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While the U.S. government opts for regulation by enforcement, other countries are fostering vibrant crypto ecosystems due to progressive regulation, argues Coinbases Daniel Seifert. 9426 Total views 82 Total shares Listen to article 0:00 News Own this piece of history

Collect this article as an NFT With Coinbase seemingly on the verge of a court battle with the United States Securities and Exchange Commission (SEC), the firm has emphasized that the U.S. governments hawkish approach to crypto regulation has left a vacuum that other countries are eager to fill.

The SEC issued Coinbase a Wells notice on March 22 outlining that SEC staff had recommended the agency take enforcement action over possible violations of securities laws concerning some of the firms asset listings, staking services and Coinbase Wallet.

In a March 23 blog post titled, Europe is winning. Will the US catch up? Daniel Seifert, Coinbases vice president and regional managing director in Europe, stressed that the U.S.s regulatory approach to crypto has been marked by regulation by enforcement, despite industry-wide calls for comprehensive crypto regulation.

This approach has created an environment of uncertainty and instability in the crypto industry, he wrote.

Coinbases top lawyer @iampaulgrewal says the SEC wants court fights instead of conversation.

In dozens of meetings with the SEC over the last 9 months, Grewal says the exchange was given essentially no response to key questions.

Listen:https://t.co/027slXaMhb pic.twitter.com/L0ikJwleyA Laura Shin (@laurashin) March 24, 2023

As such, Seifert argued that the U.S. is losing its status as the leading hub of the crypto sector, while France, the U.K. and the European Union are now building vibrant ecosystems due to their friendlier approach to crypto regulation.

The US has left a vacuum that other countries are eager to fill, he wrote, adding: we are proudly an American company. Its hard to sit by and watch the US squander the opportunity it has been given.

The SEC misses one of the biggest frauds in history – FTX/Alameda

Gary Gensler cozies up to the head of that fraud – SBF

And then the SEC goes after the most legitimate company in crypto – Coinbase

Yes yes very normal and totally rational sassal.eth (@sassal0x) March 23, 2023

In particular, Seifert highlighted the significance of Paris Blockchain Weekhosted at the Louvre this month. He also pointed to the U.K.s recent push to become a crypto hub, and the European Unions Markets in Crypto-Assets (MiCA) regulation, slated to come into effect in 2024.

This year its being held in a private space at the Louvre, arguably the greatest national treasure in France and one of the worlds most respected museums, he said, adding: To me this is a clear signal: France is rapidly recognizing the opportunity that crypto presents and is offering it space to flourish. The broader EU, the UK, UAE, Hong Kong, Singapore, Australia, and Japan are all following suit.

The MiCA legislation has been in development for two years,and aims to establish a harmonized set of rules for crypto-assets and related activities and services.

Related: Cathie Woods ARK loading up on Coinbase shares again, buying $18M

It is generally expected to be a positive move for the European cryptocurrency ecosystem, as it will offer clear rules and guidelines for the sector.

Already we are seeing that Europe now matches the US in its share of crypto developers (29% apiece globally). The US used to lead the charge with 40%, he said, adding that: This level of growth does not happen by chance. Concerted efforts have to be made, such as developing a regulatory framework that will provide clarity and stability for businesses operating in the space.

In a lengthy March 23 Twitter thread, the Crypto Council for Innovation also highlighted similar points to Seifert, commenting that crypto is global, and nobody is waiting around for the US to land the plane.

1/ Crypto is global, and nobody is waiting around for the US to land the plane. Here, our roundup of global activity (): Crypto Council for Innovation (@crypto_council) March 24, 2023

The thread explored positive developments globally, including examples such as the National Australia Banks work with non-U.S. dollar-pegged stablecoins, Hong Kongs efforts to become a digital asset hub, and the Canadian Securities Administration recently imposing enhanced investor protection commitments on domestic crypto exchanges. #Coinbase #France #Business #SEC #UK Government #US Government #European Union #Regulation

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Entertainment

Russell Brand charged with rape and sexual assault

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Russell Brand charged with rape and sexual assault

Russell Brand has been charged with rape and two counts of sexual assault between 1999 and 2005.

The Metropolitan Police say the 50-year-old comedian, actor and author has also been charged with one count of oral rape and one count of indecent assault.

The charges relate to four women.

He is due to appear at Westminster Magistrates’ Court on Friday 2 May.

Police have said Brand is accused of raping a woman in the Bournemouth area in 1999 and indecently assaulting a woman in the Westminster area of London in 2001.

He is also accused of orally raping and sexually assaulting a woman in Westminster in 2004.

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Ashna Hurynag discusses Russell Brand’s charges

The fourth charge alleges that a woman was sexually assaulted in Westminster between 2004 and 2005.

Police began investigating Brand, from Oxfordshire, in September 2023 after receiving a number of allegations.

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The comedian has denied the accusations and said he has “never engaged in non-consensual activity”.

He added in a video on X: “Of course, I am now going to have the opportunity to defend these charges in court, and I’m incredibly grateful for that.”

Metropolitan Police Detective Superintendent Andy Furphy, who is leading the investigation, said: “The women who have made reports continue to receive support from specially trained officers.

“The Met’s investigation remains open and detectives ask anyone who has been affected by this case, or anyone who has any information, to come forward and speak with police.”

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Sports

O’s Henderson off IL; will make ’25 debut vs. KC

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O's Henderson off IL; will make '25 debut vs. KC

Baltimore Orioles All-Star shortstop Gunnar Henderson was activated from the 10-day injured list and will make his season debut Friday night against the Kansas City Royals.

Henderson has been sidelined with a right intercostal strain and missed the first seven games of the big league campaign.

The 23-year-old Henderson will lead off and play shortstop against the host Royals.

Henderson was injured during a spring training game Feb. 27. He was fourth in American League MVP voting last season when he batted .281 and racked up career bests of 37 homers and 92 RBIs.

Henderson completed a five-game rehab stint at Triple-A Norfolk on Wednesday. He batted .263 (5-for-19) with two homers and four RBIs and played four games at shortstop and one as the designated hitter. He did commit three errors.

“I think everybody’s looking forward to having Gunnar back on the team,” Baltimore manager Brandon Hyde said Thursday. “The rehab went really, really well. I talked to him a couple days ago, he feels great swinging the bat. The timing came, especially the last few days. He just had to get out there and get some reps defensively and get some games in, and it all went well.”

Baltimore optioned outfielder Dylan Carlson to Triple-A Norfolk to open up a roster spot. The 26-year-old was 0-for-4 with a run and RBI in two games this season.

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Politics

‘Will the PM side with parents or tech bros?’: Labour peer demands action on children’s smartphone safety

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'Will the PM side with parents or tech bros?': Labour peer demands action on children's smartphone safety

Sir Keir Starmer needs to choose between parents who want stronger action to tackle harmful content on children’s phones, or the “tech bros” who are resisting changes to their platforms, Baroness Harriet Harman has said.

Speaking to Beth Rigby on Sky News’ Electoral Dysfunction podcast, the Labour peer noted that the prime minister met with the creators of hit Netflix drama Adolescence to discuss safety on social media, but she questioned if he is going to take action to “stop the tech companies allowing this sort of stuff” on their platforms where children can access it.

Sir Keir hosted a roundtable on Monday with Adolescence co-writer Jack Thorne and producer Jo Johnson to discuss issues raised in the series, which centres on a 13-year-old boy arrested for the murder of a young girl, and the rise of incel culture.

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The aim was to discuss how to prevent young boys being dragged into a “whirlpool of hatred and misogyny”, and the prime minister said the four-part series raises questions about how to keep young people safe from technology.

Sir Keir has backed calls for the four-part drama to be shown in all schools across the country, but Baroness Harman questioned what is going to be achieved by having young people simply watch the show.

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Sir Keir Starmer held a roundtable with the creators of the Adolescence TV drama.

“Two questions were raised [for me],” she said. ” Firstly – after they’ve watched it, what is going to be the discussion afterwards?

More on Electoral Dysfunction

“And secondly, is he going to act to stop the tech companies allowing this sort of stuff to go online into smartphones without protection of children?

“Because if the tech companies wanted to do this, they could actually protect children. They can do everything they want with their tech.”

She acknowledged there are “very big public policy challenges” in this area, but added of the prime minister: “Is he going to side with parents who are terrified and want this content off their children’s phones, or is he going to accept the tech bros’ resistance to having to make changes?”

Harriet Harman said the government should impose time limits on inquiries
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Baroness Harriet Harman

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Can parliament keep up?

The Labour peer backed the Conservative Party’s call for a ban on smartphones in schools to be mandated from Westminster, saying it would “enable all schools not to have a discussion with their parents or to battle it out, but just to say, this is the ruling” from central government, which Ofsted would then enforce.

“I’m sensitive to the idea that we shouldn’t constantly be telling schools what to do,” she continued. “And they’ve got a lot of common sense and a lot of professional experience, and they should have as much autonomy as possible.

“But perhaps it’s easier for them if it’s done top down.”

Baroness Harman also questioned the speed with which parliament is actually able to legislate to deal with the very rapid development of new technologies, and posits that it could “change its processes to be able to legislate in real time”.

She suggested that a “powerful select committee” of MPs could be established to do that, because “otherwise we talk about it, and then we’re not able to legislate for 10 years – by which time that problem has really set in, and we’ve got a whole load more problems”.

On the podcast, the trio also discussed the 10% tariffs imposed on the UK by Donald Trump and the government’s efforts to strike a trade deal with the US to mitigate the impact of the levy.

The government has refused to rule out scrapping the Digital Services Tax, a 2% levy on tech giants’ revenues in the UK, as part of the negotiations with the Trump administration – a move Baroness Harman said would be “very heartbreaking”.

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