Coinbase Exposes SEC XRP Talks and NY Pressure to Label ETH a Security

By: bitcoin ethereum news|2025/05/09 09:00:02
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Coinbase has released about 10,000 documents, hinting that the US Securities and Exchange Commission (SEC) internally discussed the security status of XRP. The documents also disclose that the New York State Office of the Attorney General’s Investor Protection Bureau Chief asked the SEC to file a brief on its argument related to ETH’s security status. In a recent update, CNF disclosed that Coinbase has been sued by the State of Oregon’s attorney general, Dan Rayfield, for facilitating the sales of unregistered securities. In that lawsuit, 31 tokens were listed as securities, including XRP and ETH. Meanwhile, its recent litigation with the US Securities and Exchange Commission (SEC) has come to an end after a joint stipulation was filed to dismiss the enforcement actions against Coinbase Inc. and Coinbase Global Inc. Months after this development, Coinbase has released 10,000 documents from the Freedom of Information Act request to several agencies, with some disclosing an internal discussion on the security status of XRP. According to the documents, a 2023 email discloses that the New York State Office of the Attorney General Investor Protection Bureau Chief Shamiso Maswoswe asked the Commission to file an amicus brief to support its argument that ETH is also a security. We would like to request that the SEC file an amicus in support of the argument that Ether is a security. Whether it is or not will not be dispositive in our case (we have authority over both securities and commodities) – but I think it would be beneficial to investor protection to get a court to hold that Ether is a security. Conversely, it wouldn’t be great (though again not dispositive) for the court to decline to find it’s a security. Argument on the ETH and XRP Security Status The argument on the security status of ETH intensified after the SEC, under the leadership of Gary Gensler, was sued by Consensys over its approach to regulating ETH. In their argument, Consensys pointed out that a former SEC Director of the Division of Corporation Finance, William Hinman, had already cleared that Ethereum is not a security. Meanwhile, the SEC had also referred to XRP as a security in a separate letter issued on December 9, 2021. As reviewed by CNF, the SEC expressed dissatisfaction with Ripple’s launch of Liquidity Hub without federal approval. Responding to this, Ripple highlighted that the SEC is not a prudential regulator. Prior to that, the Commission had indicated in a December 2020 lawsuit that Ripple raised $1.3 billion from the sales of XRP. In June 2023, Judge Analisa Torres ruled that the sale of XRP to retail investors did not violate federal securities laws. As detailed in our previous post, its sale to institutional clients was rather flagged as a violation of securities laws. Months ago, Coinbase filed a Freedom of Information Act (FOIA) request to uncover the financial implications of the SEC’s enforcement actions against crypto firms. As discussed earlier, the exchange’s Chief Legal Officer, Paul Grewal, highlighted that Coinbase was seeking details on the number of investigations, the total cost incurred, as well as the personnel and third-party contractors involved. Source: https://www.crypto-news-flash.com/coinbase-exposes-sec-xrp-talks-and-ny-pressure-to-label-eth-a-security/?utm_source=rss&utm_medium=rss&utm_campaign=coinbase-exposes-sec-xrp-talks-and-ny-pressure-to-label-eth-a-security

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BeatSwap is evolving towards a full-stack Web3 infrastructure, covering the entire lifecycle of IP rights.

The core product "Space" is scheduled to launch in Q2 2026, driven by SocialFi


BeatSwap, a global Web3 Intellectual Property (IP) infrastructure project, is attempting to overcome the current fragmentation limitations of the Web3 ecosystem, building a full-stack system that covers the entire lifecycle of IP rights.


Currently, most Web3 projects are still in the stage of functional fragmentation, often focusing only on a single aspect, such as IP asset tokenization, transaction functionality, or a simple incentive model. This structural dispersion has become a key bottleneck hindering the industry's scale application.


BeatSwap's approach is more integrated, integrating multiple core modules into the same system, including:


· IP authentication and on-chain registration

· Authorization-based revenue sharing mechanism

· User-engagement-driven incentive system

· Transaction and liquidity infrastructure


Through the above integration, the platform builds an end-to-end closed-loop path, allowing IP rights to complete a full cycle of "creation, use, and monetization" within the same ecosystem.


Expanding from Web3 to a broader market: Restructuring the music industry's supply-demand structure


BeatSwap is not limited to existing crypto users but is attempting to take the global music industry as a starting point, actively creating new market demand. Its core strategies include:


Exploring and incubating music creators (Artist discovery)

Building a fan community

Igniting IP-centric content consumption demand


The current global music industry is valued at around $260 billion, with over 2 billion digital music users. This means that the potential market corresponding to the tokenization and financialization of IP far exceeds the traditional crypto user base.


In this context, BeatSwap positions itself at the intersection of "real-world content demand" and "on-chain infrastructure," attempting to bridge the structural gap between content production and financial flow.


"Space" to Launch in Q2 2026: Building the Core of SocialFi


BeatSwap's upcoming core product "Space" is scheduled to launch in the second quarter of 2026. This product is defined as the SocialFi layer in the ecosystem, aiming to directly connect creators with users and achieve deep integration with other platform modules.


Key designs include:

A fan-centric interactive mechanism

Exposure and distribution logic based on $BTX staking

User paths connected to DeFi and liquidity structures


Thus, a complete user behavior loop is formed within the platform: Discovery → Participation → Consumption → Rewards → Trading


$BTX Token Mechanism: Evolving from an Incentive Tool to a Value Carrier


$BTX is designed to be a core utility asset within the ecosystem, rather than just a simple incentive token, with its value directly tied to platform activity and IP use cases.


Main features include:


· Yield distribution based on on-chain authorized actions

· Value reflection based on IP usage and user engagement dynamics

· Support for staking and DeFi participation mechanisms

· Value growth driven by ecosystem expansion


With the increased frequency of IP use, the utility and value support of $BTX will enhance simultaneously, helping alleviate the "disconnect between value and utility" issue present in traditional Web3 token models to some extent.


Accelerating Global Exchange Layout: Enhancing Liquidity and Accessibility


Currently, $BTX has been listed on several mainstream exchanges, including:


Binance Alpha

Gate

MEXC

OKX Boost


As the launch of "Space" approaches, BeatSwap is actively pursuing more exchange listings to further enhance liquidity and global accessibility, laying a foundation for future market expansion.


Beyond Web3: Aiming for a Larger-Scale Integration of Content and Finance Markets


BeatSwap's goal is no longer limited to the traditional Web3 narrative but aims to target over 2 billion digital music users and a trillion KRW-scale content market.


By integrating content creators, users, capital, and liquidity into a blockchain framework centered around IP rights, BeatSwap is striving to build a next-generation infrastructure focused on "IP tokenization."


Conclusion


BeatSwap integrates IP authentication, authorization distribution, incentive mechanism, transaction system, and market construction to establish a unified structure that bridges the full lifecycle path of IP rights.


With the launch of the Q2 2026 "Space," the project is expected to become a key infrastructure connecting content and finance in the IP-RWA (Real World Assets) track.


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