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The U.S. Securities and Exchange Commission (SEC) reportedly asked Coinbase, a leading cryptocurrency platform, to suspend all cryptocurrency trading except bitcoin, ahead of a lawsuit in June, according to CEO Brian Armstrong in an interview with the Financial Times. Had Coinbase complied, it could have signaled a substantial blow to the U.S. cryptocurrency industry.
Armstrong pointed out that if Coinbase had complied with the request and delisted all assets other than Bitcoin, it would have essentially signaled the end of the crypto industry in the U.S. However, this move is not following existing regulations.
The SEC accused Coinbase of operating illegally due to its failure to register as an exchange. Additionally, the agency claimed that Coinbase traded at least 13 crypto assets that qualified as securities and should have been registered. These assets include Solana, Cardano, and Polygon.
Nevertheless, the SEC clarified to the Financial Times that its enforcement division did not formally request companies to delist crypto assets. During an investigation, staff members may express their views on conduct that might raise concerns under securities laws.
Responding to the report, a Coinbase spokesperson denied that the SEC had ever stated that all assets other than Bitcoin were securities. The spokesperson also highlighted that formal requests like the one mentioned in the article require a vote of the full commission.
Furthermore, Coinbase criticized the Financial Times for omitting crucial context in their report about the discussions between Coinbase and the SEC. The spokesperson emphasized that the SEC's enforcement division did not ask companies to delist crypto assets.
Coinbase is continuing its discussions with the SEC. However, the company believes that transparent and fair rulemaking and Congressional action would be the best approach for both American crypto users and crypto companies.
The SEC's lawsuit against Binance in June and SEC Chair Gary Gensler's efforts to assert jurisdiction over the crypto industry are part of an ongoing regulatory push. Gensler has characterized the crypto industry as a "Wild West," undermining investor trust in U.S. capital markets. Conversely, crypto companies argue that SEC rules are unclear and that the agency is overstepping its boundaries to regulate them.
