CryptocurrencyCryptocurrency RegulationFinance

IEX in Talks with Coinbase to Develop a Government Accepted Cryptocurrency Marketplace

The latest report coming from the crypto industry says that Coinbase and the stock exchange IEX are discussing a federally approved cryptocurrency marketplace. The discussions occur as the cryptocurrency business is under more significant regulatory pressure, and both companies suffer financial losses.

In the same month, FTX filed for bankruptcy, IEX Chairman Brad Katsuyama and SBF, the parent organization for FTX, reportedly met with Gary Gensler of the SEC. After collaborating with disgraced FTX chairman Sam Bankman-Fried to gain government approval, Katsuyama is reportedly considering a second attempt to start the exchange.

Katsuyama and SBF met to discuss a plan with commission representatives and Gensler earlier. There were “conversations,” an IEX spokesman told reporters, but she did not identify the parties involved. The talks come as both IEX and Coinbase have reported significant losses. IEX lost $557 million for the fourth quarter ended on the 31st of December. This is compared to the earnings of $840 million recorded the same quarter in 2021.

📰 Also read:  Price Analysis October 28th, 2024 - BTC, BNB, ETH, SOL, and DOGE

Experts Analyses 

It was also reported that Coinbase also recorded a $2.625 Billion in 2022, with higher interest rates and increased supervisory pressure causing significant decrease in their digital assets. These losses have reduced the value of the global cryptocurrency industry by nearly $2 trillion, and the closure of  FTX’s summed up the total loss to $1 trillion cryptocurrency market.

Experts predict that by establishing a more secure and supervised trading platform for digital assets, a nationally recognized crypto marketplace might assist IEX and Coinbase in regaining financial stability. The negotiations are still in the early stages, so it’s unclear if they will result in a formal agreement.

In recent months, the SEC has focused more on the cryptocurrency market, despite Gensler’s caution that “the field is not going to manage itself.” The organization is considering approving a BTC ETF and has been cracking down on what they claim is an unregulated cryptocurrency offering.

Ultimately, the discussions between IEX and Coinbase could mark a turning moment for the cryptocurrency market. If it is successful, a nationally approved cryptocurrency market might offer investors a more secure and regulated platform while assisting businesses like IEX and Coinbase to regain financial stability.

📰 Also read:  dYdX Announces Layoffs a Day After Consensys Sent Home 20% of Its Employees

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Bitcoin Crosses Above $67k as Traders Navigate 'Liquidity Hunt' Post-Rally

Brenda Collins

Brenda Collins is a seasoned crypto news writer with a deep passion for blockchain technology and its transformative potential. With years of experience in the industry, she has honed her skills in delivering concise and insightful analysis, making complex concepts accessible to a wide audience. Brenda's dedication to staying up-to-date with the latest developments in the crypto world ensures her readers receive accurate and timely information.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content