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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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Sabrina Carpenter hits out at ‘evil and disgusting’ White House video featuring her song

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Sabrina Carpenter hits out at 'evil and disgusting' White House video featuring her song

Sabrina Carpenter has hit out at an “evil and disgusting” White House video of migrants being detained that uses one of her songs.

“Do not ever involve me or my music to benefit your inhumane agenda,” the pop star posted on X.

The White House used part of Carpenter‘s upbeat song Juno over pictures of immigration agents handcuffing, chasing and detaining people.

It was posted on social media on Monday and has been viewed 1.2 million times so far.

President Trump‘s policy of sending officers into communities to forcibly round up illegal immigrants has proved controversial, with protests and legal challenges ongoing.

Mr Trump promised the biggest deportation in US history, but some of those detained have been living and working in the US for decades and have no criminal record.

Carpenter is not the only star to express disgust over the administration’s use of their music.

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Olivia Rodrigo last month warned the White House not to “ever use my songs to promote your racist, hateful propaganda” after All-American Bitch was used in a video urging undocumented migrants to leave voluntarily.

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In July, English singer Jess Glynne also said she felt “sick” when her song from the viral Jet2 advert was used over footage of people in handcuffs being loaded on a plane.

Other artists have also previously hit out at Trump officials for using their music at political campaign events, including Guns N’ Roses, Foo Fighters, Celine Dion, Ozzy Osbourne and The Rolling Stones.

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Thames Water debt pile rises further despite return to profit

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Thames Water debt pile rises further despite return to profit

Cash-strapped Thames Water has revealed a further rise in its debt pile while recording a return to profit on the back of inflation-busting hikes to bills.

The UK’s largest supplier said the 31% rise to customer bills since April had allowed it to increase capital investment by 22% to £1.3bn amid demands it improve performance in preventing sewage spills and stopping leaks.

Thames Water said it recorded a 20% drop in pollution incidents over the six months to the end of September, and leakage performance was holding steady despite the “extremely dry summer”.

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While waste complaints dipped by 11%, according to the company, there was a 42% surge in the number of customers complaining about the hike to bills.

Thames Water revenue rose 42% on the same period last year to £1.9bn, helping a return to profit after tax of £328m on the back of a £190m loss during April-September 2024.

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The company said profitability was damaged by higher debt serving costs.

Its debt pile was recorded at £17.6bn – a rise of 5%.

The results were released against the backdrop of continuing talks involving the government and regulators over a proposed rescue deal by major Thames Water creditors.

Their consortium is known as London & Valley Water.

It effectively already owns Thames Water under the terms of a financial restructuring agreed early in the summer but regulator Ofwat is yet to give its verdict on whether the consortium can run the company, averting the prospect of it being placed in a special administration regime.

Without a deal the consortium, which includes investment heavyweights Elliott Management and BlackRock, would be wiped out.

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August: Is Thames Water a step closer to nationalisation?

Ofwat, which is to be scrapped under a shake-up of industry oversight, has been leading scrutiny of London & Valley’s operational plan and proposed capital structure.

The prospective deal would write off billions of pounds of the company’s debt and inject billions in fresh equity, in return for an adjustment in the regulator’s approach to future financial penalties.

Thames sees the creditors’ proposal as the only viable solution.

Despite huge hikes to household bills – allowed across England and Wales to bolster aging infrastructure including storm overflows – the company says its financial turnaround has been hampered by record fines for things like sewage leaks and bonuses to retain key staff.

Sky News revealed on Tuesday that its remuneration committee will meet next week to decide whether to proceed with nearly £2.5m in retention payments to 21 senior managers.

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Thames Water chief executive Chris Weston said the company had made good progress on its operational and transformation targets.

“This progress has all been achieved as we also manage the recapitalisation of the business. We continue to work closely with stakeholders to secure a market-led solution that we believe is in the best interests of our customers and the environment.

“This in turn will allow the transformation of Thames to continue, a programme that will take at least a decade to complete and will restore the infrastructure and operations of the company.”

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FIFA backs away from dynamic pricing for all World Cup 2026 tickets

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FIFA backs away from dynamic pricing for all World Cup 2026 tickets

FIFA has backed away from using dynamic pricing for all 2026 World Cup tickets amid concerns about the cost of attending the tournament in North America.

The organisers insisted they always planned to ring-fence tickets at set prices to follow your own team.

But the announcement comes just days ahead of Friday’s tournament draw in Washington DC, which Donald Trump plans to attend.

Fans will have to wait until Saturday to know exactly where and when their teams will be playing in next summer’s tournament.

Scotland will be one of the teams in the tournament, held in North America and Mexico
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Scotland will be one of the teams in the tournament, held in North America and Mexico

Variable pricing – fluctuating based on demand – has never been used at a World Cup before, raising concerns about affordability.

England and Scotland fans have been sharing images in recent days of ticket website images highlighting cost worries.

But world football’s governing body said in a statement to Sky News: “FIFA can confirm ringfenced allocations are being set aside for specific fan categories, as has been the case at previous FIFA World Cups. These allocations will be set at a fixed price for the duration of the next ticket sales phase.

“The ringfenced allocations include tickets reserved for supporters of the Participating Member Associations (PMAs), who will be allocated 8% of the tickets for each match in which they take part, including all conditional knockout stage matches.”

FIFA says the cheapest tickets are from $60 (£45) in the group stage. But the most expensive tickets for the final are $6,730 (£5,094).

There will also be a sales window after the draw from 11 December to 13 January when ticket applications will be based on a fixed price for those buying in the random selection draw.

It is the biggest World Cup with 104 matches after the event was expanded from 32 to 48 teams. There are also three host nations for the first time – with Canada and Mexico the junior partners.

The tournament mascots as seen in Mexico in October. Pic: Reuters
Image:
The tournament mascots as seen in Mexico in October. Pic: Reuters

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FIFA defended using fluctuating pricing.

“The pricing model adopted for FIFA World Cup 26 reflects the existing market practice for major entertainment and sporting events within our hosts on a daily basis, soccer included,” FIFA’s statement continued.

“This is also a reflection of the treatment of the secondary market for tickets, which has a distinct legal treatment than in many other parts of the world. We are focused on ensuring fair access to our game for existing but also prospective fans.”

The statement addressed the concerns being raised about fans being priced out of attending.

FIFA said: “Stadium category maps do not reflect the number of tickets available in a given category but rather present default seating locations.

“FIFA resale fees are aligned with North American industry trends across various sports and entertainment sectors.”

Ireland, Northern Ireland and Wales could also still qualify.

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