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Coinbase is duking it out with the SEC… and they MAY just pull it off

Let’s digest:

1. Coinbase VS SEC - Can Coinbase Win?

2. 3thix Raises $8.5M to Spice Up Web3 Gaming

3. Crypto Undeads Sells Out and Generates $9M in Volume

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📰 TODAY’S TOP STORY

Coinbase VS SEC: Can Coinbase Win?

Coinbase is challenging the big guns at the SEC to dismiss their lawsuit for selling unregistered securities

At stake is the classification of 13 tokens listed on Coinbase, which the SEC alleges are securities. A claim Coinbase disputes.

• The SEC's lawsuit argues that coins like Solana (SOL), Cardano (ADA), and others are securities.

• District Judge Katherine Polk Faill, known for dismissing similar crypto cases, is presiding over the hearing

• Coinbase is questioning the SEC's authority over crypto exchanges and highlighting the lack of clear regulatory guidance

Legal experts are closely watching this case, given its potential implications for the broader crypto market.

Jeremy Hogan, a partner at Hogan and Hogan, seems to think Coinbase has a shot at getting this case dismissed…

• Judge Katherine Polk dismissed a similar case in 2023 against Uniswap, where they were accused of selling “scam” tokens

• Polk has also referred to ETH and Bitcoin in the past as “crypto commodities”

• The judge has also previously stated that “Congress and the Courts” have yet to determine whether tokens are securities or commodities

Can Coinbase Win?

Judge Katherine Polk Faill seems more crypto-friendly than others in the judicial system, and certainly seems to have an understanding of the technology…

These factors can ensure that Coinbase will at least get a fair shot at explaining its case without dealing with a heavy bias against crypto.

After a year of regulatory scrutiny against crypto, this could be a big win for crypto!

Go Deeper: Read the SEC’s full lawsuit against Coinbase

💰️ Venture Capital

3thix Raises $8.5M to Spice Up Web3 Gaming

3thix, an Austin, Texas-based startup, has successfully raised $8.5 million to enhance the monetization of Web3 games.

The company aims to revolutionize game monetization by integrating Web3 infrastructure, prioritizing privacy, and user experience.

• Funds came from Hands of Midas, the founder of game commerce company Xsolla, and co-founder of Algorand.

• Xsolla plans to integrate 3thix’s Web3 infrastructure into its operations, focusing on free-to-play game monetization.

A key innovation from 3thix is the development of a fully decentralized Identifier for Advertisers (IDFA) model.

• This model aims to protect user data privacy while offering valuable insights for developers and advertisers.

• This aligns with 3thix’s mission to simplify in-game experiences and democratize the gaming process.

Timothy Tello, CEO of 3thix, expressed the company’s commitment to making gaming eco-friendly and accessible to a wider audience.

Gaming enthusiasts and industry professionals will have the opportunity to engage with the 3thix and Xsolla teams at the upcoming Game Developer Conference in San Francisco from March 18 to March 22.

 🖼️ NFTs

Crypto Undeads Sells Out and Generates $9M in Volume

Crypto Undeads is a new 10,000-pixel art NFT collection based on Solana, and its mint did not disappoint!

The project's launch involved selling roughly half the collection in a presale at 2.5 SOL, followed by a public sale for the remaining 5,000 NFTs.

• The project raised $2.5M and generated over $6M in secondary market sales

• After mint, the floor price opened at 20 SOL ($2,000), then dipped to around 11 SOL and now sits at around 14 SOL

Although it wasn’t totally smooth sailing…

FUD arose due to several issues, including anomalously high sales over the floor price for unrevealed NFTs and issues with NFT distribution in the presale.

• Two Undeads sold for well over the 20 SOL floor price. One sold for 29 SOL, and another at 80 SOL.

• This led to a concern that the metadata was leaked, and some buyers knew which NFTs would be more “rare” even though the collection was unrevealed

• There were also reports of buyers not getting their NFTs after paying for them in the presale

The founder of the project, dollar, spoke on X to assure everyone that the metadata couldn't be leaked before the project revealed

As the Crypto Undeads project progresses, the main focus is on the unrevealed art.

Non-fungible News

• Web3: Electric Capital Finds Veteran Web3 Devs are on the Rise

• NFTs: NHL Champions Golden Knights Unveils Free NFT Collection

• Crypto: Grayscale, BlackRock, and Fidelity Dominate ETF Market with 90% of Volume

💡 INSIGHT

Nakamigos Free Mint has a 0.33 ETH Floor

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