Coinbase CEO reveals SEC's demands prior to the lawsuit against the firm. The memecoin frenzy on the BASE network could be negatively impacted by the lawsuit.
The lawsuit could have negative impacts on the emerging memecoin hype on BASE.
Had Coinbase complied with the SEC’s request, it could have established a precedent requiring most American crypto businesses to operate within the commission’s regulations. Given the magnitude of the decision and its potential consequences, Coinbase opted to pursue legal action to seek clarity from the court on the matter according to Brian.SEC’s actions could also impact the massive interest showcased by the crypto community for memecoins on the BASE network.
Meanwhile, BASED bounced, held a market capitalization of $291 million, and grew significantly, despite being around for less than 24 hours. BASE’s public launch is scheduled for August. And till then withdrawing tokens from BASE before the official launch involves additional considerations.
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