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Interesting Recommendation from the SEC
According to a report by the Financial Times (FT) based on information provided by Coinbase CEO Brian Armstrong, the US Securities and Exchange Commission (SEC) allegedly requested the cryptocurrency exchange to stop trading all cryptocurrencies except Bitcoin (BTC) before filing a lawsuit. Armstrong stated in his interview with FT that the SEC made this recommendation because Coinbase did not register as a broker with Nasdaq, the listed company, before initiating legal action.
On June 6th, the SEC accused Coinbase of violating federal securities laws by classifying 13 different cryptocurrencies, excluding Bitcoin (BTC), as unregistered securities and operating as an unregistered broker and exchange simultaneously. Coinbase responded by stating that the SEC’s lawsuit violated the legal process and constituted an abuse of discretion. While Ripple achieved a partial victory in its lawsuit against the SEC, with the court ruling that XRP is not a security, Coinbase and the SEC are currently facing each other in a legal battle.
According to FT, Armstrong said, “They came back to us and said that they believe every asset other than Bitcoin is a security. We told them that this is not the answer we reached when interpreting the law. They also said that they will not explain it to you, and you have to remove all cryptocurrencies except BTC from the list.” Armstrong also added that the SEC’s recommendation left them with no choice but to go to court.
SEC Denies Armstrong’s Claims
A spokesperson from the SEC spoke to FT regarding these allegations. The spokesperson stated that they did not make an official request to Coinbase or other companies to delist cryptocurrencies. The spokesperson added, “During an investigation, personnel may share their views on the behaviors that could raise concerns for a broker under securities laws.”
