
Coinbase submits proposal that could earn MakerDAO $24M annually
Some MakerDAO members argued that the proposal could affect the protocol’s decentralization and add another layer of regulatory attack.

Some MakerDAO members argued that the proposal could affect the protocol’s decentralization and add another layer of regulatory attack.

The inquiries are part of the latest push from Congress to bring tighter regulation to the crypto industry in the U.S., as the country still struggles to determine which of its many federal agencies should be tasked with overseeing it.

Coinbase said its cbETH token is not expected to track the ETH value at a 1:1 ratio as it only represents the staked ETH and accrued staking interest.

Coinbase's staking services are a high growth area and generated 8.5% of its revenue in the second quarter.

The U.S. SEC has multiple probes open against Coinbase, with the latest evaluating its staking product.

Coinbase would allow institutional investors of BlackRock to carry out crypto transactions via its Coinbase Prime feature.

The lawsuits are currently before Federal courts, where the judges have rejected the exchange's move to send the cases into arbitration.

SEC Chairman Gary Gensler urged crypto exchanges to operate according to securities law, as they can't be treated differently because of their technology.

The SEC has doubled its investigation of the crypto exchange since it increased the number of listed tokens on its platform.

The SEC has been accused of using enforcement actions to bring all digital assets into its jurisdiction.

Sherman said the SEC should bring enforcement actions against major exchanges that facilitated Ripple (XRP) trading.

Coinbase in the last seven days had recorded over 10,000 outflows in its Bitcoin holdings while Binance recorded around 20,000 inflows.