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Tag: COIN

  • Coinbase Stock Touches $350 After Positive Q3 Earnings, New Acquisition — Details

    After what started as a disappointing week, the Coinbase stock (Ticker: COIN) seems to be back on a recovery path. COIN briefly touched the $350 level on Friday, October 31st, rallying on the positive earnings report and new developments from this week.

    According to a new report, Coinbase has also entered into late-stage talks to purchase stablecoin infrastructure BVNK in an estimated $2 billion deal. This move represents a play in a much larger stablecoin industry push by the largest US-based cryptocurrency exchange.

    Exchange Closes In On $2 Billion BVNK Deal

    On Friday, Bloomberg reported that Coinbase is looking to complete a $2-billion acquisition of the London-based BVNK, pending due diligence. The San Francisco-based cryptocurrency company expects to close this deal before the year’s end or early next year, according to one of the sources close to the matter.

    Related Reading

    According to the report, the company’s venture capital arm, Coinbase Ventures, is an investor in BVNK. One of the cited sources also revealed that while the deal is already in late-stage talks, terms may change, and the deal is still at risk of collapsing. 

    A Coinbase spokesperson told Bloomberg in a statement:

    We don’t comment on rumors or speculation. Driven by our mission to expand economic freedom globally, we actively explore various opportunities—whether through building, acquiring, partnering, or investing – to advance our mission.

    This latest Bloomberg report somewhat adds credence to the Fortune report—from earlier this week—that disclosed that Coinbase holds exclusivity with BVNK for takeover talks after winning the bidding war. Mastercard was reportedly also engaged in talks with the stablecoin infrastructure before setting its sights on Zerohash, another crypto startup, for over $1.5 billion. 

    Hence, this BVNK purchase by Coinbase, if completed, would represent the latest one in a growing list of stablecoin-related deals in recent months. These developments come on the back of the introduction of the first crypto regulation (the GENIUS Stablecoin Act) in the United States.

    Coinbase Posts Strong Earnings In Q3 2025

    While Coinbase’s Q3 earnings call trended for an unusual reason, after CEO Brian Armstrong dropped a list of crypto buzzwords relevant to the Mentions Market, the crypto company delivered strong profits in the last quarter. 

    The US-based crypto company reported about $1.9 billion in revenue and a bottom line of approximately $432.6 million in 2025’s third quarter, representing a 55% year-over-year increase. Meanwhile, the firm’s Bitcoin holdings have also jumped by 2,772 BTC to 14,458.

    As of this writing, the Coinbase stock (COIN) is valued at about $343.78, reflecting a 4.6% jump in the past 24 hours.

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    The price of COIN on the daily timeframe | Source: COIN chart on TradingView

    Featured image from Shutterstock, chart from TradingView

    Opeyemi Sule

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  • Can Donald Trump put his image on a U.S. Mint coin? Probably

    President Donald Trump appears poised to put his image on both sides of a commemorative $1 coin issued by the United States Mint.

    On Oct. 3, the White House reshared an X post from U.S. Treasurer Brandon Beach confirming reports that the Trump administration was seeking to put the president’s image on the front and back of a dollar coin commemorating the nation’s 250th anniversary. 

    U.S. currency typically does not feature living people — or sitting presidents — but it’s not unprecedented. 

    “There have been times in the past where commemorative coins have been printed with the faces of living people,” White House National Economic Council chair Kevin Hassett said on CNN’s “State of the Union” Oct. 5.

    He’s right: Several living people have been featured on U.S. currency in both the recent and distant past, including one president. 

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    Although the concept of a Trump coin runs counter to a longstanding tradition, there are no unscalable legal obstacles to establishing a U.S. coin with Trump’s image on it. 

    What has the Trump administration proposed?

    Beach’s X post showed the coin’s front, featuring Trump’s side profile, and its flip side — an illustration of Trump pumping his fist after a 2024 assassination attempt in Butler, Pennsylvania. The phrase, “Fight Fight Fight” lines the coin’s perimeter, referencing a Trump rallying cry repeated after the assassination attempt. Trump was not president at the time of the assassination attempt.

    (Treasury Department)

    At an Oct. 3 White House press briefing, White House Press Secretary Karoline Leavitt said, “I’m not sure if he’s seen it, but I’m sure he’ll love it.”

    Would this design be legal?

    Multiple pieces of coinage legislation enacted over the past few decades have included specific language prohibiting living people from being portrayed on U.S.-minted coins. In one case — a  series of coins launched in 2007 honoring every president — the law’s text goes further to specify that no coin in the series may “bear the image of a living former or current president, or of any deceased former president during the 2-year period following the date of the death of that president.”

    That barrier on living presidents was specific to that particular presidential coinage series, however — not to the series that would include the proposed Trump coin.

    The guidance governing the series the Trump administration is considering comes from legislation authorizing a series of coins for the nation’s 250th anniversary, known as the Circulating Collectible Coin Redesign Act of 2020. Trump signed the measure into law in January 2021, during his first presidency, following unanimous passage by both chambers of Congress. It authorizes the redesigns of quarters, half dollars and $1 coins in several sequential series, one of which is a 250th anniversary series to be launched in 2026.

    The law for the 250th series refers specifically to the reverse of the coin:”No head and shoulders portrait or bust of any person, living or dead, and no portrait of a living person may be included in the design on the reverse of any coin” in the series. But it doesn’t rule out a portrait on the front of the coin. 

    That may not be a high bar for Trump to jump if he wants to mint a coin with his image on it. 

    Unless Congress acts, the process from here would involve only administration officials, meaning the president could maintain direct control. Even if the courts were inclined to block the proposal, experts said it’s uncertain whether anyone would be able to cite a direct harm from producing a Trump coin — a requirement for filing a lawsuit. 

    “It’s unclear who would have standing to sue here,” said Gabriel Mathy, an associate professor economics at American University who has studied coinage issues.

    Legal or not, history has not favored using living people on U.S. currency 

    Whether or not a Trump coin would be legal, numismatic experts — those who specialize in coins and related items — said there’s a longstanding tradition in the United States of not depicting living people on coins.

    “Not featuring current presidents on coins is an important and enduring part of the United States’ history as a republic,” Mathy said. “Going back thousands of years, coins traditionally carried the image of the current monarch. This is still the case in the United Kingdom, where coins are minted with the face of the reigning monarch, as well as in some other monarchies. 

    “The United States was founded as a republic, and the founders wanted to avoid making the president into a monarch,” Mathy said. Putting a living president on a coin would be “inconsistent with a long tradition of American republicanism.”

    Despite the norm, living people have sometimes appeared on U.S. currency

    President Abraham Lincoln, his Treasury Secretary Salmon P. Chase and U.S. Army Gen. Winfield Scott were among a small number of living figures to appear on U.S. paper currency. 

    During the Civil War, Spencer Clark, an official with the federal office responsible for printing paper money, put his own image on a five-cent note. He did it by leveraging a legal loophole: Congress had approved a note featuring an image of William Clark, the explorer from the Lewis & Clark expedition of the Louisiana Territory, but lawmakers neglected to specify William Clark’s first name in the legislation, journalist Blake Stilwell wrote in Military.com. So Spencer Clark, having the same surname, inserted his own image instead of William Clark’s. Clark also produced a separate note that featured then-U.S. Treasurer Francis E. Spinner.

    (Smithsonian Institution)

    By the Civil War’s end, “Congress had time to pay attention to what the Bureau of Engraving and Printing was up to,” Stilwell wrote. 

    So in 1866, Congress passed a law saying no portrait or likeness of a living person would appear on “bonds, securities, notes, fractional or postal currency of the United States.” 

    The law doesn’t mention coins, however. Living figures — and even one living president, Calvin Coolidge — have occasionally been featured on coins, including some in recent years.

    In 1921, the U.S. released a commemorative coin to mark Alabama’s centennial, featuring side views of William Bibb, the state’s first governor, and Thomas Kilby, its governor during the centennial. “This coin was the first ever created by the Mint to carry a living person’s portrait,” the Mint’s website says.

    In 1926, during the nation’s sesquicentennial celebration, Congress authorized the minting of a commemorative coin. The designers settled on a joint portrait of George Washington and Coolidge, who was president during the sesquicentennial. 

    The coin proved unpopular; of 1 million half dollars that were minted, more than 850,000 were returned to the Mint and melted.

    Alabama centennial coin, left, and U.S. sesquicentennial coin, right (U.S. Mint)

    The other two examples we could find of a living figure minted on coins are more recent.

    The Mint created a congressionally authorized coin to commemorate the 1995 Special Olympics World Games. Congress didn’t dictate the design, but the front of the coin featured Eunice Kennedy Shriver, who founded the Special Olympics for people with intellectual disabilities. She died in 2009.

    On Feb. 6, 2016, the Mint released a congressionally authorized coin for former President Ronald Reagan and former first lady Nancy Reagan, tied to the late president’s 105th birthday. Nancy Reagan died one month later, on March 6, 2016.

    Special Olympics coin, left, and Nancy Reagan coin, right. (U.S. Mint)

    A country has already minted a coin with Trump’s image on it

    In 2025, the west African nation of Liberia produced a $1, one-ounce silver commemorative coin with Trump’s image on the front, crowned by a laurel leaf in gold as if he were a Roman emperor. The motto read, “In Don We Trust.”

    If you can find one in stock, it would cost about $150 to $200, according to Google searches.

    (GovMint.com)

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  • SoCal pair milked Medicare for $6 million in gold bars, other riches, feds allege

    SoCal pair milked Medicare for $6 million in gold bars, other riches, feds allege

    A Medicare fraud scheme ran by a Southern California duo involved multiple local medical facilities, foreign nationals, fake bank accounts and laundering millions of dollars with gold in a Glendale apartment, prosecutors say.

    Larchmont-area resident Sophia Shaklian, 36, and Alex Alexsanian, 47, of Burbank, are accused of submitting more than $54 million in fraudulent Medicare claims for hospice and diagnostic testing services that were never provided, then illegally laundering the $23 million they received in reimbursements, according to a news release from the U.S. Attorney’s Office for the Central District of California and the indictment.

    As a part of that scheme, about $6 million in gold bars and coins were purchased and moved through an apartment a few blocks from The Americana at Brand in Glendale, according to the indictment.

    The duo was arrested Wednesday and indicted on 24 counts altogether by a federal grand jury in connection with incidents over the last five years.

    Shaklian, who often used aliases, submitted Medicare claims on behalf of seven healthcare providers across Los Angeles County, including a hospice company she owned, the Chateau d’Lumina Hospice and Palliative Care in Pasadena, prosecutors said.

    Shaklian and her co-conspirators submitted claims for services on behalf of beneficiaries “who, in fact, never received any such services, did not need them, and were not even familiar with the fraudulent providers,” U.S. Attorney spokesperson Ciaran McEvoy wrote in the release. The $54 million worth of claims were submitted from March 2019 to August 2024.

    Shaklian allegedly laundered some of the $23 million in Medicare reimbursements by transferring them to accounts held in the name of a fake identity, prosecutors said.

    Alexsanian is accused of directing a foreign national, described as a Ukrainian citizen who later left the country, to open a medical facility in Sylmar and acquire an ongoing practice in Van Nuys, two of the locations for which Shaklian submitted false claims, according to the indictment. Alexsanian then had the Ukrainian relinquish control of the facilities’ bank accounts to him, prosecutors said.

    Alexsanian is accused of conspiring with the foreign national and others to then launder Medicare reimbursements to buy gold bars and coins, prosecutors said.

    Shaklian has been charged with 16 counts of healthcare fraud and four counts of transactional money laundering after an investigation from the U.S. Department of Health and Human Services Office of the Inspector General and the FBI, the release said. Alexsanian is charged with one count of conspiracy to launder monetary instruments and three counts of concealment money laundering.

    Grace Toohey

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  • $10,000 reward offered after gold nugget reported stolen in Long Beach

    $10,000 reward offered after gold nugget reported stolen in Long Beach

    A massive gold nugget was reported stolen Thursday from the Long Beach Convention Center, spurring an offer of a $10,000 reward.

    Bob Campbell, the owner of a coin shop in Salt Lake City, said he brought the gold nugget to the Long Beach Expo — a show that gathers sellers of coins and other collectibles — to sell for more than $80,000. He said its value exceeds its sheer content in gold, as an “original 49er nugget” believed to date back to the Gold Rush.

    “They will lose money if they melt it. It has collector value,” Campbell said. The roughly 27-ounce nugget was about the size of a goose egg, he added, and specimens of that size are “exceedingly rare.”

    Video captured by another coin dealer at the event shows someone appearing to press on the display case, then pocket something. Campbell faulted a defect in the case that allowed the thief to wiggle his hand inside.

    Long Beach police said they are investing the theft, which was reported before noon Thursday. Campbell is also passing out fliers with a photo of the gold nugget and the alleged thief and personally offering a $10,000 reward hinging on the arrest and conviction of the perpetrator.

    “We’re hoping that this information gets out” and maybe “one of his friends will rat him out,” Campbell said.

    He urged anyone with information to call his Utah shop at (801) 467-8636 or to contact the Long Beach Police Department regarding case number 24-28245.

    Emily Alpert Reyes

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  • Bitwise Heralds Coinbase (COIN) As ‘Next Amazon’: Price Targets

    Bitwise Heralds Coinbase (COIN) As ‘Next Amazon’: Price Targets

    In a recently published report by Bitwise, the leading crypto index fund manager, a striking comparison has been drawn between Coinbase and Amazon, highlighting a significant yet under-reported aspect of Coinbase’s business — the Base Layer 2 network. Titled “It’s All About That Base (and Other Thoughts on Coinbase),” the report authored by Matt Hougan and Juan Leon delves deep into the financial and strategic shifts underpinning Coinbase’s latest successes and potential future.

    Amazon Of Crypto? Bitwise Projects Stellar Future For Coinbase

    Coinbase’s latest financial results have been a revelation, demonstrating robust growth and operational efficiency. The company reported $1.6 billion in net revenue, marking a 116% increase year-over-year, significantly surpassing Wall Street’s expectation of $1.36 billion.

    Profits were equally impressive, reaching $1.2 billion with total cash reserves swelling to $7.1 billion. Each of Coinbase’s business lines showed notable growth: consumer trading revenue rose by 93%, institutional trading by 105%, stablecoin revenue by 15%, blockchain rewards by 59%, and custodial services by 64%.

    Despite these strong numbers, the stock has trended downwards, suggesting that the market may not fully appreciate the depth of the company’s strengths. However, Bitwise highlights a less conspicuous but potentially transformative element of Coinbase’s portfolio: the Base Layer 2 network.

    Launched in August atop Ethereum, Base aims to enhance the blockchain’s throughput while lowering costs. It operates similarly to a bar tab, aggregating transactions and settling them in batches, thereby reducing transaction costs to under $0.01 and speeding up processing times to less than one second.

    The adoption rate of Base has been staggering. The network saw a 74% increase in transactions quarter-over-quarter in the first quarter, with a 40% increase in April alone compared to the entire first quarter. The exponential growth in the number of developers using Base, which increased eightfold, underscores the network’s rising significance and the broader industry’s interest.

    From a financial perspective, Base has been lucrative for Coinbase. In the first quarter alone, the network generated $27.4 million in transaction fees, of which Coinbase retained $15.5 million. This high-margin revenue stream continued into April, adding another $11 million to Coinbase’s profits. Given these trends, Bitwise predicts that Base could soon be contributing $10 million to $20 million in monthly profits to Coinbase.

    The analogy with Amazon is rooted in the transformation potential of Base. Just as Amazon evolved from a simple online bookstore into a retail giant and later a dominant force in cloud computing through Amazon Web Services (AWS), Coinbase could similarly evolve from a crypto brokerage to a fundamental infrastructure provider for the crypto industry.

    This shift could redefine Coinbase’s role and impact within the market, positioning it as a central infrastructure entity in the crypto ecosystem, akin to how AWS underpins much of today’s web services.

    The report concludes by reflecting on the significance of Base for Coinbase’s strategic direction. “[T]he early returns on Base suggest that Coinbase could end up becoming something even greater: a core infrastructure provider to the crypto ecosystem. And that would be a very big deal indeed.”

    COIN Price Analysis

    Analyzing the technical landscape, the price of Coinbase (COIN) currently faces a pivotal moment. After dropping to $211.20 (as of press time), down 11.4% from a weekly high of $235.79, the stock is testing significant resistance and support levels that could dictate its short-term trajectory.

    The Fibonacci retracement tool, applied from a low of $31.62 to a high of $429.52, identifies critical price points. Presently, COIN is contending with the $230.57 level (0.5 Fibonacci level), which acts as the primary resistance. The 20-week Exponential Moving Average (EMA) provides crucial support at $199.35, with the stock recently bouncing off this level.

    The Relative Strength Index (RSI) stands at 56.10, suggesting a balanced dynamic between buying and selling pressures, with a slight tilt towards buying. The recent price behavior, characterized by a candlestick with a small body and longer wicks, reflects the ongoing uncertainty and cautious sentiment among traders.

    COIN price, 1-week chart | Source: COIN on TradingView.com

    Featured image from Nasdaq, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Jake Simmons

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  • Coinbase Custody Accounts For 90% Of All Bitcoin ETFs – Details

    Coinbase Custody Accounts For 90% Of All Bitcoin ETFs – Details

    Coinbase Custody reportedly now holds over 90% of all Bitcoin ETFs in the United States. This development was revealed by the crypto exchange’s CEO, Brian Armstrong, while appraising the company’s performance in the fourth quarter (Q4) of 2023.

    Coinbase Emerges As Major Player In Bitcoin ETF Market

    In an X post on February 16, Brian Armstrong shared specific highlights of Coinbase’s achievement in Q4 2023. In particular, He noted that the American crypto exchange has played a crucial part in facilitating the adoption of cryptocurrencies by traditional financial firms (TradFi).

    A major part of this adoption is the Bitcoin ETF market which is worth $37 billion, ranking as the second largest commodity ETF market after Gold. Armstrong noted that Coinbase has played a significant role in this development, serving as custodian for 90% of the investment funds in the Bitcoin ETF market.

    For context, a custodian is a regulated financial institution that holds customers’ securities and assets, providing protection against any form of loss or theft. Notably, Coinbase is listed as the custodian for eight of the 11 recently launched Bitcoin spot ETFs. These include BlackRock’s IBIT, Ark Invest’s ARKB, Bitwise’s BITB, and Grayscale’s GBTC, among others.

    These statistics indicate that Coinbase is well placed to record larger milestones as the top traditional financial institutions are tipped to finally invest in Bitcoin ETFs, especially upon the proven success and stability of the Bitcoin spot ETFs.

    According to Armstrong, other notable Coinbase achievements in Q4 2024 include the launch of the exchange’s international wing, and the layer-2 blockchain solution Base. The crypto exchange also claimed to slash its annual costs by 45% while generating a total income of $3.1 billion.

    Looking Forward To 2024

    In retrospect to 2024, Armstrong stated that Coinbase will maintain focus on its international expansion and new derivatives products. In addition, they will aim to promote the adoption of crypto payments by transforming the Coinbase wallet into a super app. 

    Finally, the exchange CEO states that Coinbase will continue to advocate for a clear regulatory framework applicable to the crypto space. Armstrong says that Coinbase is committed to this course and is willing to explore all means, including legal processes as well as engaging the federal legislators.

    
    
    COIN trading at $180.28 on the trading chart | Source: COIN chart on Tradingview.com
    

    Featured image from CNBC, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Semilore Faleti

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  • Bitcoin ETFs Boosts Coinbase (COIN) Shares As JPMorgan Upgrades Rating

    Bitcoin ETFs Boosts Coinbase (COIN) Shares As JPMorgan Upgrades Rating

    The recent Bitcoin rally, propelling its price to the $52,000 level, has positively impacted the stock of US-based cryptocurrency exchange Coinbase (COIN). After experiencing a notable dip to $115 at the start of February, Coinbase’s stock rose to $172 on Thursday, following a significant upgrade by a JPMorgan analyst.

    Improved Prospects For Coinbase Amid Crypto Rally

    According to a Bloomberg report, JPMorgan analyst Kenneth Worthington abandoned his bearish view on Coinbase weeks after downgrading the stock. 

    As Bitcoin traded higher, Coinbase shares gained as much as 7.8% following the upgrade. Worthington believes the exchange will likely benefit from the recent rally in digital asset prices, prompting him to shift his rating back to neutral.

    This change in stance comes after Worthington’s January downgrade, where he predicted a potential deflation of enthusiasm for Bitcoin exchange-traded funds (ETFs). 

    However, contrary to his previous forecast, Bitcoin ETFs have been successful in terms of trading measures, and the price of Bitcoin has surged beyond $52,000, reaching its highest level since 2021. In a note to clients on Thursday, Worthington explained:

    Given the acceleration in recent days of flows into Bitcoin ETFs and the significant price appreciation of Bitcoin and now Ethereum, we are returning to a Neutral rating on Coinbase as we see the higher cryptocurrency prices not only sustaining but improving activity levels and Coinbase’s earnings power as we look to 1Q24.

    The daily chart shows COIN’s 4% uptrend in the past 24 hours. Source: COIN on TradingView.com

    Coinbase’s stock experienced an 8% dip at the beginning of the year, following an impressive 400% surge in 2023. Analyst opinions on the stock remain divided, with buy, hold, and sell recommendations being roughly evenly split. 

    Worthington maintained his $80 price target on the stock ahead of the company’s earnings report, which is scheduled to be released after the market closes on Thursday.

    Worthington emphasized that Coinbase’s business is closely tied to token prices, with its core revenue being transaction-based. As the value of tokens increases and trading activity gains momentum, fees based on the value traded are expected to drive higher trading volumes, ultimately contributing to improved revenue for Coinbase.

    Bitcoin ETFs Witness Significant Trading Volume 

    On February 14th, the trading volume of Bitcoin ETFs showcased notable figures, with Blackrock’s IBIT recording the lead with $721 million in volume. 

    Grayscale’s Bitcoin Trust (GBTC) followed closely with $619 million, while Fidelity’s FBTC secured the third spot with $456 million. On the other hand, Ark Invest accumulated a volume of $169 million.

    The nine ETFs’ total trading volume amounted to approximately $1.5 billion. Notably, the largest ETFs experienced higher trading volume than the previous day, with IBIT surpassing $700 million and GBTC exceeding $600 million.

    Coinbase
    Bitcoin ETF’s February 14 trading volumes with Blacrock’s IBIT leading the pack. Source: AlexOtta on X

    Intriguingly, before the trading session, GBTC sent less than half of the Bitcoin it sent to Coinbase the previous day. Despite this decrease, GBTC’s total trading volume was 50% higher.

    As the demand for Bitcoin continues to surge, ETFs play a crucial role in facilitating institutional and retail investors’ participation in the cryptocurrency market. The increased trading volume of Bitcoin ETFs highlights investors’ growing interest and confidence in digital assets.

    Coinbase
    BTC’s price rally on the 1-D chart. Source: BTCUSDT on TradingView.com

    Currently, Bitcoin is trading at $51,900 and encountering a critical resistance level at $52,000. 

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    Ronaldo Marquez

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  • SEC Approves Bitcoin ETFs for Everyday Investors

    SEC Approves Bitcoin ETFs for Everyday Investors

    Updated Jan. 10, 2024 5:56 pm ET

    The U.S. Securities and Exchange Commission voted Wednesday to allow mainstream investors to buy and sell bitcoin as easily as stocks and mutual funds, a decision hailed by the industry as a game changer.

    The SEC decision clears the way for the first U.S. exchange-traded funds that hold bitcoin to be sold to the public. Expectations of U.S. regulatory approval for such funds drove the price of bitcoin to the highest level in about two years. The digital currency fell to just below $46,000 late Wednesday, up from $17,000 in January 2023.

    Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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  • U.S. stocks little changed in cautious trading ahead of inflation report, bank earnings

    U.S. stocks little changed in cautious trading ahead of inflation report, bank earnings

    U.S. stock indexes were edging higher on Wednesday with technology stocks looking to extend gains ahead of the December inflation report, which is expected to shed more direct light on when the Federal Reserve could dial back its two-year-long effort to tighten monetary policy and cool the economy.

    How are stock indexes trading

    • The S&P 500
      SPX
      rose 8 points, or 0.2%, to 4,764

    • The Dow Jones Industrial Average
      DJIA
      was up 38 points, or 0.1%, to 37,562

    • The Nasdaq Composite
      COMP
      gained 43 points, or 0.3%, to 14,901.

    On Tuesday, the Dow industrials fell 0.4%, to 37,525, while the S&P 500 declined 0.2%, to 4,757, and the Nasdaq Composite gained less than 0.1%, to 14,858.

    What’s driving markets

    Inflation and its impact on bond markets and the Federal Reserve’s monetary-policy trajectory are the primary focus for markets this week as investors remain on hold ahead of Thursday’s December inflation reading and high-profile corporate earnings reports on Friday, when some of the big banks will kick off the fourth-quarter 2023 earnings season.

    The S&P 500 sits less than 0.7% shy of its record high of 4796.6 touched a little over two years ago, after rallying strongly in the last few months primarily on hopes that easing inflation will allow the Fed to lower interest rates sooner and faster than the markets previously anticipated.

    The yield on the 10-year Treasury
    BX:TMUBMUSD10Y,
    the benchmark for borrowing costs, has fallen from 5% in October to 4.014% on Wednesday.

    But for this bullish narrative to play out, inflation must be seen continuing to fall back to the central bank’s 2% target. That’s why great importance is therefore being placed on the consumer-price index for December, which will be published at 8:30 a.m. Eastern on Thursday.

    See: These traders bet on surprise blip higher in key December inflation reading

    Economists forecast that annual headline CPI inflation inched up to 3.2% last month from 3.1% in November. The core reading, which strips out more volatile items like food and energy, is expected to fall from 4% to 3.8%.

    Adam Phillips, director of portfolio strategy at EP Wealth Advisors, said the CPI report may give investors enough confidence that the disinflation is likely to continue, even if the price levels are “still a very long way from anything that is considered healthy.”

    However, he cautioned that the economy has “certain factors” that are beyond the Fed’s control, such as the volatility in supply chains and growing geopolitical risks, as well as a potential resurgence in inflation, he told MarketWatch via phone on Wednesday.

    “[E]quities have remained broadly range-bound since just before Christmas, with little to push them in either direction,” said Jim Reid, strategist at Deutsche Bank.

    “That might change soon, since we’ve got the U.S. CPI print tomorrow, and then the start of earnings season on Friday, but for now at least, there’s been few headlines for investors to latch onto, just a bit of indigestion after over exuberance before New Year left markets with a little bit of an extended hangover,” Reid added.

    In U.S. economic data, the wholesale inventories declined 0.2% in November, in line with Wall Street expectations, as manufacturers continue to juggle with a fragile economy, according to the Commerce Department.

    New York Fed President John Williams will speak in White Plains, N.Y., at 3:15 p.m. Eastern time.

    Companies in focus

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  • Coinbase (COIN) Up By 250% – Here’s Why It's Outperforming BTC And ETH

    Coinbase (COIN) Up By 250% – Here’s Why It's Outperforming BTC And ETH

    The shares of Coinbase Global (COIN) have been on a tear in recent weeks, emphasizing its positive performance in 2023. While the recent resurgence experienced by the exchange’s shares coincides with the climate shift in the general cryptocurrency market, the latest price data reveals that COIN might actually be doing better than the market leaders, Bitcoin and Ethereum, since the turn of the year.

    Here’s Why Coinbase (COIN) Is Up By 250% In 2023

    A recent report by crypto intelligence platform IntoTheBlock has revealed that COIN is amongst the crypto-related stocks enjoying the overall positive trend in the cryptocurrency space. This positive momentum recently pushed the price of the Nasdaq-listed Coinbase stock to an 18-month high of around $115.

    According to data from IntoTheBlock, the COIN shares have surged in value by more than 60% in the past three months. A look at the broader price chart shows that the stock has increased by approximately 250% year-to-date (YTD), outperforming Bitcoin’s and Ether’s YTD upswing of 130% and 75%, respectively.

    In their report, the crypto analytics firm highlighted that one of the crucial factors behind Coinbase’s increasing valuation is likely to be its trading volumes. Notably, the company’s trading volumes in the fourth quarter have already surpassed the figures recorded in the third quarter, even though there is still December to go in the current quarter.

    Additionally, IntoTheBlock cited the recovering market cap of the USDC stablecoin as one of the potential factors driving Coinbase’s valuation. The continued adoption of Coinbase-incubated Ethereum layer 2 network Base was also mentioned as another possible reason behind the resurgent COIN price.

    Meanwhile, Binance’s troubles in the United States have also somewhat benefited its biggest competitor, Coinbase. Last week, the world’s largest exchange admitted to being guilty of violating anti-money laundering policies in the US, leading to the payment of $4.3 billion in fines and the resignation of founder Changpeng (CZ) Zhao.

    As of the close of trading on Friday, December 1, the price of COIN stood at $133.76, marking a 7.25% increase in a single day.

    Bitcoin And Ethereum Price

    According to CoinGecko data, the prices of Bitcoin and Ethereum currently stand at $38,744 and $2,090, respectively. Ether has not witnessed any significant changes in price over the past week, while Bitcoin swelled by more than 2.5% in the last seven days.

    With market caps of $757 billion and $250 billion, Bitcoin and Ethereum continue to maintain their positions as the largest cryptocurrencies in the market.

    Coinbase (COIN) price continues to rally higher on daily timeframe | Source: COIN chart on TradingView

    Featured image from Shutterstock, chart from TradingView

    Opeyemi Sule

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  • Crypto bulls eye $40,000 as bitcoin’s next level as the coin refreshes yearly high

    Crypto bulls eye $40,000 as bitcoin’s next level as the coin refreshes yearly high

    Crypto bulls are eyeing $40,000 as bitcoin’s next level, with the recent rally sending the crypto to a new high for the year, as the market shakes off the news that Binance’s co-founder Changpeng Zhao pleaded guilty on Tuesday to criminal charges related to violating U.S. anti-money-laundering laws, and stepped down as head of the company.

    The largest crypto BTCUSD on Friday rose to as high as $38,294, the loftiest level since May 2022, according to CoinDesk data. It climbed over 3% over the past 24 hours. 

    Bitcoin…

    Master your money.

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  • Cathie Wood’s ARK funds dump $26 million more in Coinbase stock, shed $13 million more of Tesla shares

    Cathie Wood’s ARK funds dump $26 million more in Coinbase stock, shed $13 million more of Tesla shares

    Funds associated with Cathie Wood’s ARK Investment continued to cull shares of Coinbase Global Inc. and Tesla Inc. on Monday, according to recent trade disclosures.

    The ARK Fintech Innovation ETF
    ARKF,
    +1.58%

    dumped 76,788 Coinbase shares
    COIN,
    +0.23%

    on the day, while the ARK Innovation ETF
    ARKK,
    +2.29%

    sold 127,266 and the ARK Next Generation Internet ETF
    ARKW,
    +2.23%

    sold 44,784 shares.

    Those were worth $26.3 million based on Coinbase’s Monday closing price of $105.55, and the sales follow ARK’s move to dump about $50 million in Coinbase’s stock Friday.

    Coinbase represents 0.78% of the Fintech Innovation ETF, along with 0.15% of the Innovation ETF and 0.30% of the Next Generation Internet ETF. ARK disclosed the transactions and weightings in the daily trade notifications it posts to its website.

    Read: Coinbase’s spectacular stock surge after Ripple ruling sparks fierce debate

    Meanwhile, the ARK Innovation ETF shed 38,329 Tesla shares
    TSLA,
    +3.20%

    on Monday, while the ARK Next Generation Internet ETF sold 6,855. Those shares were worth $13.1 million based on Tesla’s Monday closing level of $290.38. Tesla represents about 0.12% of both funds as they continue to unload shares.

    Don’t miss: Tesla is looking at its best sales quarter ever

    ARK scooped up 455 shares of Meta Platforms Inc.
    META,
    +0.57%

    within its Next Generation Internet ETF and bought up 3,729 shares within the ARK Innovation ETF. That amounted to $1.3 million worth of stock based on Meta’s $310.62 Monday close.

    Two ARK funds bought a combined $790 million in Robinhood Markets Inc.’s stock
    HOOD,
    +0.89%
    ,
    with the fintech fund scooping up 25,641 shares and the Next Generation Internet ETF buying 37,630 shares. ARK added 4,608 shares of SoFi Technologies Inc.
    SOFI,
    +4.41%

    to the fintech fund, worth $43,683 based on Monday’s close.

    See also: SoFi’s stock catches another downgrade as analyst says it ‘needs to be valued more like a bank’

    ARK was also active in shares of Twilio Inc.
    TWLO,
    -0.63%
    ,
    buying 15,702 within the Fintech Innovation ETF, 133,499 within the Innovation ETF and 22,748 within the Next Generation Internet ETF. That amounted to $11.4 million in Twilio’s stock based on Monday’s $66.47 closing price.

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  • Bitcoin down 1.1% after SEC brings charges against Coinbase

    Bitcoin down 1.1% after SEC brings charges against Coinbase

    Bitcoin fell Tuesday after the Securities and Exchange Commission charged digital-asset exchange Coinbase Global Inc.
    COIN,
    -12.68%

    with operating an unregistered national securities exchange, brokerage and clearing agency. Bitcoin was down 1.1% at $25,492, after dipping as low as $25,350 immediately after the charges were announced. Bitcoin is down more than 6% for the week, after slumping Monday after the SEC charged the world’s largest crypto exchange Binance Holdings Inc. and its co-founder Changpeng Zhao with 13 securities law violations

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  • Coinbase asks federal court to force SEC to respond to its crypto-regulation petition

    Coinbase asks federal court to force SEC to respond to its crypto-regulation petition

    Popular crypto exchange Coinbase
    COIN,
    -7.27%

    late Monday asked a federal court to force the U.S. Securities and Exchange Commission to respond yes or no to its petition from July 2022 to make formal rules around digital-asset regulation.

    Coinbase’s petition requested that the “Commission propose and adopt rules to govern the regulation of securities that are offered and traded via digitally native methods, including potential rules to identify which digital assets are securities.”

    In March, Coinbase was hit with a Wells notice from the SEC, identifying potential violations of securities laws that might spur it to take legal action. The notice came after nine months of back-and-forth between the SEC and Coinbase, CEO Brian Armstrong said in March.

    Coinbase was expected to respond to the notice by the end of April, but Monday’s filing reveals that Coinbase believes the SEC’s approach doesn’t provide enough regulatory guidance for crypto companies in the U.S. to operate.

    “The SEC at a minimum must set forth how those inapt and inapposite requirements are to be adapted to digital assets. But the SEC has refused to do even that,” the filing says. “It has not conducted any rulemaking to provide the regulatory clarity and process that companies need to determine which digital asset products and services to register and how to make the registration that the SEC now demands.”

    Coinbase shares slid more than 7% on Monday but are up 55% year to date. Still, the stock is down nearly 60% over the past 12 months. In comparison, the S&P 500
    SPX,
    +0.09%

    is up nearly 8% in 2023 and has declined almost 4% over the past year.

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  • Coinbase, Newmont, Tilray, Hexo, Virgin Orbit, and More Stock Market Movers

    Coinbase, Newmont, Tilray, Hexo, Virgin Orbit, and More Stock Market Movers


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  • Coinbase stock sinks 16% after crypto exchange discloses SEC warning

    Coinbase stock sinks 16% after crypto exchange discloses SEC warning

    Shares of Coinbase Global Inc. dropped 15.8% in the extended session Wednesday after the crypto exchange disclosed a warning from regulators that it may have broken securities laws.

    Coinbase
    COIN,
    -8.16%

    said it received a Wells notice from the Securities and Exchange Commission, which could lead to formal charges.

    “We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead,” Coinbase said in a blog post detailing the action. “Rest assured, Coinbase products and services continue to operate as usual — today’s news does not require any changes to our current products or services.”

    Based on discussions with the SEC, Coinbase said that the potential charges relate to the company’s spot market, its staking service Coinbase Earn, Coinbase Prime and Coinbase Wallet.

    The crypto exchange said it asked the regulators to detail which assets in its platforms the SEC believes may be securities, but the SEC declined to do so. Coinbase called it a “cursory investigation.”

    SEC representatives declined to comment Wednesday.

    The company said that the investigation is “still at a very early stage,” and that it has turned in documents and provided two witnesses for testimony, “one on the basic aspects of our staking services and one on the basic operation of our trading platform.”

    Coinbase has said that its staking services are not securities.

    Regulators have doubled down on efforts to increase oversight of the crypto industry, shutting down crypto exchange Kraken’s staking program in February and issuing a Wells notice to warn stablecoin issuer Paxos.

    Staking allows users to earn rewards by using their existing holdings of tokens to verify transactions.

    Shares of Coinbase ended the regular trading day down 8.2%.

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  • COIN Stock Price | Coinbase Global Inc. Stock Quote (U.S.: Nasdaq) | MarketWatch

    COIN Stock Price | Coinbase Global Inc. Stock Quote (U.S.: Nasdaq) | MarketWatch

    Coinbase Global Inc.

    Coinbase Global, Inc. engages in technology and financial infrastructure products and services. It offers crypto-powered technologies including self-custody wallets, decentralized apps and services, and open community engagement platforms. The company was founded by Brian Armstrong in 2012 and is headquartered in San Francisco, CA.

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  • Silvergate Discontinues a Key Service. It’s a Big Deal.

    Silvergate Discontinues a Key Service. It’s a Big Deal.

    Silvergate Discontinues a Key Service. It’s a Big Deal.

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  • Rebeca Romero Rainey: Authentic connection

    Rebeca Romero Rainey: Authentic connection

    Photo by Chris Williams

    For community banks, marketing often points to finding ways to educate, support and grow community, as well as customer knowledge and awareness.

    True relationships withstand the test of time, and such is the case with the community bank/customer connection. It’s not unusual to hear about a community bank having served a family or a business for generations, and that’s a testament to the strength of the relationship.

    As we consider marketing in this month’s issue, I took time to reflect on exactly what differentiates the community banker and how marketing can help in growing and retaining business. I kept coming back to the fact that for community banks, marketing often points to finding ways to educate, support and grow community, as well as customer knowledge and awareness. By extension, these promotional efforts assume a natural role in a community bank’s journey, just enhancing what are already mission-critical initiatives.

    map pin

    Where I’ll be this month

    I’ll be connecting with community bankers from around the country at ICBA LIVE in Honolulu, Hawaii, from March 12–16. I hope to see you there!

    For example, consider ICBA chairman Brad Bolton’s Community Spirit Bank in Red Bay, Ala., and its work to share tips for financial resolutions in the local paper. Offering that information to the community helps individuals strengthen their financial savvy and supports a broader story of community bank leadership.

    Or look to ICBA past chairman Bob Fisher’s bank, Tioga State Bank in Spencer, N.Y., and how it teams up with local television stations to support cause-related activities, like the No Shave November Cure the Blue 5K. Not only does this event help raise funds for an important program, it also demonstrates the bank’s commitment to its community.

    These examples offer only a snapshot of what community banks all over the country do to support their communities from a mission-based approach. In many cases, the added promotion these efforts deliver is a side benefit to serving the community.

    That’s precisely why these efforts are successful: They garner attention because they are the right things to do. These stories create a value proposition around why banking with a community bank is so vital, and the differentiation from megabanks and credit unions happens by leading with the community bank relationship model front and center.

    So, as you think about your bank’s planned storytelling this year, know that ICBA is standing by to help. In fact, stay tuned for a very exciting announcement that we’ll be making during ICBA LIVE, which will shine a light on what differentiates community banking. And our work won’t stop there. We invite to you join us as we continue to tell the community banking story.

    Because beyond marketing, what you do matters to the customers and communities you serve. You are and will remain a partner through your customers’ lives and financial journeys. From a marketing perspective, that’s an ideal place to be.


    Rebeca Romero Rainey
    President and CEO, ICBA
    Connect with Rebeca @romerorainey

    Lauri Loveridge

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  • The community bank guide to FedNow resources

    The community bank guide to FedNow resources

    Photo by Ismail Rajo/iStock

    The time has come for the long-awaited FedNow launch. As community banks navigate this process, there are plenty of resources available to answer questions and provide guidance.

    By Colleen Morrison


    Between May and July of this year, non-pilot instant payment transactions will be live on FedNow, the first new Federal Reserve payment rail in more than 40 years. After much strategy, planning and discussion, the implementation phase has arrived.

    “As we near launch, I’m reminded of where we started,” says Nick Stanescu, senior vice president and business executive of the FedNow Service. “The decision to build the FedNow Service was the result of a multiyear initiative of collaborating with the industry to explore ways to modernize the U.S. payment system.”

    He notes that the launch of FedNow will represent a major landmark in modernizing and improving the U.S. payment system. “Importantly, this will level the playing field by allowing financial institutions of every size to benefit from safe and efficient instant payments,” he adds.

    Three sources of information on FedNow

    As community banks look to take advantage of this new opportunity, they seek resources to help them navigate the journey. With that in mind, industry experts agree there are three key sources of information to support banks in honing their instant payments plans.

    1. FedNow Explorer

    The Federal Reserve launched the FedNow Explorer to help financial institutions establish their individual evaluation and implementation needs. Offering a guided journey, a self-explore option and a quick link to resources, this site incorporates the latest news and information from the Fed about FedNow. In particular, the Service Readiness Guide and the Service Provider Showcase provide insights into preparation requirements and available solutions.

    “You have to educate yourself; you have to educate your employees and your management team. So, starting off with the FedNow Explorer has a lot of great resources,” says Sherri Reagin, chief financial officer at FedNow pilot participant North Salem State Bank, a $590 million-asset community bank in North Salem, Ind. “We even showed one of the videos at our annual training to all of our employees. They’ve heard me talking about FedNow for a couple of years now, but they didn’t fully understand it until there was a visual. There are so many great resources on that website where people can really get started.”

    2. Your Federal Reserve account executive

    The Federal Reserve account executive stands as a valuable resource for asking bank-specific questions about the FedNow Service and can benefit community banks that want to be early adopters. For example, Stanescu points out that there are four core capabilities of instant payments readiness that a community bank’s Federal Reserve account representative can help evaluate:

    • Connectivity to FedNow
    • Real-time posting and immediate funds availability
    • Settlement through either a Fed master account or a correspondent’s
    • Send and receive functionality

    Each area creates important decisions for the bank, and the Fed account executive can help financial institutions navigate the pros and cons.

    “Your Fed account executives are great places to start, as well as your technology solution providers, based on the product lines you think are going to use FedNow,” says Kari Mitchum, vice president of payments policy at ICBA.

    3. Core and third-party providers

    To that point, solution providers will play a crucial role in implementation from the core system to downstream customer-facing applications. Community banks will need to decide their required functionality in receive-only or a send-and-receive scenarios and work with their providers accordingly. For most, that process starts with talking to their cores.

    “My advice: Build a plan, understand what partners must be involved and do a lot of exploring with vendors,” says Debra Matthews, chief of deposit operations at $2.1 billion-asset Texas First Bank in Texas City, Texas, a FedNow pilot participant. “Explore what your core has available and plans to do in the future and determine if any additional third parties are needed for implementation.”

    Reagin agrees, emphasizing the enhanced role that core providers will play to accommodate FedNow. “Everything we do, all the fintechs that we use—if you’re going to settle a payment, it has to go through your core provider to get through your system,” she says. “So, they’re going to have to be involved, regardless of who you use to interface between the Federal Reserve and your financial institution.”

    Instant payments will soon be table stakes

    While the FedNow Service will launch in just a few months, the wide-scale rollout will take some time, and customer adoption will follow suit. However, if market history bears any indication, instant payments will be a critical part of payment processes in the future.

    “Keep in mind Apple Pay has been out for almost 14 years, and QR codes were created in 1994. FedNow coming out is not going to be some overnight change,” Mitchum says. “There’s that story from [FedEx founder] Fred Smith that he had the idea for FedEx in the 1960s, and the paper got a ‘C’ on it. They said, ‘Nobody wants stuff next day; there’s no need for this.’

    “Now we’re in the time of Amazon same-day delivery, two-hour delivery. But that doesn’t mean that we got rid of USPS. It doesn’t mean we got rid of two-day shipping. There are multiple choices for moving goods; there’s going to be multiple choices for moving money.”

    But with the rate of change in today’s digital space and this immediate gratification environment, it won’t take long for demand for instant payments to accelerate.

    “I think FedNow is going to transform the way that we do business, and the way that businesses operate in the future.”
    —Sherri Reagin, North Salem State Bank

    Use cases like early wage access, P2P payments and insurance disbursement have already emerged, and others will continue to develop. Community banks that don’t begin exploring instant payments may find themselves at a competitive disadvantage more quickly than they might think.

    “Financial institutions need to really learn the benefits of FedNow to be able to accelerate the services that we can offer to our customers. I think FedNow is going to transform the way that we do business, and the way that businesses operate in the future,” Reagin says. “The sooner we can get our customers and our employees acclimated to it, it’s just going to skyrocket.”


    FedNow resources from ICBA

    Community bankers benefit from education tailored directly to their needs, so ICBA has developed customized education to complement available resources.
    For example, ICBA Bancard ran a five-part webinar series called Ramping Up for the FedNow Launch, which includes the following sessions:

    1. Delay No More: Creating Your FedNow Plan
    2. FedNow Features, A Deep Dive
    3. Lessons Learned from Community Banks Implementing Instant Payments
    4. Preparing for 2023 and Q&A with a Fed Expert
    5. Exploring Instant Payments Use Cases

    ICBA is planning more events as the FedNow go-live date nears.

    “We’re looking to put together a robust 2023, and it’s going to be dynamic,” says Kari Mitchum, ICBA’s vice president of payments policy. “So, as we get closer to launch, make sure you’re always reading NewsWatch Today. We’re going to make sure there are frequent webinars and lots of education out there.”


    What about RTP?

    Currently, more than 180 financial institutions belong to The Clearing House’s Real Time Payments Network (RTP), and 80% of network participants are community institutions with less than $10 billion in assets. It became an attractive option for banks that wanted to get an early jump on instant payments.

    “We do think that there’s value in being set up to receive on both the RTP Network and FedNow,” said Nick Denning, senior vice president of payments industry relations at ICBA Bancard. “For a bank that is still trying to figure out what its broad instant payments and FedNow strategy will be, getting set up on RTP to receive now is one thing it can do to get moving forward while they figure out the nuances of their plans and approach.”

    Many third-party providers will use the same instant payments solution to hook into FedNow and RTP, so setting up to receive RTP transactions will help banks prepare for FedNow.


    Colleen Morrison is a writer in Maryland.

    Lauri Loveridge

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