💪 Despite recent controversies, WBTC continues to garner strong support from the community. A notable instance of this support is World Liberty Financial (WLFI), associated with Donald Trump, which invested significantly in WBTC by swapping $10 million worth of Coinbase's cbBTC for WBTC. This action underscores WBTC's undeniable value despite the surrounding turmoil.
⚖️ During the TRO hearing, Coinbase failed to provide justifiable reasons for delisting WBTC. There were no issues raised regarding due diligence, custody arrangements, or proof of reserve—all of which are absent in its own product, cbBTC. Coinbase's sole argument was an ad hominem attack claiming that "Justin Sun was involved," which was based on unverified media reports.
👩⚖️ The judge's decision regarding the temporary restraining order (TRO) highlighted that such orders are rarely granted in the American judicial system unless irreparable injury can be proven. The judge did not rule on the anticompetitive nature of the actions but stated that BiT Global could request another order with additional evidence of uncompensable damages.
🔍 Furthermore, Coinbase's integrity is under scrutiny. A member of its listing team was convicted of insider trading and is currently serving a two-year prison sentence. This raises questions about Coinbase's self-proclaimed listing standards. Additionally, Coinbase CEO has accused the United States Department of Justice of political prosecutions and frequently criticizes the SEC for its actions against them. This begs the question: did they genuinely believe they couldn't associate with anyone sued by the SEC, or was it merely an excuse?