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Today in crypto, the cryptocurrency community has fired back against Coinbase’s explanation for delisting Wrapped Bitcoin, an Ohio lawmaker filed a bill for the state to make a Bitcoin reserve, and Crypto.com’s CEO met Donald Trump to talk about crypto policy.
Coinbase slammed for linking WBTC delisting to Justin Sun
On Dec. 17, Coinbase filed a response to a lawsuit brought by Sun-affiliated BiT Global, which accused Coinbase of harming the Wrapped Bitcoin WBTC$103,821.97 market by delisting WBTC in November.
In the filing, Coinbase cited risks tied to Sun, including accusations of financial misconduct and regulatory investigations.
The filing has drawn sharp criticism from within the crypto community, with many accusing Coinbase of failing to provide adequate legal or technical justification for the delisting.
Some have also highlighted that Coinbase itself has been under numerous investigations.
Bitcoin enthusiast and Coinbase skeptic Pledditor took to X on Dec. 17 to criticize the exchange for what they described as a lack of substantive arguments in the delisting decision.
“It’s basically just they don’t like Justin Sun,” Pledditor stated, adding that it’s “just guilt by association.”
The Coinbase filing referenced Sun’s involvement in alleged misconduct, stating that he has “reportedly violated industry and government standards intended to prevent fraud.” The exchange expressed doubts about BiT Global’s reliability due to its association with Sun.
“So too is any acknowledgement that he has repeatedly been accused of, investigated for, and sued for financial misconduct, and that reports of his alleged misdeeds abound in the press and crypto community more broadly,” Coinbase added.
Ohio lawmaker introduces Bitcoin reserve bill
Ohio House Republicans leader Derek Merrin on Dec. 17 introduced the tentatively titled “Ohio Bitcoin Reserve Act,” which would give the state treasurer authority to purchase Bitcoin BTC$104,283 and establish a state-ran reserve of the asset.
“The U.S. Dollar is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation,” Merrin said in a statement. “Ohio must embrace technology and protect tax dollars from eroding.”
Merrin said he anticipates the bill will be used as a framework for Ohio’s next legislative session as the bill will need to be reintroduced in the next legislative session as the current one is set to end on Dec. 31, and all bills will “die.”
Texas and Pennsylvania have filed similar legislation to establish Bitcoin reserves after Donald Trump’s presidential election victory in November — who has also floated the idea of a federal Bitcoin reserve.
Trump meets Crypto CEO
United States President-elect Donald Trump met with Crypto CEO Kris Marszalek to discuss the nation’s crypto policies, signaling readiness from the incoming administration to follow through on its pro-crypto proposals.
According to a social media post, Marszalek traveled to Trump’s Mar-a-Lago resort in Florida to discuss the potential for a Bitcoin strategic reserve. The two also discussed crypto-related appointments to Trump’s incoming administration.
The meeting was held on the same day that the Crypto exchange voluntarily dropped its lawsuit against the Securities and Exchange Commission (SEC).
Marszalek initially revealed his intent to sue the SEC in October to “protect the future of crypto.”
In a written statement a Crypto spokesperson said the exchange dismissed the lawsuit to highlight its “intent to work with the incoming administration on a regulatory framework for the industry.”
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