Coinbase has decided to remove support for the Bitcoin SV token. The firm has directed its account holders to liquidate their holdings. On this account, Coinbase sent a letter to its consumers who have BSV tokens in their portfolios.
The letter informed the consumers to remove their BSV holdings. The firm noted that after due date, their token holdings will be liquidated if they still contain BSV coins. Coinbase has removed support for BSV token known as Satoshi’s vision in 2021.
The cryptocurrency underwent 51% attack that made the issuing network unstable. The account holders on Coinbase have been unable to purchase or sell BSV token since then. However, the account holders that already had BSV tokens in their accounts retained the cryptocurrency in their portfolio.
Coinbase officials have informed the investors that in case they fail to liquidate their BSV reserves, the firm will liquidate the tokens automatically. The firm advised the consumers to convert their BSV tokens into another cryptocurrency. Bitcoin SV was created in 2018 following a fork of Bitcoin Cash.
Coinbase Users Sign Up for Amicus Curiae
Coinbase is currently facing charges for dealing in unregistered securities brought by Securities and Exchange Commission. John Deaton has reported that 5000 investors have joined the Coinbase vs. Sec as amicus curiae on behalf of the defendants.
The lawyer shared the report on 27th October about making preparations for filing for the court filing for the Coinbase investors. He maintained that he will file the application in case the case is forwarded to District Court or opts for appeal.
The attorney noted that the addition of thousands of amicus curiae can tilt the winds of favor for Coinbase like in Ripple case. He has represented 75K XRP investors in court during a similar case proceeding against SEC.
In addition to thousands of Coinbase investors coming forward to join the exchange the firm also has support from major stakeholders such as legal scholars, Chamber of Digital Commerce, and Senator Cynthia Lummis. Judge Katherine Polk Failla recently granted the approval for a verbal argument based on Coinbase motion. The next court hearing is set to take place on 17th January, 2024.
Coinbase Halts Staking Services for Maryland Investors
Coinbase has halted staking services for Maryland State in the United States. The firm noted that the staking options for the investors from the region will halt from 2nd November.
On this account, the firm informed the consumers that the Securities Commission of the region has issued a preliminary cease & desist order for staking services on 6th June. The state agency also started a case against the firm following the issuance of the notice.
Coinbase is facing charges in ten states starting on 6th June. The crypto trading platform is facing trading restrictions in four states namely California, South Carolina, Wisconsin, and New Jersey. However, the users hailing from the states had to halt only new staking positions.
Meanwhile, the investors hailing from Maryland have to also dissolve the existing staking options. On the other hand, the Securities and Exchange Commission is also working on bringing charges against the staking services offering of Coinbase in association with the aforementioned ten-state actions. SEC is also pursuing similar charges against the Binance exchange.