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SEC backs off Coinbase, Standard Chartered calls $500K BTC


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Your weekly roundup of the 🔥hottest news in crypto:

Standard Chartered tips $500K Bitcoin, SEC drops Coinbase lawsuit

Written by Ciaran Lyons

Feb. 23 - Mar. 1

#1

SEC dismisses lawsuit against crypto exchange Coinbase

The US Securities and Exchange Commission has dismissed its lawsuit with crypto exchange Coinbase on Feb. 27, filings show, ending the case permanently.

The SEC agreed to voluntarily dismiss all litigation tied to Coinbase and Coinbase Global with prejudice, which included withdrawing from its initial June 2023 lawsuit and its request for an interlocutory appeal with the US Court of Appeals, a Feb. 27 court filing shows.

It comes after the two parties announced an agreement to end the legal dispute on Feb. 21.

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#2

US judge tosses SEC fraud suit against Hex founder Richard Heart

A district court judge has dismissed the US securities regulator's lawsuit accusing Hex founder Richard Heart of raising over $1 billion through unregistered crypto offerings and defrauding investors of $12.1 million.

Heart, whose real name is Richard Schueler, was also accused of spending those allegedly stolen funds on luxury items — including the world's largest black diamond.

However, Judge Carol Bagley Amon said those alleged deceptive acts couldn't be decided on as the US Securities and Exchange Commission failed to establish that the US had jurisdiction over Heart's crypto activities — which she said were global in scope and not specifically targeted at US investors.

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#3

SEC again delays Ether ETF options on Cboe

The US Securities and Exchange Commission has once again extended its deadline for deciding whether or not to permit Cboe Exchange to list options tied to Ether exchange-traded funds (ETFs).

The agency has given itself until May to make a final decision to approve or disapprove of Ether ETF options trading on the US exchange, according to a Feb. 28 regulatory filing.

Cboe initially requested to list Ether ETF options in August 2024, but the SEC sought extra time to reach a decision in October.

The exchange is seeking to list options on the Fidelity Ethereum Fund. The fund is among the more popular Ether ETFs, with around $1.3 billion in net assets, according to data from VettaFi.

Prediction of the Week

Bitcoin could hit $500K before Trump leaves office — Standard Chartered

US President Donald Trump's first month in office has been highly volatile for risk assets, but his administration will likely be a net positive for Bitcoin in the long run, according to Standard Chartered.

In a Feb. 27 interview with CNBC, Standard Chartered's head of digital assets research, Geoffrey Kendrick, said he expects Bitcoin's price to reach $200,000 this year before surging to $500,000 prior to the conclusion of President Trump's second term. He cited growing institutional adoption and the potential for clearer regulations as positive catalysts.

FUD of the week

Virtuals Protocol revenue down 97% as AI agent demand fades

Virtuals Protocol, an AI agent platform enabling the creation and monetization of AI-driven virtual entities on the blockchain, has seen its daily trading revenue plummet by 96.8% despite expanding from Coinbase's Ethereum layer-2 network, Base, to Solana.

According to Dune Analytics data, the protocol recorded its highest daily revenue of over $1 million on Jan. 2, but that figure had dropped to less than $35,000 as of Feb. 27.

Revenue from the Base virtual app has been particularly weak, with earnings remaining below $1,000 for 10 consecutive days, declining from its daily peak of $859,000 on Oct. 27, 2024. In total, Virtuals generated $28,492 on the Base network and $6,300 on Solana on Feb. 27.