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⌐◪-◪ → Coinbase just launched a new Coinbase Wallet web app to help you manage all your crypto wallets and digital assets in one place. This follows last month’s launch of the Coinbase smart wallet. The new app offers:

• 360° view of your holdings

• Connect all of your wallets

• One-stop shop for trading

• Smart wallet companion

• Tools for on-chain creativity

It’s reminiscent of one of my favorite dApps, Zapper.Fi, but with the added benefit of direct integration with Coinbase’s retail app.

Coelho-Prabhu, Coinbase’s Senior Director of Product Management, said the goal is to bring all of their 100M users on-chain, a noble and “web3” goal for a CEX.

If you want to learn more, check out the full blog post from Coinbase here and let me know what you think in Specs.Chat!

⌐◪-◪ → The SEC officially ended its investigation into stablecoin issuer Paxos, a US federal judge ruled Binance’s $BUSD sales were not a securities offering. Another L for the SEC.

For context: A year ago, Paxos received a Wells Notice from the SEC over BUSD, the stablecoin they launched with Binance. The New York Department of Financial Services then ordered Paxos to cease issuing BUSD, causing its market cap to plummet from $15.9B to $69.6M.

This follows the CTFC Chairman’s statement that 70-80% of all cryptocurrencies are not securities, further putting the SEC on the losing side.

I wonder if the SEC will reimburse Paxos for the millions spent defending itself or the massive hit to their business (-99% BUSD market cap).

On the bright side, this dismissal is a major win for stablecoin distributors, many of which reside in the US, signaling they will not be considered securities.

Brace yourself, the floodgates for stablecoins just cracked wide open.

⌐◪-◪ → U.S. lawmakers failed to override Biden’s veto of SAB 121, a bill that would have allowed financial firms to custody Bitcoin and other crypto. Unfortunately, the override attempt fell short of the two-thirds majority needed, 228-184.

For context: the resolution to overturn it, introduced by Reps. Mike Flood and Wiley Nickel, initially passed both the House and Senate but was ultimately vetoed by Biden, whose administration argued overturning SAB 121 would undermine SEC efforts to protect investors.

Honestly, I think the banks should just go out on a limb, not follow SAB 121, and wait to be taken to court. If Trump ends up winning the Presidency it won’t matter anyway.

We need more powerhouses to join the crypto revolution and start fighting the good fight — you can’t fight progress. Adapt or die.

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