Coinbase CEO: SEC had asked to delist all cryptocurrencies, except BTC

The U.S. Securities and Exchange Commission (SEC) sued Coinbase in June this year, accusing the exchange of being an "unregistered securities trading company." In this regard, CEO Brian Armstrong recently broke the news to the Financial Times that in fact, the U.S. SEC had asked Coinbase to delist all cryptocurrency transactions, except Bitcoin, before formally filing a lawsuit.

Reports believe that the U.S. SEC’s move shows that the regulatory agency intends to exercise regulatory power in the broader cryptocurrency market. Brian Armstrong pointed out that Coinbase was told at the time that the U.S. SEC believed in “cryptocurrencies other than Bitcoin.” They are all securities."

Brian Armstrong then revealed that due to the gap between this statement and Coinbase's understanding of the law, he asked the other party how to reach the above conclusion. Unexpectedly, the SEC responded at this time: "We will not explain to you, you need to transfer Bitcoin All other assets have been removed."

If Coinbase was forced to make concessions at that time, this may in disguise turn many cryptocurrency exchanges operating in the United States into "violating platforms." Brian Armstrong said bluntly:

We really had no choice then. [If we] gave up on all assets other than Bitcoin, it would mean the end of the U.S. cryptocurrency industry, and regulations don’t actually require that. Therefore, the easiest option is to go to court and let the court decide who is right and who is wrong.

In response to the above news, the U.S. SEC responded to the Financial Times that law enforcement agencies "have not formally requested" Coinbase to remove any assets, and said that during the investigation process, law enforcement officers may investigate suspicious behavior in accordance with the Securities Act. "Express your own opinion."

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has repeatedly declared in the past that “cryptocurrencies other than Bitcoin are securities.” Additionally, he argued that the cryptocurrency industry does not need “regulatory clarity,” arguing that issuers, broker-dealers, and exchanges should already know how to comply with regulations, especially the Securities Act.

This article Coinbase CEO: SEC had requested the delisting of all cryptocurrencies except BTC appeared first on Blockchain.