ARK Invests in Coinbase Stock Again

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Since ARK just disclosed that it had purchased 162,325 shares of Coinbase (COIN), Cathie Wood is once again investing in the company’s stock after a break of more than a month. Midway through January, Wood made her most recent purchase of exchange shares, spending $3.3 million. As American regulators investigate the market for digital assets more closely, the purchase occurs. It’s still unclear whether the SEC would investigate Paxos’ Binance platform or Coinbase’s staking product, as it did with Kraken.

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According to the Wall Street Journal on Sunday, the U.S. Securities and Exchange Commission (SEC) plans to file a lawsuit against Paxos, the company that created the Binance USD (BUSD) and Pax Dollar (USDP) tokens, over the latter stablecoin. The Wall Street Journal reports that the SEC claims that Paxos’ BUSD is an unregistered security. Uncertainty surrounds the investigation’s scope by the New York Department of Financial Services. Last month, Binance admitted that it had not always kept enough funds in reserve to support Binance-Peg BUSD (PBUSD), a wrapped form of BUSD that is available on non-Ethereum networks and is backed by BUSD.

As part of a new initiative to speed up digital transformation, the UAE intends to launch a central bank digital currency (CBDC) for domestic and international transactions. As a result, a cashless society will be achieved as well as financial inclusion, payment innovation, security, and efficiency. The issuance of CBDCs is being considered by jurisdictions worldwide to support advancements in the banking and payments industries.

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