Coinbase Defeats the SEC

5. KAITO Airdrop Proves Successful

Kaito – a platform that rewards crypto chatter on X – airdropped its native token (KAITO; +110%) to “yappers” and hit an impressive $1.9 billion fully diluted valuation, following initial selling pressure. Skeptics point out that KAITO’s token doesn’t share revenue or hold any claim on Kaito’s business outside of governance. Either way, it’s still a fascinating example of how crypto enables wild capital formation and how companies can rally engagement.

4. Figure Debuts First SEC-Approved, Interest-Bearing Stablecoin

Here’s a story that deserves a bit more attention: Figure Markets just got SEC approval for “YLDS,” a stablecoin pegged to the USD that pays holders around 3.85% annual interest – legally. Unlike competitors (think Tether or USDC) that collect treasury yields for themselves, YLDS splits the earnings with users. However, there’s a catch: you’ll have to complete a full KYC process. Want to transfer YLDS to someone who hasn’t been vetted? They’ll be able to hold the coin but won’t earn yield.

3. Breaking: ByBit Hacked For $1.5 billion ETH

Bybit, the Singapore-based crypto exchange, has been hacked for at least $1.5 billion worth of ETH, as well as significant quantities of other tokens. The story is ongoing…

2. Kanye Memecoin?

Rumors are swirling that Ye, the artist formerly known as Kanye West, plans to launch a crypto token in the coming days. The token, YZY, is designed to help Ye sidestep platforms like Shopify that have cut ties with him in response to Nazi-esque remarks. Polymarket odds are currently at 72% that the coin will be released by February 28.

1. Coinbase WINS Against SEC

"Case dismissed." Yes, that's right, the SEC has agreed in principle to dismiss its long-held case against Coinbase. For years, here at CoinSnacks, we have covered The SEC's regulations by enforcement against Coinbase (among others). The SEC first sued Coinbase in June 2023, two years after the firm went public, alleging it had violated securities laws. While full dismissal still requires a commission vote, Coinbase expects that to happen next week. Congratulations to Coinbase.