Bullish: Coinbase increases offerings in New York as anti-crypto policy softens in the US 
Cryptocurrency Nov 15, 2024 Share
Coinbase (NASDAQ: COIN), the leading United States crypto exchange, increased its assets offerings in New York, making more cryptocurrencies available. The change comes as the Southern District of New York promises to soften its anti-crypto approach in the region post-FTX.
The world’s financial center and US city is known for having a singular regulation regarding cryptocurrencies, requiring services to adapt. However, it might be ending following a Manhattan US Attorney decision, Gary Gensler’s hint to resign, and Coinbase’s new offerings.
In particular, Coinbase Assets announced six new cryptocurrencies are now available to New York residents this Wednesday, November 13. They are Arbitrum (ARB), Sei Network (SEI), Aioz Network (AIOZ), MultiversX (EGLD), Helium Mobile (MOBILE), and Stader (SD).
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Arbitrum (ARB), Sei (SEI), Aioz Network (AIOZ), MultiversX (EGLD), Helium Mobile (MOBILE), and Stader (SD) are now available to New York residents on https://t.co/CD3RBjtMAO & in the Coinbase iOS & Android apps.
— Coinbase Assets 🛡️ (@CoinbaseAssets) November 13, 2024
New York anti-crypto policy softening
In Manhattan, Scott Hartman, co-chief of the securities and commodities task force at the Southern District of New York (SDNY), gave the announcement that could explain Coinbase’s expansion in the region. As reported by Reuters this Friday, Manhattan’s U.S. Attorney’s Office promised to scale back its negative approach toward cryptocurrencies.
During a conference, Hartman explained the department’s plans of dedicating fewer resources to the crypto industry, following the FTX case.
“You won’t see as much crypto stuff coming out of at least the SDNY in the future,” Scott Hartman said. “We brought a lot of big cases in the wake of the crypto winter – there were a lot of important fraud cases to bring there – but we know our regulatory partners are very active in this space.”
With this last sentence, the co-chief hinted at one of the reasons for the now-promised change, referring to Gensler. Essentially, Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), has led a massive anti-crypto operation in the US.
Gary Gensler hints at resignation following Trump’s victory
In the meantime, the SEC’s chief hinted at a resignation during a Thursday speech, according to a DL News report. “Traditionally,” Aleks Gilbert wrote, “SEC chairs typically resign after the election of a new administration,” referring to Trump’s victory.
During his campaign, Donald Trump promised the crypto community, under high excitement, that he would fire Gary Gensler. Although it would not be technically possible, the President-elect could potentially demote Gensler from his position, appointing a new chair.
Therefore, following the tradition and to avoid further political issues, the SEC’s chairman suggests he is leaving before that happens.
“It’s been a great honour to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world. I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”
– Gary Gensler
Bullish: All things align for a significant bull market
As crypto’s number-one enemy in the regulatory spectrum could now stop pressuring the industry and New York’s softening policies, industry leaders like Coinbase can have more freedom to manage their offerings, and cryptocurrencies can surge in what some analysts are calling “the biggest bull run ever.”
Interestingly, Upbit also recently increased its offering by listing ten new assets, including EGLD, as MultiversX eyes the Asian markets.
This illustrates that the cryptocurrency market is improving, not only in the United States but also worldwide, with positive effects following the US leadership.
Featured image from Shutterstock.