The US Securities and Change Fee (SEC) requested Coinbase to halt all crypto buying and selling operations aside from Bitcoin (BTC).
Monetary Instances (FT) report cites the San Francisco-based crypto change Coinbase’s CEO Brian Armstrong.
He claims that SEC’s request got here previous to the regulator’s lawsuit towards the change. On July 6, SEC sued Coinbase for allegedly working within the US with out having the mandatory registrations.
Furthermore, Armstrong believes that the company’s demand to halt all digital asset buying and selling actions — with Coinbase providing greater than 200 tokens — would have introduced “the top of the crypto trade within the US.”
“They got here again to us, and so they mentioned . . . we imagine each asset apart from Bitcoin is a safety. And, we mentioned, effectively how are you coming to that conclusion, as a result of that’s not our interpretation of the legislation. And so they mentioned, we’re not going to clarify it to you, you could delist each asset apart from Bitcoin.”
Coinbase CEO Brian Armstrong instructed FT.
The report means that the SEC took authorized motion towards the change for providing the 13 cryptocurrencies the company identifies as securities.
The 40-year-old CEO says Coinbase’s selection was somewhat simple for not delisting the belongings. “It type of made it a straightforward selection … let’s go to the courtroom and discover out what the courtroom says,” Armstrong added.