Here is the outline for today’s newsletter🔥

• ⚖️ SEC’s deadline and Coinbase petition for clarity.

• 👜 Louis Vuitton's Exclusive NFT Collection for Elite Customers

• 💵 ARK Investment doubles down

SEC’s deadline and Coinbase petition for clarity.

The U.S. Court of Appeals for the Third Circuit has issued an order requiring the Securities and Exchange Commission (SEC) to provide clarification within seven days regarding Coinbase's rule-making petition. 

Coinbase, one of the leading cryptocurrency exchanges, submitted a public petition to the SEC in July 2022, seeking guidance on the classification of assets as securities and how digitally native securities should be regulated.

The court's order now demands that the SEC reveal its decision on whether to deny Coinbase's petition. If the petition is not denied, the SEC must specify the time it requires to determine whether to grant or deny the petition.

Paul Grewal, Coinbase's chief legal officer, has stressed the significance of clarity in regulatory matters. He emphasises the importance of establishing clear rules before enforcing actions, allowing businesses to operate within a transparent framework.

The court order comes at a time when tensions between Coinbase and the SEC are escalating. The SEC recently charged Coinbase with violating license rules and offering unregistered securities, adding to the complexity of their legal dispute.

Coinbase's CEO, Brian Armstrong, has been actively advocating for clearer regulations and urging lawmakers to define their stance on cryptocurrencies. Armstrong warns that a lack of clarity would hinder innovation within the United States and potentially push crypto businesses to seek more accommodating jurisdictions.

As the SEC's deadline approaches, all eyes are on the outcome of Coinbase's rulemaking petition and the subsequent actions of the SEC.

Louis Vuitton's Exclusive NFT Collection for Elite Customers

Louis Vuitton has unveiled its plans to enter the world of non-fungible tokens (NFTs) with a limited edition collection called "Treasure Trunks."

These NFTs will be offered exclusively to Louis Vuitton's high-level customers, providing them with a unique blend of digital and physical luxury experiences.

Each "Treasure Trunk" NFT will be accompanied by a matching physical Louis Vuitton trunk, adding a tangible and collectible element to the digital asset.

The NFTs will be priced at a substantial $41,712 each, is it a steal? Well it depends on who you are🤔

The Treasure Trunk NFTs come with a range of exclusive perks and experiences reserved for the original owners. These perks might include:

• Access to private events

• Personalised services

• Unique Collaborations with LV & Partners

The combination of a physical trunk and digital ownership creates a one-of-a-kind luxury offering for discerning customers.

To participate in this exclusive opportunity, potential buyers can register on a waitlist. From the registered applicants, a select group will be invited to purchase a Treasure Trunk using either cryptocurrency or fiat currency, providing flexibility in the payment options.

The Treasure Trunk collection marks the debut project in Louis Vuitton's ongoing series called "Via."

This series aims to offer exclusive access and privileges to the brand's elite clientele, enhancing the relationship between Louis Vuitton and its valued customers through innovative and immersive experiences.

It's worth noting that the NFTs in the Treasure Trunk collection will be "soulbound," meaning they cannot be traded or transferred between individuals.

Louis Vuitton's foray into the world of NFTs demonstrates the luxury industry's growing interest in digital assets and blockchain technology. By blending the physical and digital realms, the brand aims to provide its elite customers with a novel way to engage with its products and enjoy personalized benefits.

ARK Investment doubles down

Cathie Wood's ARK Investment Management has demonstrated its confidence in Coinbase by doubling down on its investment in the popular cryptocurrency exchange.

ARK Invest recently purchased an additional $21.6 million worth of Coinbase shares, bolstering its total holdings in the company.

With this latest acquisition, ARK Invest's total stake in Coinbase now stands at 11.44 million shares, valued at approximately $590 million. This significant investment reflects ARK's conviction in the long-term potential of Coinbase, despite the recent legal challenges it has faced.

The decision to increase its investment in Coinbase came in the wake of the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against the exchange.

The SEC alleges that Coinbase violated federal securities laws, leading to a decline in the company's stock prices. However, ARK Invest viewed this as an opportunity to add to its position in Coinbase, taking advantage of the market reaction to the lawsuit.

Following the SEC's lawsuit, Coinbase's stock experienced a notable decline of over 12% at the close of U.S. trading hours. However, it is important to note that despite this short-term setback, Coinbase's stock remains up over 50% year-to-date, indicating the continued positive sentiment surrounding the company's long-term prospects.

ARK Investment Management's increased investment in Coinbase not only reaffirms its confidence in the exchange but also underscores its commitment to seizing investment opportunities amid market volatility.

Cathie Wood's ARK Investment Management is known for its forward-thinking investment strategies and focus on disruptive technologies.

With its increased stake in Coinbase, ARK Invest sends a strong signal that it believes in the future of the cryptocurrency industry and the potential of Coinbase to play a pivotal role within it.

✨Bonus News✨

• There is a strain between Saudi Arabia and Russia. This is regarding their oil partnership.

• Wonder what is it like on Apple’s VisionPro? Here is a brief run down on the first try.

• Pope has went for surgery. This is his second abdominal surgery in 2 years.

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.