Today, we take a look at what Coinbase and the SEC are up to (separately, of course).
Today’s Top Crypto News Stories
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Coinbase’s $500M Crypto Investment Has Altcoin Focus 💰
Coinbase is adding another $500 million to its investments in a wide range of cryptocurrencies. The top U.S. exchange will also put at least 10% of profits into crypto going forward. This will have a heavy emphasis on altcoins, said CFO Alesia Haas, who added that the makeup of those investments will mirror its customers’ holdings. Get the details here.
SEC Chair: DeFi Projects Are Too Centralized, Must Register 👊
Securities and Exchange Commission chairman and former MIT crypto professor Gary Gensler warned that most decentralized finance projects are too centralized. Even DAO-focused projects have core developers — and incentives for them. That means most DeFi token issuers must register with the SEC, he said. Read more here.
Binance Expands Gov’t ID Requirements to All Customers 🕵🏻♀️
As it “pivots” to a “proactive” approach to regulatory compliance, Binance has upped its ID requirements. The world’s largest cryptocurrency exchange will now require all customers to provide a government-issued ID and photo of themselves. Meanwhile, the separate Binance.US exchange is struggling after the loss of a $100 million VC investment. See more.
Wells Fargo Offers ‘Passive’ Bitcoin Fund to Wealthy 🎩
Two of America’s top-three U.S. banks are offering wealthy clients Bitcoin investments. JPMorgan and Wells Fargo announced new investment vehicles that are passively managed offerings — hodling for 1%ers. Both have partnered with institutional digital asset manager NYDIG for their offerings. See it here.