The SEC’s Impact on Cryptocurrency: Starbucks and Voyager’s Coinbase Delisting and the Taiko Plan

03/10/2023 23:17 • Digital Disruptors • 87 views

21:00-7:00 Key words: SEC, Starbucks, Voyager, Coinbase, Taiko plan

Overview of important developments overnight on March 10

Analysis based on this information:

The cryptocurrency industry has faced considerable regulatory scrutiny, especially from the US Securities and Exchange Commission (SEC). Recently, the SEC’s stance has impacted companies such as Starbucks and Voyager, leading to Coinbase delistings, and the Taiko plan.

One of the most significant pieces of news was Starbucks’ decision to remove cryptocurrency trading pairs from its Bakkt platform, citing low consumer demand. Bakkt is a regulated platform that bridges the gap between traditional financial institutions and cryptocurrency. Despite its focus on compliance, even Bakkt is subject to the SEC’s regulatory pressure. The SEC has also delayed multiple bitcoin ETF approvals, most notably the VanEck/SolidX ETF, citing concerns about liquidity, manipulation, and investor protection.

Similarly, Voyager’s partnership with Coinbase to offer trading pairs to customers has been impacted by the SEC. The SEC forced Coinbase to delist its Lend product after alleging that it was unregistered securities offering. Voyager’s token, VGX, was similarly impacted, resulting in a price dip of more than 10%.

However, the SEC’s strict regulations have also led to some innovative solutions, such as the Taiko plan. The Taiko plan is a joint initiative by Circle and Coinbase that allows for USDC token issuers to lend tokens to trusted counterparties, such as market makers, in exchange for collateral. By providing a simple, regulated way for cryptocurrency holders to earn interest on their tokens, the Taiko plan could encourage greater adoption of cryptocurrencies while also addressing the SEC’s concerns around investor protection.

In conclusion, the SEC’s regulatory pressure has had a significant impact on the cryptocurrency industry, especially in the areas of compliance and investor protection. Companies such as Starbucks and Voyager have had to adapt or delist products, while initiatives like the Taiko plan are emerging to address these concerns. As the industry continues to grow, it will be interesting to see how the SEC evolves its stance and what impact this has on the market.

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The SEC’s Impact on Cryptocurrency: Starbucks and Voyager’s Coinbase Delisting and the Taiko Plan

Overview of important developments overnight on March 10

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