SEC Stops Coinbase Trading In Everything Except Bitcoin
US SEC requests Coinbase to halt trading in all cryptocurrencies except bitcoin before suing the exchange, asserting regulatory authority over a wider market segment.
Coinbase CEO Brian Armstrong stated that the SEC made the proposal prior to filing a lawsuit against the Nasdaq-listed business for failing to register as a broker last month.
The SEC’s action listed 13 primarily little traded cryptocurrencies on Coinbase’s platform as securities, claiming that the exchange violated the regulator’s mandate by providing them to consumers.
However, the SEC’s previous call for Coinbase to delist all of the more than 200 tokens it offers — with the exception of flagship cryptocurrency bitcoin — shows that the SEC, under head Gary Gensler, has pushed for greater jurisdiction over the crypto business.
(With inputs from Shikha Singh)
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