Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home Crypto Exchanges

SEC Asks Coinbase To Suspend All Crypto Trading, Except Bitcoin

Hania by Hania
July 31, 2023
in Crypto Exchanges
Reading Time: 2 mins read
A A
0
SEC Asks Coinbase To Suspend All Crypto Trading, Except Bitcoin
Share on FacebookShare on Twitter
ADVERTISEMENT

Coinbase CEO stated that complying with the SEC could have impacted several US crypto firms.

During a recent interview with Financial Times, Coinbase CEO Brian Armstrong stated that the U.S. Securities and Exchange Commission (SEC) asked them to halt trading for all 200 cryptocurrencies on the platform, except for Bitcoin, before suing the exchange in early June 2023.

According to the CEO of Coinbase, every cryptocurrency other than Bitcoin qualifies as a “security” in the eyes of the SEC. It was obvious that the federal securities regulator was attempting to impose its control over a wider swath of the market.

SEC Asks Coinbase To Suspend All Crypto Trading, Except Bitcoin

You May AlsoLike

Brazil’s Central Bank To Enforce Stricter Crypto Laws

Brazil’s Central Bank To Enforce Stricter Crypto Laws

September 28, 2023
Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

September 28, 2023

 

13 of the least actively traded digital assets on Coinbase were named as securities in the US SEC’s lawsuit. The regulator claimed further that making them available to customers would subject the exchange to SEC regulation. Armstrong stated:

“They came back to us, and they said… we believe every asset other than Bitcoin is a security. And, we said, well how are you coming to the conclusion, because that’s not our interpretation of the law. And they said, we are not going to explain it to you, you need to delist every other asset other than Bitcoin”.

Armstrong added that if Coinbase accepted the SEC’s demands, it could have set an undesirable precedent that would have led to a large majority of US crypto companies breaking the law unless they registered with the Commission. In essence, it appears that the SEC tried to pressure Coinbase while the exchange resisted giving up readily.

Also Read: Coinbase Success Story: Coinbase Executive’s Remarkable Effort Recovers $322K Worth of Previously Lost Crypto

SEC vs. Coinbase

SEC Asks Coinbase To Suspend All Crypto Trading, Except Bitcoin

Coinbase, a cryptocurrency exchange, submitted a motion to dismiss all charges from the US SEC last month. Coinbase asserted that, although not registered with the SEC as a broker, it does not offer any crypto asset securities for trading.

Additionally, Coinbase disputes the SEC’s jurisdiction over investors and disputes the idea that functional separation is required by law or SEC regulations. The Chief Legal Officer, Paul Grewal, shows his willingness to actively participate in discussions with financial watchdogs and advocates for fresh legislation and rulemaking moving forward.

Tags: crypto newscrypto regulationsCryptocurrenciesUS sec
Share76Tweet48
ADVERTISEMENT
Previous Post

South Korea’s CBDC Pilot Zones Revealed: Jeju, Busan, and Incheon Chosen

Next Post

Ethical Hacker Recovers $5.4 Million in Stolen ETH to Curve Finance Amid Recent DeFi Hack

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Brazil’s Central Bank To Enforce Stricter Crypto Laws
Bitcoin News

Brazil’s Central Bank To Enforce Stricter Crypto Laws

September 28, 2023
Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges
Crypto Exchanges

Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

September 28, 2023
Binance Advises Euro Users To Convert To USDT As Paysafe Ends Support
Crypto Exchanges

Binance Advises Euro Users To Convert To USDT As Paysafe Ends Support

September 28, 2023
Binance Market Share Drops From 75% To 54%
Crypto Exchanges

Binance Market Share Drops From 75% To 54%

September 27, 2023
BlockFi Moves Closer To Repaying Customers As Court Gives The Nod
Crypto Exchanges

BlockFi Moves Closer To Repaying Customers As Court Gives The Nod

September 27, 2023
Hong Kong's SFC Exposes Unregulated Crypto Entities
Crypto Exchanges

Hong Kong’s SFC Exposes Unregulated Crypto Entities

September 26, 2023
Next Post
Ethical Hacker Recovers $5.4 Million

Ethical Hacker Recovers $5.4 Million in Stolen ETH to Curve Finance Amid Recent DeFi Hack

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    201 shares
    Share 80 Tweet 50
  • XRP’s Path To Success: 3 Reasons Ripple Could Explode In 2023

    198 shares
    Share 79 Tweet 50
  • Elon Musk’s Silence And Its Impact On DOGECOIN

    194 shares
    Share 78 Tweet 49
  • 3 Cryptocurrencies To Avoid Trading In The Upcoming Week

    194 shares
    Share 78 Tweet 49
  • Grayscale vs. SEC Decision Boosts XRP

    194 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.