quickly realizing that when it comes to Pond Dex, the more they swap, the more they earn—a true win-win in the world of cryptocurrencies.
Get your game face on because Web3 is here, and gaming is taking the lead! Let's explore why gaming and Web3 are the perfect match for revolutionizing the digital world.
The Power of NFTs: Gaming has always been a realm of endless possibilities, but now it's time to level up even further with Non-Fungible Tokens (NFTs). These game-changers turn your virtual loot into valuable assets that you truly own. In 2022 alone, the NFT market reached a staggering $15 billion in sales, with gaming accounting for a significant portion of that revenue. Imagine finding a rare sword or legendary armor in your favorite game and realizing it holds real-world value. With NFTs, the boundaries between the game and reality blur, giving your gaming accomplishments tangible worth.
Empowering Players: Embracing blockchain technology and NFTs in gaming opens up a whole new level of empowerment for players. According to a recent survey, 68% of gamers expressed interest in earning real-world money through their gaming skills. It's like stepping into a virtual flea market, where you can turn your in-game prowess into cold, hard digital cash. The potential for gamers to profit from their skills and creativity is truly exhilarating.
Mass Adoption through Gaming: Gaming is the perfect gateway to Web3 mass adoption. With millions of players from all walks of life, the gaming community is a massive force. Currently, there are over 2.8 billion gamers worldwide, and the industry is projected to reach a market value of $200 billion by 2023. By introducing them to the decentralized web, we can create a wave of excitement and engagement that will ripple across the digital landscape.
Uniting Gamers, Creators, and Developers: Web3 isn't just about technology; it's about building a vibrant and inclusive digital ecosystem. Gaming allows for the unity of gamers, creators, and developers in a shared adventure. The lines between players and creators blur, enabling everyone to contribute their unique skills and ideas to shape the future of gaming. Already, we've witnessed the rise of user-generated content in gaming, with players creating and selling in-game items, mods, and even entire game levels.
Get ready to power up and join the revolution. The world of gaming is set to become a gateway to a gamified digital future, where you can truly own your virtual assets and explore new frontiers. With NFTs, gaming's revenue potential extends beyond in-game purchases and subscription models. It's time to level up to Web3 and embark on an epic quest that will redefine the way we play, connect, and create.
XRP Surges with Impressive Fund Inflows, Boosting Crypto Market Optimism
XRP has shown significant gains as per a report by CoinShares, cementing its position as a leading crypto investment product. Inflows of $240,000 in the past week and a cumulative value of $6 million since the year began have propelled XRP to new heights. The entire digital asset market has experienced a surge of optimism, with $199 million flowing in, countering recent outflows.
Impressive XRP Performance: XRP has witnessed remarkable gains, solidifying its position in the crypto market. Inflows of $240,000 in one week and a cumulative value of $6 million for the year indicate growing investor confidence and future growth potential.
Market Optimism: The entire digital asset market saw its largest weekly inflows of the year, with $199 million pouring in, offsetting recent outflows. This surge reflects renewed optimism and investor interest in cryptocurrencies.
Bitcoin Dominance: Bitcoin attracted $188 million in inflows, accounting for 94% of the total funds received. This highlights Bitcoin's dominance and appeal as a store of value and investment asset.
ETFs Drive Optimism: Experts attribute the market's positive sentiment to large funds filing physical collateral exchange-traded funds (ETFs) with the Securities and Exchange Commission (SEC). Notably, institutions like BlackRock, managing $9 trillion in assets, have been influential in driving this surge.
XRP's impressive gains and the overall surge in market optimism signal the growing acceptance and interest in cryptocurrencies. The significant inflows, led by Bitcoin, reflect renewed confidence. The anticipation of regulated ETFs, including involvement from BlackRock, has fueled investor excitement. Readers should conduct their own research and seek financial advice before making investment decisions in the volatile crypto market.
Unleash the Power of Your Crypto: Binance Flexible Loans Revolutionize Borrowing
Are you tired of your crypto assets sitting idle, missing out on potential earnings? What if we told you there's a way to put your digital wealth to work while still retaining ownership? Introducing Binance Flexible Loans – the groundbreaking solution that allows you to borrow against your crypto holdings, earning rewards while you do it. Curious? Keep reading to discover how this financial game-changer can transform your crypto experience.
Unleash Your Assets: Imagine having the freedom to unlock the value of your crypto without selling a single coin. With Binance Flexible Loans, you can leverage your existing digital assets to access immediate funds. Whether you're eyeing a new investment opportunity or need some extra cash flow, these loans provide the flexibility you've been longing for.
Earn as You Borrow: Unlike traditional lending platforms, Binance Flexible Loans let you continue earning rewards on your collateral while you borrow against it. That's right – your crypto assets don't just sit there idly. They work for you, generating real-time annual percentage rate (APR) rewards. It's like having your cake and eating it too!
Competitive Rates, No Transaction Fees: Say goodbye to exorbitant interest rates and pesky transaction fees. Binance offers highly competitive rates for their flexible loans, ensuring you save money on interest payments. Plus, with zero transaction fees, managing your loan becomes seamless and cost-effective. It's time to maximize your borrowing potential without unnecessary financial burdens.
Tailored to Your Needs: Binance Flexible Loans cater to your unique financial goals. You have the freedom to choose the collateral and the cryptocurrency you wish to borrow. Need BTC while pledging USDT? No problem. Want ETH with TUSD as collateral? You got it. Binance allows multiple isolated loan positions, so you can customize your borrowing experience to suit your preferences.
Stay in Control, Avoid Liquidation: Worried about the safety of your collateral? Binance has you covered. Their overcollateralized loan design ensures that the value of your assets exceeds the borrowed amount, reducing the risk of liquidation. By monitoring your Loan-to-Value (LTV) ratio and taking proactive measures, such as depositing more collateral or repaying a portion of your loan, you can steer clear of liquidation and maintain control over your crypto holdings.
Don't let your crypto sit idle any longer. Binance Flexible Loans empower you to harness the full potential of your digital assets, providing you with financial freedom and flexibility like never before. Earn rewards, access immediate funds, and unlock new possibilities with this revolutionary borrowing solution. Embrace the future of finance and embark on a transformative crypto journey with Binance Flexible Loans. Your crypto assets are waiting to be unleashed!
Disclaimer: Please note that this article is for informational purposes only and should not be considered as financial or investment advice. It's essential to conduct thorough research and seek professional guidance before engaging in any financial activities.
Fed Chair Jerome Powell Acknowledges Crypto's Staying Power and Embraces Digital Assets
In a testimony before the House Financial Services Committee, Federal Reserve Chair Jerome Powell made significant remarks regarding the cryptocurrency market and its long-term potential. Powell's statements highlighted the increasing recognition of cryptocurrencies as an asset class and the need for regulatory measures to ensure stability and credibility. This article delves into Powell's comments, shedding light on the evolving perspective of central banks towards digital assets.
Market Surge: PEPE Token Outperforms Leading Cryptocurrencies As the cryptocurrency market continues to evolve, one particular token has captured attention with its remarkable performance. The meme-oriented token, $PEPE, has seen an impressive rise of 41.78% in its value, outperforming other prominent cryptocurrencies. This surge in value indicates the growing interest and potential of meme-based tokens within the crypto space.
Crypto's Staying Power: Powell's Testimony During the testimony, Powell emphasized that cryptocurrencies appear to have staying power as an asset class. This recognition from the Chair of the Federal Reserve is a significant endorsement of the long-term viability of digital currencies. Powell's acknowledgement further solidifies the acceptance and mainstream recognition of cryptocurrencies within the financial landscape.
Stablecoins as a Form of Money: Regulatory Perspectives Addressing stablecoins, Powell regarded them as a viable form of money. However, he stressed the need for a robust federal role in regulating these assets, emphasizing the central bank's ultimate role in maintaining the credibility of money. Powell's comments highlight the ongoing discussions surrounding stablecoin regulation and the growing importance of establishing clear guidelines to ensure stability and consumer protection.
Central Bank Digital Currency (CBDC) Development Powell also touched upon the development of Central Bank Digital Currencies (CBDCs). While acknowledging the popularity and potential of CBDCs, he emphasized that their implementation is still in its early stages. The Federal Reserve is actively exploring the concept but acknowledges that significant progress needs to be made before a CBDC becomes a reality. The mention of CBDCs signals a growing interest among central banks in leveraging blockchain technology to enhance monetary systems.
Crypto Regulation: A "Real Need" Powell reiterated the importance of crypto regulation, emphasizing a "real need" for it. He stated that the Federal Reserve has staff members actively engaged in discussions surrounding digital asset regulation. These remarks indicate a proactive stance by the central bank in understanding and addressing the unique challenges and opportunities presented by the crypto ecosystem.
Federal Reserve Chair Jerome Powell's recent testimony provides valuable insights into the evolving stance of central banks towards cryptocurrencies. Powell's recognition of crypto's staying power as an asset class and his support for stablecoin regulation indicate a growing acceptance and understanding within traditional financial institutions. While the development of CBDCs is still in progress, the overall sentiment expressed by Powell reinforces the notion that cryptocurrencies are here to stay. As the industry moves forward, regulatory frameworks will play a crucial role in ensuring the stability, security, and credibility of digital assets in the financial ecosystem.
SEC Charges Coinbase for Operating as an Unregistered Securities Exchange
Press Release:
Coinbase also charged for the unregistered offer and sale of securities in connection with its staking-as-a-service program.
FOR IMMEDIATE RELEASE
Washington D.C., June 6, 2023 — The Securities and Exchange Commission (SEC) has taken action against Coinbase, Inc., charging the leading cryptocurrency exchange for operating as an unregistered national securities exchange, broker, and clearing agency. Additionally, Coinbase is facing charges for failing to register the offer and sale of its crypto asset staking-as-a-service program.
Unregistered Exchange, Broker, and Clearing Agency
The SEC's complaint alleges that Coinbase has unlawfully facilitated the buying and selling of crypto asset securities, generating billions of dollars in revenue since at least 2019. Coinbase is accused of combining the functions of an exchange, broker, and clearing agency without obtaining the necessary registration from the SEC as mandated by law. Through its unregistered services, Coinbase is alleged to have:
Provided a marketplace that brings together multiple buyers and sellers of securities, utilizing established and non-discretionary methods for order interaction.
Engaged in the business of effecting securities transactions on behalf of Coinbase customers.
Provided facilities for the comparison of data related to the settlement of crypto asset securities transactions, acting as an intermediary in settling transactions and serving as a securities depository.
The SEC's complaint emphasizes that Coinbase's failure to register has deprived investors of essential protections, including SEC inspection, recordkeeping requirements, and safeguards against conflicts of interest, among others. Furthermore, the complaint asserts that Coinbase's holding company, Coinbase Global Inc. (CGI), is also liable for certain violations committed by Coinbase.
Unregistered Offer and Sale of Securities in Connection with Staking-as-a-Service Program
In addition to the charges related to its exchange and brokerage activities, Coinbase is accused of engaging in an unregistered securities offering through its staking-as-a-service program. This program allowed customers to earn profits through the "proof of stake" mechanisms of select blockchains. Coinbase allegedly pooled customers' stakeable crypto assets, performed blockchain transaction validation services, and distributed a portion of the rewards to participating customers. However, Coinbase failed to register the offer and sale of this staking program as required by law.
SEC Chair Gary Gensler commented on the allegations, stating, "We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions. In other parts of our securities markets, these functions are separate. Coinbase's alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC."
Gurbir S. Grewal, Director of the SEC's Division of Enforcement, emphasized the importance of adhering to regulations, stating, "You simply can't ignore the rules because you don't like them or because you'd prefer different ones: the consequences for the investing public are far too great." Grewal added, "As alleged in our complaint, Coinbase was fully aware of the applicability of the federal securities laws to its business activities but deliberately refused to follow them. Today's action seeks to hold Coinbase accountable for its choices."
The SEC's complaint, filed in the U.S. District Court for the Southern District of New York, accuses Coinbase and Coinbase Global Inc. of violating registration provisions under the Securities Exchange Act of 1934. Coinbase is also charged with violating securities offering registration provisions outlined in the Securities Act of 1933. The complaint seeks various forms of relief, including injunctive measures, disgorgement of ill-gotten gains.
The information in this press release is sourced directly from the official Securities and Exchange Commission (SEC) page, ensuring its credibility and authority.