By 
Coinbase CEO: SEC asked for trading halt in everything except Bitcoin – FT By Investing.com
Breaking News
‘;
Published Jul 31, 2023 12:08
© Reuters
Investing.com — The U.S. Securities and Exchange Commission requested that Coinbase (NASDAQ:COIN) cease trading in all digital tokens except for Bitcoin prior to filing a lawsuit against the cryptocurrency exchange, according to the Financial Times.
In an interview, Coinbase Chief Executive Brian Armstrong told the paper that the SEC “said…we believe every asset other than bitcoin is a security.” Armstrong added that the regulators then asked that Coinbase delist all of the more than 200 tokens it offers to customers, apart from Bitcoin.
Armstrong refuted the claim, saying that agreeing to the shutdowns “would have essentially meant the end of the crypto industry in the U.S.” Instead, he said Coinbase decided to challenge the SEC’s assertions in court.
Signs are emerging that the SEC may be attempting to gain more control over the crypto industry, with Chair Gary Gensler arguing that most cryptocurrencies qualify as securities, or tradeable financial assets. Coinbase was sued by the SEC last month for failing to register as a broker.
Should the SEC win this case, it could set a precedent for the power regulators in the U.S. have over crypto businesses and potentially lead to more stringent compliance rules.
For its part, the SEC told the FT that its enforcement division did not make formal requests for “companies to delist crypto assets.” It also declined to comment on what the delisting would mean for the crypto industry.
Coinbase CEO: SEC asked for trading halt in everything except Bitcoin – FT
Terms And Conditions
Privacy Policy
Risk Warning
Do not sell my personal information
© 2007-2023 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Comments