March 21, 2023

1️⃣ Coinbase used ChatGPT to test the security of smart contracts  

Out of 20 ChatGPT checks, 12 times gave the same result as a manual check. 5 times ChatGPT marked a high-risk asset as low-risk. Conclusion: Although ChatGPT demonstrates the ability to quickly analyze smart contracts, it is not yet reliable.

2️⃣ Coinbase sent a letter to the SEC commenting on why staking is not a security offering. Staking does not pass the Howey test on any of the items. At the same time, Coinbase changed the terms of its staking program to protect itself from regulators. In the new conditions, it is now said that the profit is paid by the protocol, and not by the exchange, and the exchange acts only as an intermediary.

3️⃣ Coinbase provided Circle with a $3 billion credit line following the bankruptcy of SVB to enable it to convert USDC to cash.