“We really didn’t have a choice at that point, delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US,” he said. If Coinbase had agreed, that could have set a precedent that would have left the vast majority of the American crypto businesses operating outside the law unless they registered with the commission. And they said, we’re not going to explain it to you, you need to delist every asset other than bitcoin.” “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. we believe every asset other than bitcoin is a security,” Armstrong said. “They came back to us, and they said . . .
The SEC’s case identified 13 mostly lightly traded cryptocurrencies on Coinbase’s platform as securities, asserting that by offering them to customers the exchange fell under the regulator’s remit.īut the prior request for Coinbase to delist every one of the more than 200 tokens it offers - with the exception of flagship token bitcoin - indicates that the SEC, under chair Gary Gensler, has pushed for wider authority over the crypto industry. The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.Ĭoinbase chief executive Brian Armstrong told the Financial Times that the SEC made the recommendation before launching legal action against the Nasdaq-listed company last month for failing to register as a broker. We’ll send you a myFT Daily Digest email rounding up the latest Cryptocurrencies news every morning.
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