Bitrabo Editorial
After a long absence, US crypto exchange Coinbase is resuming operations in Hawaii. This move follows changes in local regulations, allowing Coinbase to serve the Aloha State’s residents where it had stopped operating for seven years.
Coinbase’s Return to Hawaii
Hawaii residents can now trade cryptocurrencies and engage in staking activities to earn interest on their digital assets. Coinbase decided to re-enter Hawaii after state regulations no longer required digital asset businesses to hold specific licenses and reserves equivalent to the total value of customers’ funds.
Faryar Shirzad, Coinbase’s Chief Policy Officer, expressed excitement about reconnecting with Hawaiian customers and catering to their needs. This move aligns with a broader trend in the US regulatory environment where the SEC has recently approved Bitcoin and Ethereum ETFs despite ongoing legal challenges faced by Coinbase.
Ongoing Legal Battles in the US
Coinbase is currently battling the SEC over allegations of operating as an unregistered securities exchange. In response, Coinbase has filed a countersuit, challenging the claims and requesting internal documents for its defense.
Notwithstanding the legal dispute, Coinbase has requested the SEC to disclose internal documents to support its case. The SEC has raised concerns over the scope of these requests, deeming them burdensome. Coinbase insists on a fair and thorough discovery process to address the situation.
In addition to its legal challenges, Coinbase recently released a report highlighting the impact of macroeconomic factors on the crypto industry. The report underscores investor worries amidst global economic changes, noting the susceptibility of the market to external pressures and geopolitical tensions.