According to a brand new report from Fox Business, US-based inventory alternate IEX is in discussions with Coinbase to doubtlessly create a totally regulated cryptocurrency platform.
The plans first concerned the now bankrupt FTX and the alternate’s frontman Sam Bankman-Fried who joined IEX chairman Brad Katsuyama to hunt blessing from the top of the SEC Gary Gensler. Here is every thing else it’s worthwhile to know concerning the creating story.
Report: IEX Seeks Partner For Federally Approved Cryptocurrency Exchange
Meetings between FTX founder Sam Bankman-Fried and SEC chair Gary Gensler have been closely reported on within the days following the cryptocurrency alternate’s public collapse. IEX CEO Brad Katsuyama additionally met with Gensler across the identical time, sarcastically to staff up with SBF for a proposed federally regulated cryptocurrency alternate.
Despite the poor preliminary selection of a accomplice, Katsuyama is alleged to have pushed ahead with negotiations with the SEC and sought a brand new accomplice. The accomplice, in keeping with sources near the matter, inform Fox Business that the IEX CEO is contemplating Coinbase.
Coinbase is a publicly listed firm on the New York Stock Exchange and one of the vital outstanding crypto platforms within the United States and globally, making the model an excellent accomplice for a “federally approved” crypto alternate.
Coinbase shares are up 90% from lows, is that this potential partnership why? | COIN on TradingView.com
How The Partnership Could Give Coinbase Shares And Crypto A Boost
Fox Business says Coinbase hasn’t responded to inquiries concerning the partnership and Katsuyama declined to remark. “We continue to consider ways that we can help provide a regulatory path for digital asset securities, including conversations with regulators and other market participants, but have not finalized any specific proposal that includes any third parties,” an IEX spokeswoman stated in an announcement.
The potential for a “federally-approved” crypto alternate with a stamp of approval from the SEC and Gary Gensler himself would do wonders for the cryptocurrency trade following the FTX aftermath. In latest weeks, Gensler has launched a marketing campaign concentrating on cryptocurrency exchanges, corporations, stablecoin suppliers, and even celebrities who allegedly broke securities legal guidelines set by the US regulator.
Such an approval additionally might give Coinbase shares a a lot wanted enhance. COIN is up 90% from lows set in late December 2022 and early January 2023, rising together with digital belongings like Bitcoin and Ethereum. COIN stays down by greater than 84% from its launch on NYSE.
