Business News Asia
The bitcoin price rose 9.17% today (July 28) to $22,854.29.
The positive move in the bitcoin price this morning came after the Dow ended Wednesday up 436 points as the Fed raised interest rates by 0.75%, as expected.
- The Dow Jones Industrial Average rose 436.05 points, or 1.37%, to close at 32,197.59.
- The S&P 500 rose 102.56 points, or 2.62%, to close at 4,023.61 points.
- The Nasdaq rose 469.85 points, or 4.06%, at 12,032.42 points.
Bloomberg reports that the U.S. Securities and Exchange Commission is currently investigating the crypto platform Coinbase. It is said to be investigating whether Coinbase illegally allowed Americans to trade in unregistered securities.
A Coinbase spokesperson said the company does not list securities on the platform. The cryptocurrency platform has previously asked the SEC to develop rules that apply to securities with digital assets.
“We think there’s a huge untapped market and the U.S. risks falling behind if the SEC doesn’t engage in a transparent and public rulemaking process for digital asset securities,” the spokesperson added.
The SEC’s enforcement probe comes ahead of the agency’s investigation into an insider trading scheme that was uncovered last week, according to the report. Federal prosecutors in Manhattan have charged a former Coinbase product manager with fraud in the first case of insider trading in a cryptocurrency.
The SEC official declined to say at the time whether it would take legal action against Coinbase because the tokens were listed as securities in the complaint.
Regulatory scrutiny of Coinbase has increased since the platform expanded the number of tokens it offers for trading.
The Spot Market is Open
Thursday, July 28, 2022