Source: Cointelegraph Original: "{title}"
Cryptocurrency exchange Coinbase is being sued by BiT Global Digital for over $1 billion, with BiT Global accusing Coinbase of harming the cryptocurrency market with its decision to delist Wrapped Bitcoin.
In a lawsuit filed on December 13, BiT Global claims that the exchange's delisting decision was aimed at promoting its own competing product, Coinbase Wrapped Bitcoin (cbBTC).
The lawsuit involves allegations under the Sherman Act, accusing Coinbase of attempting to monopolize the Wrapped Bitcoin (WBTC) market, claiming its predatory behavior undermined the market position of the asset, and accusing it of making false statements suggesting that WBTC did not meet listing standards.
One day after the lawsuit, Coinbase's Chief Legal Officer Paul Grewal defended the exchange's actions, emphasizing its commitment to high listing standards.
"When an asset no longer meets our listing standards, we will drop it. When another asset can meet or exceed market demands without sacrificing those standards, we will list it," Grewal wrote on X.
On December 12, Judge John Nicholas ruled that Bit Trade, which operates Kraken Australia, must pay a fine of AUD 8 million (approximately USD 5.1 million) within 60 days and bear the legal costs.
The Australian Federal Court found that the U.S.-based operator of Kraken Australia failed to fulfill its design and distribution obligations and acted as a credit provider without a license.
The Australian Securities and Investments Commission sought AUD 12.8 million in damages, while Bit Trade requested to limit the fine to AUD 2.5 million. Nicholas deemed the Australian Securities and Investments Commission's request "excessive," while Bit Trade's request was "insufficient."
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The Vancouver City Council passed a motion to explore incorporating Bitcoin (BTC) into its financial operations, including potential Bitcoin reserves and payment options.
Vancouver Mayor Ken Sim introduced the motion at a council meeting on December 11, aiming to make the city "Bitcoin-friendly."
According to Sim, six council members supported the motion, three were absent, and two opposed it, effectively giving the motion the green light to ensure the "next 100 years" for the Canadian city.
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In a Freedom of Information Act (FOIA) lawsuit supported by Coinbase, a U.S. federal judge criticized the Federal Deposit Insurance Corporation (FDIC) for its editing practices regarding a cryptocurrency "pause letter" sent to banks.
District Court Judge Ana Reyes expressed concern in a text order on December 12 about the FDIC's "lack of good faith" in conducting meticulous edits.
Judge Reyes ordered the FDIC to conduct more "thoughtful redactions" and to resubmit the letter by January 3, stating in the text order that the FDIC "cannot simply redact all content that is not an article or preposition."
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