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Today in crypto, Coinbase chief legal officer Paul Grewal has addressed criticism of the exchange’s token listing and delisting practices after a $1 billion lawsuit accused the company of anticompetitive behavior regarding Wrapped Bitcoin, and Nasdaq has announced that Michael Saylor’s MicroStrategy will join the Nasdaq 100.
Coinbase slapped with $1 billion lawsuit
BiT Global Digital Limited has sued cryptocurrency exchange Coinbase for undermining the market for Wrapped Bitcoin (WBTC)
According to the lawsuit, which was filed on Dec. 13, BiT Global alleges that Coinbase’s decision to delist WBTC was a back-handed attempt to promote its own competing product, known as cbBTC. Coinbase is accused of attempting to monopolize the wrapped Bitcoin market and using predatory practices to undermine WBTC.
Coinbase delisted WBTC on Nov. 19, claiming that the product failed to meet its listing standards.
The lawsuit takes exception to the fact that Coinbase delisted WBTC while at the same time adding speculative memecoins to its platform.
“We believe this decision sets a terrible precedent for everyone in the cryptocurrency space,” said attorney Kevin Kneupper. “If an exchange of Coinbase’s size can delist a cryptocurrency just as it plans to launch its own competing product, who’s safe? And who’s next?”
The lawsuit is seeking damages of more than $1 billion.
Coinbase legal chief addresses lawsuit
Coinbase’s chief legal officer has responded to criticism of the exchange’s token listing and delisting practices after a $1 billion lawsuit accused the company of anticompetitive behavior regarding Wrapped Bitcoin.
Grewal defended the exchange’s approach, emphasizing its commitment to high listing standards.
“When an asset no longer meets our listing standards, we will drop it. When another asset can meet or exceed market requirements without sacrificing those standards, we will list it,” Grewal wrote on X.
Grewal’s post received backlash from crypto industry insiders, including from Tron founder Justin Sun, who challenged the company’s transparency, questioning the alignment between Grewal’s statement and earlier remarks by Coinbase CEO Brian Armstrong.
Michael Saylor’s MicroStrategy enters Nasdaq 100
Nasdaq has announced that Bitcoin bull Michael Saylor’s company, MicroStrategy (MSTR), will be added to the Nasdaq-100 Index starting Dec. 23.
MicroStrategy is one of three companies to be added to the index alongside Palantir Technologies Inc. (PLTR), and Axon Enterprise (AXON), according to a Dec. 13 statement published by Nasdaq.
Meanwhile, Illumina (ILMN), Super Micro Computer (SMCI) and Moderna (MRNA) will be removed from the index.
The listing means that MicroStrategy, a software company that became a de facto Bitcoin BTC hedge fund in 2020, is among the Nasdaq’s 100 largest stocks by market capitalization.
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