$4.7 Billion USDC Burned From Coinbase, Possible SEC Effect?

  • PeckShield identifies $4.7 billion USDC burned from Coinbase.
  • The movement is likely to be linked with the US crackdown on staking.
  • Coinbase stock plummeted by 14.13% today.
Blockchain security and data analytics company PeckShield recently identified a $4.7 billion USDC burn from Coinbase alone. This was a follow-up to a $175 million USDC burn.
PeckShield believes it could possibly be due to the recent SEC crackdown on cryptocurrency staking. Rumors were out on the street that the U.S. Securities and Exchange Commission (SEC) is possibly planning to ban cryptocurrency staking.

The rumors started surfacing after SEC chairman Gary Gensler spoke about the possibility of classifying cryptocurrencies that allow staking to come under the securities. Coinbase CEO Brian Armstrong also took to Twitter to address the rumors.

See the Original on CoinEdition

Bookmark (0)

Related Posts

NFT investor accidentally burns $135K CryptoPunk trying to borrow money

While going through the unfamiliar process of wrapping NFTs, Riley accidentally sent the asset to a burn address, permanently deleting the NFT from circulation.

Bookmark (0)

Sony eyes NFT transfers across multiple game platforms, reveals patent

Sony’s NFT framework aims to integrate NFTs into gameplay, with the technology representing skins and other popular in-game functionalities.

Bookmark (0)

Ex-Coinbase CTO Claims US Dollar is No Longer Too Big to Fail, Touts Bitcoin

Coinbase former CTO Balaji Srinivasan said the US Dollar (USD) is not too big to fail.
Srinivasan expects Bitcoin (BTC) to replace it as the global reserve currency.
The US Dollar Index is down 8.9% in the last 6 months and has lost 1.34% of its value in the past year.

Bookmark (0)

How to buy and sell NFTs on Nifty Gateway

From Beeple to Lil Yachty, Gemini’s NFT marketplace Nifty Gateway has a lot to offer for crypto artists.

Bookmark (0)

Federal Reserve Slams Custodia Bank, Says it Endangers Crypto Industry and Itself

The Federal Reserves has detailed why it rejected Custodia’s bank application.
Custodia countered that its model prevents the kind of bank run that recently bedeviled the banking industry.
The bank further claimed the Feds statement showed its general bias against digital assets.

Bookmark (0)

Decentralized digital identities and credentials are key to mass Web3 adoption

As the world of Web3 emerges, decentralized digital identities present a promising alternative to the current.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *