This week in the crypto world we saw Do Kwon going to America (then staying put, then going to South Korea), Bitcoin tapping its all-time high, and a potentially troublesome ruling for Coinbase over its battle with the US Securities and Exchange Commission (SEC).
Oof size 12.
Do Kwon in Extradition Hokey Kokey
First it was America, then it wasn’t, then it was, then it was, and now it might be South Korea…or it might not be. Do Kwon must have packed and unpacked his suitcase so much in the past few weeks that the lock’s broken; America’s third attempt to take him over the pond to face the SEC in court was thwarted by the Montenegran Appellate court this week, which ruled that a retrial was needed to see if whether the US or South Korea should have him first, only for the Montenegran High Court to then rule on Thursday that he should be off to his homeland after all instead of visiting Uncle Sam.
It might not be over yet, though, as America plans to appeal.
Make your mind up one of you?
Bitcoin Touches All-time High
It was close, so close. Bitcoin tapped its record high of $69,000 on several exchanges before being frightened by the prospect and dumping ten grand. And all this without anyone really even talking about it.
This is typical for the mid-stages of a bull market, however, and once it finally breaks and goes on a rampage then retail will pile in. But how high can it go?
Coinbase May Suffer From Court Ruling
Coinbase suffered what could turn out to be a damaging blow during a court case brought against a former employee who used his privileged position to make over a million dollars from insider trading. A federal judge this week affirmed that the seven cryptocurrencies referenced by the SEC in its case against Sameer Ramani should be classed as securities, despite their trading on Coinbase’s secondary market.
This ruling might set a precedent for current and future legal crypto battles as it opposes findings made in the case between the SEC and Ripple, as well as other cases that revolve around the same issue. It could turn out, therefore, that Ramani did more to damage Coinbase, and the crypto sector as a whole, than a mere $1 million in illegally-earned revenue.
