Coinbase has acquired a large SEC-registered investment advisory company called One River Digital Asset Management (ORDAM). COINBASE will hereby create Coinbase Asset Management (CBAM) as its wholly owned subsidiary, thereby creating more opportunities in the cryptoeconomy.
Crypto world Suspects Corruption is involved
Jay Clayton, the former head of the SEC (who sued Ripple), is an advisor to One River. People in the crypto world suspect One River's acquisition by Coinbase is due to the corrupt policies of Jay Clayton.
Coinbase is believed to have acquired ORDAM to manage its deteriorating financial situation.
Coinbase U-turn on SEC?
Coinbase CEO Brian Armstrong's mind also knows how it works. His behaviour with the SEC varies, sometimes fighting with the SEC and sometimes agreeing to make good relations with it. This acquisition process could be a part of it.
