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Coinbase Market Share in US Rises to 61% Despite SEC Lawsuit

Thu, 08/03/2023 - 15:16
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Tomiwabold Olajide
Coinbase crypto exchange grows US market share to 61% despite SEC lawsuit
Coinbase Market Share in US Rises to 61% Despite SEC Lawsuit
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On-chain research firm Kaiko has highlighted the growth in Coinbase market share in the United States. Specifically, it noted that Coinbase's market share has climbed from 38% to 61% as of July 2023 since becoming public in April 2021.

Noticeable on the chart it posted was the growth recorded between February and August, which Kaiko indicated with an upward-trending arrow.

The growth comes despite the SEC lawsuit, which was filed in June. The SEC ramped up its regulatory pressure as it sued Coinbase, claiming that some digital currencies are securities.

This happened shortly after a broader complaint was filed against Binance, another cryptocurrency trading platform.

In the most recent update in the lawsuit, Judge Failla has scheduled the briefing on Coinbase's motion for judgment on the pleas.

Coinbase Fires Back at SEC: Details

Tomorrow, Aug. 4, kicks off the Coinbase opening brief. Aug. 11 marks the timeline for amicus briefs supporting Coinbase. On Oct. 3, the SEC opposition brief is expected. Seven days later, on Oct. 10 precisely, amicus briefs supporting the SEC will be submitted. On Oct. 24, Coinbase's reply brief is expected. 

An oral argument on the motion will be scheduled for sometime after Oct. 24. According to the legal expert, MetaLawMan, this is a quick schedule for a big case like Coinbase.

Layer 2 base to open on Aug. 9

According to a new announcement, Base, Coinbase's layer-2 blockchain built with Optimism's OP Stack, will open in every regard on Aug. 9. Base is currently open for bridging, the announcement reads.

SEC v. Coinbase: 2,300 Crypto Holders Sign up as Amici Curiae

In July, Base went live, enabling developers to test applications on the new network. The announcement comes as Coinbase prepares to publish second-quarter earnings and has launched the "Onchain Summer," a series of events where developers can create art or build applications on Base.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.