Coinbase is reportedly under investigation by the US Securities and Exchange Commission (SEC) for listing tokens that should have been registered as securities.
The SEC investigation follows another by the agency, which is alleging insider trading at the exchange – one which also views the assets involved as securities. According to unnamed sources, the insider trading investigation was the second of the two cases to be launched.
Nine crypto assets were labelled by the SEC as securities last week, seven of which are listed on Coinbase.
The Commodities and Futures Trading Commission (CFTC) is setting up a new Office of Technology Innovation, which will prepare the agency for a larger role in regulating crypto.
A House bill named the "Responsible Financial Innovation Act" would put put the CFTC at the helm of oversight on non-security digital assets. The new office will replace LabCFTC, the CFTC's existing financial technology team.
The US Federal Reserve will be announcing its next adjustment to interest rates tomorrow, with most traders (77.5%) anticipating a rate hike of 75 basis points.
A 100 basis-point rise is not out of the question, with 22.5% of traders expecting a record-breaking rate hike according to CME's FedWatch. Inflation in June was higher than expected, reaching a shocking 9.1%.
