Grayscale Fires Back at SEC; Coinbase Eyes Large Institutional Investors

Gray scale fires back at the SEC and Queen base raises $57 million for a new product. Welcome to Coindesk Daily. I'm your host, Jenna. Let's take a look at the market. Starting with Bitcoin, the largest Cryptocurrency by market cap has remained almost entirely locked below the $26,000 mark since September 1st showing little to no signs of life. This comes as Bitcoin's Daily Chart is set to show a so called cross for the first time since January 2022. A death cross indicates a potential long term shift in momentum while a golden cross suggests the opposite. However, history shows that a Bitcoin death cross is unreliable as a standalone indicator, gray scale investments is firing back at the SEC saying the regulator has no grounds to reject the conversion of its Grayscale Bitcoin Trust into an exchange traded fund. Last week, the SEC was ordered to review its prior rejection of the conversion though not necessarily approve it. Grayscale and Coindesk are both owned by digital currency group. There is a new crypto lending service in town. Coinbase, new platform is geared towards large investors and has already raised $57 million. That's according to a September 1st filing with the sec, a person familiar with the matter said that clients can lend coin based crypto assets and get collateral exceeding the value of the loan Coinbase can then turn around and make secured loans to institutional trading. Clients. Similar to the prime brokerage services banks provide in traditional finance and Sam Baman Fried's laptop has a brand new battery with about eight hours of battery life. That's according to a joint letter filed on Tuesday, that details the amount of access the disgraced FTX founder has to discovery material leading up to his criminal trial in October to prepare for his trial. Bank man freed has access to an air gap to laptops seven days a week and three hard drives with defense material twice a week. He has access to the internet. The defense has previously raised issues about the equipment available to SPF as he prepares his case. That's a wrap for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.