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In a noteworthy legal showdown, the Australian Federal Court delivered a mixed verdict on Block Earner, a Sydney-based crypto start-up. The court found that offering its crypto-backed Earner product amounted to unlicensed financial services conduct. However, it wasn’t all tough news for Block Earner, as the court also cleared its DeFi “Access” service, marking a partial win against Australia’s markets regulator.

Judge Ian McNeil Jackman, who interestingly shares a familial connection with actor Hugh Jackman, presided over the case. Despite the setback regarding the Earner product, Block Earner’s team might still see a silver lining. The court’s forthcoming decision on the fine, set for a hearing on March 1, 2024, is eagerly awaited.

The Australian Securities and Investments Commission (ASIC) had initiated the lawsuit against Block Earner in November 2022, challenging the legality of its range of fixed-yield earning products tied to cryptocurrencies. In a proactive move, Block Earner had already paused its Earner service voluntarily the same month, in anticipation of regulatory scrutiny.

ASIC Deputy Chair Sarah Court expressed that the court’s decision sheds light on the regulatory landscape for crypto-backed products, emphasizing the need for licensing under Australian law. This ruling might serve as a beacon for other crypto enterprises navigating the regulatory waters, offering clarity and a path forward.

For Block Earner, the court’s acknowledgment that the Access service can continue is a significant victory. The company views this as a positive step towards a future where decentralized finance (DeFi) can flourish within the regulatory framework, promising for the fintech and crypto industry at large.

Excitement is brewing as Coinbase gears up to unveil its fourth-quarter earnings this Thursday. Industry watchers are buzzing with anticipation, predicting a standout performance driven by a significant uptick in trading volume as the crypto market experienced a vibrant rally.

Analysts are setting the bar high, with expectations of revenue soaring to $826.1 million from $674.1 million in the preceding quarter. The surge in trading volume, estimated at $142.7 billion compared to $76 billion in Q3, alongside a forecasted earnings per share (EPS) of $0.02, up from a previous loss of $0.01 per share, paints a promising picture for the crypto exchange.

Coinbase’s dynamic quarter is attributed to the lively digital currency market, bolstered by the approval of spot bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. This optimism mirrors the positive trend observed in Robinhood’s earnings, which showcased a 10% boost in crypto revenue.

Investment experts, including those from Needham and Compass Point, are optimistic about Coinbase’s performance, citing strong revenue and adjusted EBITDA as key indicators of a robust quarter. Despite differing views on the impact of Coinbase’s involvement with spot bitcoin ETFs, the consensus leans towards a bullish outlook for the exchange.

While some caution about potential challenges ahead, particularly in relation to ETF-related assets under management (AUM), others believe the ETFs mark a significant milestone that could usher in more interest and trading activity in the crypto space.

As Coinbase prepares to share its financial achievements, the crypto community is keenly watching, hopeful that this will mark another milestone in the exchange’s journey. With the price of bitcoin crossing the $51,000 threshold, it’s an exciting time for crypto enthusiasts and investors alike.

In a notable move, ARK Invest, led by the visionary Cathie Wood, has offloaded shares of Coinbase (COIN) for the first time in a month, just a day before the crypto exchange is set to unveil its fourth-quarter earnings. The investment firm divested $34.3 million worth of shares across three different funds, marking a strategic shift in its portfolio.

Coinbase, the premier U.S.-listed crypto exchange, has seen its stock surge by 19% since the last reported sale on January 11, including a 14% leap yesterday. This uptick coincides with bitcoin’s ascent through the $52,000 mark and a 5.9% rise in the Nasdaq Composite stock index over the same timeframe.

Anticipation is high for Coinbase’s earnings report, with expectations of robust earnings and revenue growth, driven by a buoyant crypto market and increased trading volumes. This optimism is mirrored in the recent performance of Robinhood, a trading platform that also encompasses crypto, which reported a 10% increase in crypto revenue for the quarter.

The shares sold by ARK Invest were distributed across its Fintech Innovation ETF (ARKF), Innovation ETF (ARKK), and Next Generation Internet ETF (ARKW), reflecting a recalibration of its investment strategy in the rapidly evolving crypto landscape.

In the ever-evolving world of finance and cryptocurrency, the spotlight often falls on influential figures and the paths they carve. One such figure, SEC Chair Gary Gensler, recently sparked a wave of discussions with his expressed intention to remain at the helm of the SEC, potentially into a second term under President Joe Biden. This revelation, initially brought to light by Fox journalist Eleanor Terrett, has led to a flurry of speculation and commentary.

At the heart of the conversation is Ripple’s Chief Legal Officer, Stuart Alderoty, who has not shied away from critiquing Gensler’s tenure. Alderoty raises poignant questions about Gensler’s future employability, given the challenges and controversies that have marked his time in office. Ripple and other high-profile legal entanglements have certainly painted a complex picture of Gensler’s leadership.

Among the pointed critiques, Alderoty highlights what he perceives as Gensler’s political toxicity, a series of legal defeats, and instances where SEC representatives may have faltered in court. Moreover, an incident that compromised the SEC’s social media credibility under Gensler’s watch has not gone unnoticed. The unauthorized announcement regarding Bitcoin ETFs stands out as a glaring misstep in the crypto community’s eyes.

Adding layers to the debate, Alderoty touches upon Gensler’s indirect connections with FTX and Jeffrey Epstein, threading a narrative that raises eyebrows about the SEC Chair’s associations and the potential impact on his career trajectory.

The discourse surrounding Gary Gensler’s position and potential moves post-SEC paints a narrative rich with speculation, legal intrigue, and the dynamic interplay of politics and finance. As the landscape continues to shift, the focus remains on how these influential figures navigate the complexities of regulation and governance in the digital age.

EigenLayer’s restaking protocol is making waves in the decentralized finance (DeFi) world, with its Total Value Locked (TVL) skyrocketing to nearly $6 billion in just a few days. This surge underscores the growing interest in liquid restaking tokens and EigenLayer’s innovative approach to DeFi investments.

By allowing users to trade future yields and principal through tokens, EigenLayer has positioned itself as a key player in the DeFi space, now ranking among the top five protocols by TVL. This achievement not only highlights the protocol’s appeal but also signals a shift towards more flexible and accessible DeFi solutions.

The recent lifting of deposit caps has played a significant role in this growth, attracting a wide range of investors eager to explore the possibilities of liquid staking. With EigenLayer’s commitment to creating a ‘permissionless, neutral environment,’ the future of DeFi looks bright, promising even more innovative and decentralized financial solutions.