In a shocking revelation, Brian Armstrong, the CEO of Coinbase, has disclosed that the U.S. Securities and Exchange Commission (SEC) had recommended the crypto exchange to halt trading in all cryptocurrencies, excluding Bitcoin, prior to launching a lawsuit against the company. This move is seen as an indication of the SEC’s intent to exert regulatory authority over a wider segment of the crypto market.
“They came back to us, and they said . . . we believe every asset other than Bitcoin is a security,” Armstrong told the Financial Times. “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than Bitcoin.”
Coinbase CEO Armstrong Speaks Out
The SEC’s case against Coinbase identified 13 cryptocurrencies on the platform as securities, asserting that by offering them to customers, the exchange fell under the regulator’s juri
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