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Both Coinbase and the SEC have denied reports claiming that the regulator requested the exchange to halt trading in all cryptocurrencies other than Bitcoin. A Coinbase spokesperson has clarified to Blockworks that the supposed recommendation was an inaccurate representation of the facts. The interview published by the Financial Times earlier lacks important context regarding the conversations between Coinbase and the SEC.

Brian Armstrong has publicly urged US residents to actively support the 21st Century Financial Innovation and Technology Bill, which promises to bring much-needed clarity to cryptocurrency regulation. Armstrong emphasized that it is ordinary Americans who can have a decisive impact on the outcome of the vote by sending an email to their representatives asking them to support the bill. In a more detailed statement, Coinbase added that the bill, in addition to protecting consumer rights and enhancing national security, has the potential to spur job creation in the US.

Despite the ongoing rally in June, spot trade volumes in Q2 experienced a substantial decline, reaching their lowest level since 2020, according to Kaiko. Binance saw the most significant drop in trading activity, with volumes plunging by nearly 70%. Other exchanges such as Coinbase, Kraken, OKX, and Huobi also witnessed a decline of over 50% in trade volumes.

According to Coinbase CEO Brian Armstrong, the SEC requested the exchange to halt trading in all cryptocurrencies except bitcoin before filing a lawsuit against the platform in June. “We really didn’t have a choice at that point. Delisting every asset other than bitcoin, which, by the way, is not what the law says, would have essentially meant the end of the crypto industry in the US,” said Armstrong.

The lawsuit between the U.S Securities and Exchange Commission (SEC) and cryptocurrency exchange Coinbase is moving forward as the date for initial arguments has been confirmed. Coinbase's chief legal officer, Paul Grewal, revealed on Twitter that New York judge Katherine Polk Failla had approved the joint request from both parties to proceed with hearings. Coinbase has until August 4, 2023, to submit its initial brief and additional supporting documents by August 11. The SEC's opposition brief is due on or before October 10, with Coinbase's reply by October 24 or sooner.

Coinbase CEO Brian Armstrong has recently deleted a substantial number of his tweets from the years 2015 to 2018. Additionally, the digital archive of the World Wide Web, known as the WayBackMachine, has also removed its archive of his tweets. These tweets from that period covered a range of topics, including Brian expressing his support for increasing Bitcoin’s block size, referring to altcoins as distractions, discussing “replay attacks” on Coinbase, highlighting Ethereum’s price surge after its listing on Coinbase, questioning the full collateralization of Tether, and endorsing USDC, among other things. As a result of the deletions, these tweets now only exist in the form of screenshots that were captured and shared by others during that time.

On Friday, Fidelity Investments and several other firms submitted revised applications for spot Bitcoin exchange-traded funds (ETFs) after the US Securities and Exchange Commission (SEC) deemed the initial filings inadequate. The companies, including Invesco, VanEck, 21Shares, and WisdomTree, are part of a group of eight firms aiming to launch the first wave of US spot Bitcoin ETFs. BlackRock kickstarted the trend with its unexpected filing in mid-June. In the latest filings, all five firms indicated that Coinbase Global Inc. will provide market surveillance for their ETFs, a detail that was missing from their previous applications.