- Coinbase CEO Brian Armstrong said the U.S. Securities and Exchange Commission asked the exchange to halt trading all cryptocurrencies other than Bitcoin prior to filing a lawsuit against the exchange on June 6.
The SEC’s lawsuit also claimed that 13 tokens traded on Coinbase – Solana, Cardano, Polygon, Filecoin, The Sandbox, Axie Infinity, Chiliz, Flow, Internet Computer, Near, Voyager Token, Dash and Nexo – qualify as securities. The regulator argued that by offering these products to customers, the exchange fell under the regulator’s jurisdiction.
“We really didn’t have a choice at that point,” he said. “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. It kind of made it an easy choice… let’s go to court and find out what the court says.”
SEC Chair Gary Gensler has repeatedly stated that he believes most cryptocurrencies, with the exception of Bitcoin, are securities, and the request to Coinbase aligns with this perspective. “In the course of an investigation, the staff may share its own view as to what conduct may raise questions for the commission under the securities laws,” the regulator added.
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