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First Mover Americas: Coinbase Responds to the SEC’s Lawsuit
The latest price moves in crypto markets in context for June 29, 2023.
Updated Jun 29, 2023, 3:04 p.m. Published Jun 29, 2023, 12:27 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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In its first legal response to the U.S. Securities and Exchange Commission’s (SEC) lawsuit, crypto exchange Coinbase (COIN) claimed that digital assets listed on its platform fall outside the regulator’s (SEC) purview. The SEC sued Coinbase at the beginning of June, alleging that a dozen of the cryptocurrencies offered through its wallet or trading platforms were unregistered securities. In its answer, filed early Thursday, Coinbase claimed that these cryptos are not investment contracts and therefore not securities. It's an argument Coinbase has advanced before in public statements, but Thursday's filing goes into further detail explaining the company's position: cryptos on the exchange's secondary market platform are not part of any arrangements where a promoter is selling an asset tied to a contract, said the company, referring to language in the Supreme Court’s precedent-setting Howey case.
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Germany's financial watchdog has decided not to grant crypto exchange Binance a custody license, news publication Finance Forward reported on Thursday. The report added that it's unclear if the denial was a formal decision from the Federal Financial Supervisory Authority (BaFin) or an intention expressed in ongoing discussions. "While we are unable to share details of conversations with regulators, we continue to work to comply with BaFin‘s requirements,” a Binance spokesperson said in an emailed statement to CoinDesk. “As expected, this is a detailed and ongoing process,” the spokesperson continued. “We are confident that we have the right team and measures in place to continue our discussions with regulators in Germany.”
The native token of decentralized finance (DeFi) protocol has surged by more than 50% over the past four days alongside a spike in volume and outflows on Binance. COMP was trading at $45.98 at press time, higher by 51.4% since Sunday and doubling in value from its June 10 low of $22.89, according to TradingView. Lookonchain noted that one particular wallet deposited $3.5 million worth of to Binance on June 26 before withdrawing 50,000 COMP tokens ($2.26 million) on Wednesday and an additional 120,000 tokens ($5.5 million) on Thursday. COMP is one of a number of altcoins that have been rallying along with bitcoin's charge back above the $30,000 level. The likes of Blur and Arbitrum posted double-digital gains earlier this week, indicating a positive shift in sentiment after three-months of low volatility trading at range lows.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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