Coinbase’s market share has increased in the US, according to on-chain analysis firm Kaiko. It said specifically that since going public in April 2021, Coinbase’s market share has increased from 38% to 61% as of July 2023.
The growth that was seen between February and August was prominently displayed on the chart, which Kaiko denoted with an upward-trending arrow.
The expansion occurs in spite of the June-filed SEC case. The SEC filed a lawsuit against Coinbase, alleging that certain digital currencies are securities, increasing the regulatory pressure.
This occurred soon after Binance, another cryptocurrency trading site, was the target of a more extensive complaint.
Judge Failla has set a time for the briefing on Coinbase’s application for judgement on the pleas, according to the latest developments in the case.
Aug. 4 is the start date of the Coinbase opening brief. The deadline for amicus papers endorsing Coinbase is August 11. The SEC opposition brief is anticipated on October 3. The SEC’s amicus briefs will be sent in exactly seven days later, on October 10. Coinbase’s response brief is anticipated on October 24.
The motion will be the subject of an oral debate at some point after October 24. Legal expert MetaLawMan claims that this is a rapid timeline for a significant case such as Coinbase.
Layer 2 base to open on Aug. 9
A recent release states that on August 9, Base, Coinbase’s layer-2 blockchain constructed with Optimism’s OP Stack, would be fully operational. Currently, base is available for bridging, according to the release.
With Base’s July launch, developers could test their apps on the new network. The news coincides with Coinbase’s opening of “Onchain Summer,” a series of events where developers may use Base to create apps or produce art, and with the company getting ready to release its second-quarter earnings.
