coinbase

Base officially announced exploration of a native network token during its Base Camp event on Sept. 15, marking a potential milestone for Coinbase’s Ethereum layer-2 network as it targets global adoption.
Base founder Jesse Pollak delivered the announcement during his presentation at the event, outlining the network’s vision to scale from tens of millions to billions of users globally.
Pollak positioned the token exploration within three core principles: achieving complete decentralization, aligning builders and creators as economic participants, and pushing the boundaries of crypto to unlock new systems.
He stated:
“The economy can only work if we’re the ones shaping it and benefiting from it.”
Additionally, he explained the rationale behind creator and developer alignment through tokenization.
Base currently operates as a stage one rollup, consisting of a decentralized fraud or proof submission system and a security council.
However, it is not fully decentralized, requiring additional work to achieve complete decentralization in stage two. The potential token represents a mechanism to accelerate this transition while incentivizing ecosystem participation.
Brian Armstrong, co-founder and CEO of Coinbase, confirmed the development via X, stating the token “could be a great tool for accelerating decentralization and expanding creator and developer growth in the ecosystem.”
Armstrong emphasized that no definitive plans exist, referring to the announcement as a philosophical update as the team explores possibilities.
Three key commitments
Pollak made three explicit commitments regarding token development. Base remains committed to building on Ethereum, rejecting speculation about alternative blockchain foundations.
Further, the team pledges to “do this right” by collaborating with regulators and legislators, drawing on Coinbase’s 15-year compliance track record.
Finally, Base commits to transparent development, building “in the open” through community engagement and feedback.
The announcement follows Base’s decision to embrace transparency over secretive development. Pollak acknowledged receiving advice to keep exploration private but chose the “Base way” of open development without predetermined answers.
Base plans to gather community input during the two-day Base Camp event to inform token development in accordance with the network’s values.
Pollak described the announcement as “a new day one” opportunity to leverage tokenization for building a global economy.
The exploration phase begins without specific timelines or implementation details, as Base will prioritize community consultation and regulatory compliance before advancing the development of the token.
#Base #coinbase #Ethereum

Coinbase files legal motion over Gensler, SEC missing text messages
#coinbase is escalating its dispute with US regulators over past communications involving former Securities and Exchange Commission #SEC Chair Gary Gensler.
Coinbase filed a legal motion on Thursday requesting a hearing to address the SEC Office of the Inspector General’s investigation, which found that the agency deleted nearly one year’s worth of text messages from Gensler and other senior officials in “avoidable” errors.
The exchange said the SEC should explain why it did not conduct a full search of agency records, including text messages from Gensler and senior SEC officials, when it requested the messages in several Freedom of Information Act filings from 2023 and 2024.
According to the motion, Coinbase wants the court to compel the SEC to search and produce all responsive communications originally requested, including all messages and documents from Gensler and the agency regarding Ethereum’s shift to proof-of-stake consensus.

Goldman Sachs CEO doubts 50 basis point cut is ‘on the cards’
#GoldManSachs CEO David Solomon has shot down the notion that the US Federal Reserve will cut interest rates by 50 basis points in September, just days after Standard Chartered Bank made the aggressive forecast.
“Whether or not we have a 50 basis cut, I don’t think that’s probably on the cards,” Solomon said during an interview with CNBC on Wednesday.
While CME FedWatch Tool data shows just 7.8% of market participants expect such a move at the Sept. 17 Fed meeting, Standard Chartered Bank recently raised its forecast to that level, citing August’s weaker-than-expected jobs report, according to a Reuters report on Monday.
Pseudonymous crypto trader Mister Crypto said in an X post on Wednesday, “If that happens, crypto will explode through previous ATHs.”

US court to hear arguments for Sam Bankman-Fried’s appeal on Nov. 4
Former #FTX CEO Sam “SBF” Bankman-Fried, serving a 25-year sentence after his conviction on seven felony counts, will take the next step in his appeals process with a hearing scheduled for November.
According to a Wednesday notice in the #US Court of Appeals for the Second Circuit, Bankman-Fried’s appeals case has been calendared for arguments on Nov. 4. The court proceeding will mark the first significant movement in the former CEO’s criminal case since his transfer from a New York City facility in March to one in California.
The hearing in the Second Circuit had been expected since Bankman-Fried’s lawyers filed a notice of appeal in April 2024 over his 2023 conviction and 25-year sentence. Bankman-Fried’s legal team argued in his appeal filed in September 2024 that the former CEO was “never presumed innocent,” also claiming that prosecutors presented a “false narrative” of FTX user funds as permanently lost.

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