SEC asked Coinbase to halt trading in everything except BITCOIN, CEO says

[KiaKia]

Altcoins are a big mess, I saw this coming since many platforms are now complete crypto project builder, you don't have to do the hard work anymore, just go to the platform and click few buttons and viola, your new crypto project is ready, the moment I saw this I knew its going to create a lot of mess in crypto space, I know that there were bad projects in 2016 and 2017 but you need to learn how to build a token or maybe hire someone to do it, it was way complicated then but now even a 12 years old can do it, meaning more shit coins will keep showing up, I like what Gensler is doing but I do hope he has no other mission,

I wish shit coins can be gone from crypto space, Builders are now becoming millionaires exciting liquidity on the investors.

There are some set of investors in crypto space that prefer investing in meme shitcoins for quick gain than waiting for years to make some money, they know Polygon, and others but they still prefer Vinu inu and crappy tokens.

[aysg76]

Some of those shitcoin are just ponzi schemes. They are created by criminals, people who are just trying to get people' money with fake pump and dump schemes.

Those schemes are illegal in almost every country for a reason.

I am not saying every altcoin is a pump & dump. I have and I had some good altcoins, such as ethereum and chainlink and some stablecoins.

Agree on this part that if people are fool enough governments can't deny the responsibility to shut down scams like if we take normal cases of fiat then some companies setup for investment purposes are pure scam so we can't say people should be careful enough if they have lost money.Same goes with these shitcoin projects who setup with pump dump scheme to fool people so they need to be curb down in any manner.

[Rabata]

It is not clear to me how the SEC intends to regulate the crypto market. But when an altcoin builds a good reputation, they accuse it of being regulated, which shouldn't be the case. Bitcoin cannot be regulated as there are no restrictions for Bitcoin but it is completely different for altcoins. A few days ago, SEC filed a complaint against Binance and now the victim is coinbase. I think there will be one complaint after another.  Now investors no longer fear the SEC. They got a good idea about the activities of this organization. Even though the market is temporarily down, it will bounce back very soon.

[coolcoinz]

A few of the posters here seem to not understand the situation and seem to think this is the SEC supporting Bitcoin or even has something to do with SEC planning to accept a Bitcoin ETF.


lol. That is not the case!


Gary Gensler (and hence the SEC) is very anti-Bitcoin. Gary Gensler has literally said Bitcoin shouldn't exist. If it were up to Gensler, Bitcoin and all the rest of cryptocurrencies would cease to exist and the exchanges would all close down and the entire industry would disappear and the entire idea of cryptocurrency and Bitcoin would disappear from history.

So, I guess that's why Gensler has applied to work at Binance at some point and he was (allegedly) advising SBF on the side?
That's why he was giving speeches about bitcoin prior to becoming the SEC Chair.
He did all of that because he hates bitcoin.

I don't like Gensler and I feel like he has a personal vendetta against some of these coins, but it's not like he can change the facts.
What are the facts?
Most altcoins are securities.
Most altcoin teams created a taxable event that required licensing when they did their ICOs.
Bitcoin is not a security.

If you look at what Gensler is saying, you'll see that he's not denying any of the above.

[panganib999]

Just outright stupid. They are basically asking the industry to halt its operations and keep bitcoin because it's the only cryptocurrency that the 1 percenter can penetrate in and not be noticed, and since it's the top dog in the industry basically controlling the price of bitcoin means you control the whole industry. Which is what they are trying to do here, as what they tried to do with the dollar which they succeeded. So in this battle against capitalism trying to gain yet another badge into their boy scout uniform these cryptocurrency companies should be our allies in ensuring that these outside markets don't meddle too much with the economy inside this industry, lest we risk losing yet another priceless commodity to the rich.

[thecodebear]

Gary Gensler has literally said Bitcoin shouldn't exist.

And I assume you have the evidence to back this up, right?

Publicly available information buddy. If you think Gensler isn't anti-Bitcoin you haven't been paying attention to him during his two years at the SEC.

He has publicly stated numerous times his anti-Bitcoin and anti-Crypto opinion. I don't need to back that up, he backs it up himself every time he talks about it. At no point in time has he every said a kind word about Bitcoin. Anyone who pays attention knows that he is anti-Bitcoin. Just a couple monthly ago he literally said the US doesn't need cryptocurrencies and they won't last very long, he said the world already has digital money (USD, yet, Euro, etc) and doesn't need anymore. And that's just one of the latest times he has publicly stated his anti-bitcoin/crypto opinion.

I don't get how people convince themselves that Gensler is somehow pro-Bitcoin lol. Collective hopeful delusion I guess. You literally have to be be not paying attention to anything he has said and done in regards to Cryptocurrencies to have that opinion. Every single thing he has done with regard to cryptocurrencies has been to try to stop the industry in America.

People can't seem to separate their hope from reality. Which I guess is why some people on here actually expect Gensler to approve a Bitcoin ETF lol despite all the evidence showing there is 0% chance of that happening.

[tw0.625]

Publicly available information buddy. If you think Gensler isn't anti-Bitcoin you haven't been paying attention to him during his two years at the SEC.

He has publicly stated numerous times his anti-Bitcoin and anti-Crypto opinion. I don't need to back that up, he backs it up himself every time he talks about it. At no point in time has he every said a kind word about Bitcoin. Anyone who pays attention knows that he is anti-Bitcoin. Just a couple monthly ago he literally said the US doesn't need cryptocurrencies and they won't last very long, he said the world already has digital money (USD, yet, Euro, etc) and doesn't need anymore. And that's just one of the latest times he has publicly stated his anti-bitcoin/crypto opinion.

I don't get how people convince themselves that Gensler is somehow pro-Bitcoin lol. Collective hopeful delusion I guess. You literally have to be be not paying attention to anything he has said and done in regards to Cryptocurrencies to have that opinion. Every single thing he has done with regard to cryptocurrencies has been to try to stop the industry in America.

People can't seem to separate their hope from reality. Which I guess is why some people on here actually expect Gensler to approve a Bitcoin ETF lol despite all the evidence showing there is 0% chance of that happening.

It's possible that you can't separate shitcoins from Bitcoin.


MIT 15.S12 Blockchain and Money, Fall 2018
Instructor: Prof. Gary Gensler

https://www.youtube.com/watch?v=EH6vE97qIP4&list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn

[thecodebear]

A few of the posters here seem to not understand the situation and seem to think this is the SEC supporting Bitcoin or even has something to do with SEC planning to accept a Bitcoin ETF.


lol. That is not the case!


Gary Gensler (and hence the SEC) is very anti-Bitcoin. Gary Gensler has literally said Bitcoin shouldn't exist. If it were up to Gensler, Bitcoin and all the rest of cryptocurrencies would cease to exist and the exchanges would all close down and the entire industry would disappear and the entire idea of cryptocurrency and Bitcoin would disappear from history.

So, I guess that's why Gensler has applied to work at Binance at some point and he was (allegedly) advising SBF on the side?
That's why he was giving speeches about bitcoin prior to becoming the SEC Chair.
He did all of that because he hates bitcoin.

I don't like Gensler and I feel like he has a personal vendetta against some of these coins, but it's not like he can change the facts.
What are the facts?
Most altcoins are securities.
Most altcoin teams created a taxable event that required licensing when they did their ICOs.
Bitcoin is not a security.

If you look at what Gensler is saying, you'll see that he's not denying any of the above.

Show me any shred of evidence that he isn't anti-Bitcoin lol. I've never seen any. He certainly has been completely anti-Bitcoin since he has been at the SEC. If he ever said anything good about Bitcoin prior to that, which I've never heard of, that doesn't matter anyways because that would just mean he changed his opinion by the time he started at the SEC. People change their opinion. Even if he did support Bitcoin years ago he doesn't anymore so I don't see why that are trying to base an argument on that? That's like trying to argue Michael Saylor is anti-Bitcoin because he used to be years ago.

Hell maybe he turned against the industry precisely because he was denied a job at Binance. I mean according to your logic he also wouldn't be going after Binance since he applied to work there, so obviously the argument you are trying to make doesn't hold.


Bitcoin is definitely not a security. That is true. Nobody would deny that. And that is the only reason Gensler isn't trying to get Bitcoin removed from exchanges, because he knows he has no legal argument whatsoever to do that. He's going with the strongest possible legal action he can possibly take against the Bitcoin/Crypto industry - attack everything but Bitcoin and try to shut down the American exchanges and try to get the non-American exchanges to end operations in the country, while also refusing any Bitcoin ETF (the one thing in his power to directly try to slow down Bitcoin's adoption).

Again, as I said in my last post, I don't get why people try so hard to convince themselves that Gensler is somehow pro-Bitcoin when everyone knows he is not and he repeatedly makes clear he is against Bitcoin. Ya'll seem like you'll be happy if Gensler destroys the industry in America and then you'll suddenly be shocked when that decimates Bitcoin's adoption in the US lol. It's not like it's some mystery what Gensler's views are on Bitcoin, he is very against it. It's super weird that some people try to say he supports Bitcoin. Ya'll trying to turn a guy who wants to see Bitcoin destroyed into some sort of Bitcoin hero lol, sooo weird.

[stompix]

Gary Gensler has literally said Bitcoin shouldn't exist.

And I assume you have the evidence to back this up, right?

Publicly available information buddy.

Which you're either too lazy to search or you know you can't find it because there wasn't ever such a thing.

Just a couple monthly ago he literally said the US doesn't need cryptocurrencies and they won't last very long, he said the world already has digital money (USD, yet, Euro, etc) and doesn't need anymore.

Again, bullcrap
Here is the full interview
https://coingape.com/digital-currency-sec-crypto-news-lawsuit/
He didn't say we don't need Bitcoin he said we don't need worthless tokens with zero real-life usage that can be launched without going through the usual channels as other securities are doing. He called for the end of tokens that are being launched without any kind of documented information and transparency. Things only a shitcoin lover would be against!

I don't get how people convince themselves that Gensler is somehow pro-Bitcoin lol. Collective hopeful delusion I guess. You literally have to be be not paying attention to anything he has said and done in regards to Cryptocurrencies to have that opinion. Every single thing he has done with regard to cryptocurrencies has been to try to stop the industry in America.

No, it's you who simply isn't paying actual attention to anything and you just let the tinfoil hat so long that it has taken root on your synapses  
The evil gubbermint is here to kill crypto, if that is what you want to believe, be my guest!
Weird how the repitlians who control everything in this world are against crypto and they want to kill crypto but surprisingly they haven't done a single thing against it. Oh, and btw, crypto is not Binance or Coinbase, in a truly decentralized world those would not exist at all!

[thecodebear]

Publicly available information buddy. If you think Gensler isn't anti-Bitcoin you haven't been paying attention to him during his two years at the SEC.

He has publicly stated numerous times his anti-Bitcoin and anti-Crypto opinion. I don't need to back that up, he backs it up himself every time he talks about it. At no point in time has he every said a kind word about Bitcoin. Anyone who pays attention knows that he is anti-Bitcoin. Just a couple monthly ago he literally said the US doesn't need cryptocurrencies and they won't last very long, he said the world already has digital money (USD, yet, Euro, etc) and doesn't need anymore. And that's just one of the latest times he has publicly stated his anti-bitcoin/crypto opinion.

I don't get how people convince themselves that Gensler is somehow pro-Bitcoin lol. Collective hopeful delusion I guess. You literally have to be be not paying attention to anything he has said and done in regards to Cryptocurrencies to have that opinion. Every single thing he has done with regard to cryptocurrencies has been to try to stop the industry in America.

People can't seem to separate their hope from reality. Which I guess is why some people on here actually expect Gensler to approve a Bitcoin ETF lol despite all the evidence showing there is 0% chance of that happening.

It's possible that you can't separate shitcoins from Bitcoin.


MIT 15.S12 Blockchain and Money, Fall 2018
Instructor: Prof. Gary Gensler

https://www.youtube.com/watch?v=EH6vE97qIP4&list=PLUl4u3cNGP63UUkfL0onkxF6MYgVa04Fn

lol 5 years ago. Everyone knows he taught a Blockchain course years ago. That's why people (including myself) were hopeful he'd be pro-Bitcoin when he joined the SEC. But we all very quickly found out that was not the case.

But I think I see based on your "It's possible that you can't separate shitcoins from Bitcoin" comment what the likely common thread is among people who delude themselves into thinking Gensler is somehow pro-Bitcoin despite all evidence to the contrary.

It seems the people who think killing off altcoins would help Bitcoin are the ones that convince themselves that Gensler must be pro-Bitcoin (again, despite his publicly stated negative views on Bitcoin). I mean first off, killing off the exchanges in America (which has clearly been Gensler's top goal) DOES NOT help Bitcoin because adoption relies on those exchanges. But regardless of the result of if Gensler succeeded in killing off the crypto exchange industry in America, the leap you're taking that "he is attacking altcoins so he MUST be pro-Bitcoin" is based off zero evidence and very faulty logic, while there is loads of proof he hates Bitcoin along with every other cryptocurrency. Literally just listen to him anytime he talks about cryptocurrencies. He wants to see them all cease to exist, at the very least in America.


Also if you had ever seen my posts on here you'd laugh at yourself for saying I can't separate shitcoins from Bitcoin lol. Lots of my posts on here are trying to educate people about the vast difference between Bitcoin and everything else. Being pro-Bitcoin doesn't mean you have to pretend anti-Bitcoin people like Gensler are actually pro-Bitcoin. Also nothing in my post would have even suggested that I don't know the difference between Bitcoin and altcoins, so I dunno, just lots of lack of reasoning from the "Gensler likes Bitcoin" crowd, which is what it takes to be part of that crowd in the first place.

Gary Gensler has literally said Bitcoin shouldn't exist.

And I assume you have the evidence to back this up, right?

Publicly available information buddy.

Which you're either too lazy to search or you know you can't find it because there wasn't ever such a thing.

Just a couple monthly ago he literally said the US doesn't need cryptocurrencies and they won't last very long, he said the world already has digital money (USD, yet, Euro, etc) and doesn't need anymore.

Again, bullcrap
Here is the full interview
https://coingape.com/digital-currency-sec-crypto-news-lawsuit/
He didn't say we don't need Bitcoin he said we don't need worthless tokens with zero real-life usage that can be launched without going through the usual channels as other securities are doing. He called for the end of tokens that are being launched without any kind of documented information and transparency. Things only a shitcoin lover would be against!

I don't get how people convince themselves that Gensler is somehow pro-Bitcoin lol. Collective hopeful delusion I guess. You literally have to be be not paying attention to anything he has said and done in regards to Cryptocurrencies to have that opinion. Every single thing he has done with regard to cryptocurrencies has been to try to stop the industry in America.

No, it's you who simply isn't paying actual attention to anything and you just let the tinfoil hat so long that it has taken root on your synapses 
The evil gubbermint is here to kill crypto, if that is what you want to believe, be my guest!
Weird how the repitlians who control everything in this world are against crypto and they want to kill crypto but surprisingly they haven't done a single thing against it. Oh, and btw, crypto is not Binance or Coinbase, in a truly decentralized world those would not exist at all!

lol I don't need to search for it! I've already seen it. Gensler has many times over the past two years made his opinion clear. So it is YOU that are too lazy to search for it. I'm not your mommy, I don't have to do things for you. If you haven't ever seen Gensler's public statements these past two years you are certainly capable of searching for them yourself. Your lack of desire to look up Gensler's public opinions is not an argument against me stating what he has publicly said.


You seem to be a very angry and hateful person lol. All I did was state Gensler's publicly stated opinions, thing he has been very clear on during his entire time at the SEC. And yet to you he is apparently a hero so much that you attack me for pointing out what he has said.

Believe whatever nonsense you want to I guess. I just think its funny that people convince themselves that literally the American that is causing the most trouble for the entire industry (which obviously includes the main thing in that industry - Bitcoin) is who you hold up as a hero, even though you claim to support Bitcoin. Keep your head under a rock if you want. That's up to you. But just don't get so angry when someone like me comes along and literally just states the facts. I said nothing whatsoever about any opinion on altcoins, I said nothing whatsoever about "evil gubbermint" or the government wanting to kill crypto, or crypto being Binance and Coinbase, or any of the other random made up attacks of the people who make an anti-Bitcoiner into a hero.


If you'd focus less on insults and conspiracy theories and putting an anti-Bitcoin person up on a pedestal, you'd have more time to actually pay attention to whats publicly available information that everyone already knows.

[moderator's note: consecutive posts merged]

[stompix]

lol I don't need to search for it! I've already seen it.

Were they still there when you woke up?

All I did was state Gensler's publicly stated opinions, thing he has been very clear on during his entire time at the SEC. And yet to you he is apparently a hero so much that you attack me for pointing out what he has said.

All you did was present your dreams and delusions as facts while calling others delusional.

But just don't get so angry when someone like me comes along and literally just states the facts.

What facts? Do you call your gibberish conspiracies farts facts? And you still talk about putting people on a pedestal when the first thing that needs to go down from one is your ego?

[OgNasty]

This was a bit of a surprising move to me.  I thought the SEC was in the pockets of large investment funds, which gave me the belief that when something like this happened, it wouldn't just be Bitcoin but would also be Ethereum that was allowed due to the massive amount of insiders that are holders. 

For years Bitcoiners have been telling Coinbase to be Bitcoin only and stop the grifting altcoin nonsense.  It's sort of funny that it's the SEC that stepped up and made it happen.  This is one of those real life is wilder than fiction moments.  Good luck to Coinbase in their coming legal fight.  At least we now know why insiders and Cathie Wood suddenly started selling Coinbase.  Insider trading in public right before our eyes.  Guess how many will be punished?

[lionheart78]

Regardless if you're for or against altcoins, the Bitcoin community should be against things like this. The SEC shouldn't give a crap what people want to do with their money; because well, it's THEIR money. The people should have the freedom to shitcoin.

In some situations I would agree with you in this topic, but not entirely now.

Although people are free to do whatever they want with their money, "A person’s freedom ends where another man’s freedom begins."

Some of those shitcoin are just ponzi schemes. They are created by criminals, people who are just trying to get people' money with fake pump and dump schemes.

Those schemes are illegal in almost every country for a reason.

I am not saying every altcoin is a pump & dump. I have and I had some good altcoins, such as ethereum and chainlink and some stablecoins.

Honestly, I think all cryptocurrency experience pump-and-dump schemes even Bitcoin experienced that in its earlier days and on recent times on some occasions.  What separate the two is that Bitcoin is not intentionally created for such a scheme but most altcoins were created to be a pump-and-dump scheme in order for the developer of these p&d altcoins milk money from unsuspecting investors and they rinse and repeat such tactics creating a new set of shitcoins.

Just outright stupid. They are basically asking the industry to halt its operations and keep bitcoin because it's the only cryptocurrency that the 1 percenter can penetrate in and not be noticed, and since it's the top dog in the industry basically controlling the price of bitcoin means you control the whole industry. Which is what they are trying to do here, as what they tried to do with the dollar which they succeeded. So in this battle against capitalism trying to gain yet another badge into their boy scout uniform these cryptocurrency companies should be our allies in ensuring that these outside markets don't meddle too much with the economy inside this industry, lest we risk losing yet another priceless commodity to the rich.

I believe it is just a request and there is no court order for Coinbase to stop trading altcoin.  So Coinbase can still proceed with their normal activities but if there is a court order then it is a different thing I think that they will give ample time for Coinbase to adjust if that is the case.

[BenCodie]

https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d

The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.

This is a very interesting interview.

It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?

The reason they excluded Bitcoin from the request is because it's already very clear that BTC won't be effected in terms of liquidity if Coinbase were to halt it. If they wanted to test liquidity and volume effect by halting altcoin trading on CB, this would be a good way to see the effect......
Or they just wanted to buy their own dip

Maybe in the future Bitcoin will legally become very different from the other altcoins, which may have a positive impact on price. Bitcoin is already considered a commodity, but that didn't make much difference so far. But I believe it will in the long run.

It already is legally different - it's decentralized. It doesn't matter how the law clarifies it in any country, the Bitcoin network will still operate no matter. Since the world is do divided, I don't believe there will ever be a global ban on Bitcoin. Even then, it would survive.

[Smartvirus]

https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d

The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.

This is a very interesting interview.

It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?

It’s indeed interesting but I tend to view it from a different perspective as,
To trade bitcoin, it’s got to go with another currency pair and that be some of the altcoins of which trades is being halt at the time following instructions from SEC.
Another thing to consider is the fact that, though bitcoin would have been given some preferential treatment as the pioneer currency, truly decentralized and what ever reasons that might back up there decision to let trading continue in bitcoin, they as well show some kind of influence on cryptocurrencies through exchanges even though it’s focused on altcoins.

It creates a huge sentiment on both grounds and in some way, it upholds the authority of bitcoin and that’s the good part.

[Cryptomultiplier]

https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d

The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.

This is a very interesting interview.

It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?

It’s indeed interesting but I tend to view it from a different perspective as,
To trade bitcoin, it’s got to go with another currency pair and that be some of the altcoins of which trades is being halt at the time following instructions from SEC.
Another thing to consider is the fact that, though bitcoin would have been given some preferential treatment as the pioneer currency, truly decentralized and what ever reasons that might back up there decision to let trading continue in bitcoin, they as well show some kind of influence on cryptocurrencies through exchanges even though it’s focused on altcoins.

It creates a huge sentiment on both grounds and in some way, it upholds the authority of bitcoin and that’s the good part.

It would not come as a surprise to me. BTC is a leading crypto when others are still struggling to gain preference.
The fact that BTC is more expensive and more durable for investment purpose is a sure reason why the SEC won't halt BTC trading and it is more or less a cryptocurrency which major politicians invest.

[Abiky]

https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d

The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.

This is a very interesting interview.

It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?

Maybe in the future Bitcoin will legally become very different from the other altcoins, which may have a positive impact on price. Bitcoin is already considered a commodity, but that didn't make much difference so far. But I believe it will in the long run.

In some sense, the SEC has a point. Nearly every cryptocurrency is centralized, which makes them a security in the eyes of the regulating entity. If exchanges only provide trading services for Bitcoin, wouldn't that make the industry more decentralized? It's certainly good news for Bitcoin maximalists. But bad news for the cryptocurrency itself as it will increase on-chain activity. Having a single Blockchain for everything is not scalable.

If the SEC succeeds, all crypto exchanges and/or companies will emigrate from the US. It's likely Hong Kong and Dubai will become the next crypto hubs, leaving the US behind in the dust. Coinbase has a lot of economical power, so let's see if it manages to defeat the SEC in the long run. Who knows what the future holds for the industry in the US? Just my thoughts

[Texac]

Altcoins are a big mess, I saw this coming since many platforms are now complete crypto project builder, you don't have to do the hard work anymore, just go to the platform and click few buttons and viola, your new crypto project is ready, the moment I saw this I knew its going to create a lot of mess in crypto space, I know that there were bad projects in 2016 and 2017 but you need to learn how to build a token or maybe hire someone to do it, it was way complicated then but now even a 12 years old can do it, meaning more shit coins will keep showing up, I like what Gensler is doing but I do hope he has no other mission,

I wish shit coins can be gone from crypto space, Builders are now becoming millionaires exciting liquidity on the investors.

There are some set of investors in crypto space that prefer investing in meme shitcoins for quick gain than waiting for years to make some money, they know Polygon, and others but they still prefer Vinu inu and crappy tokens.

The goal you invest in bitcoin is profit, others like to invest shitcoin is also profit.  what is the difference while your goals and theirs are the same?
Just because you can't profit from altcoins and you hate it, that doesn't mean others won't be able to profit like you.  the cryptocurrency industry needs many elements to form, bitcoin alone cannot make the market today.  many people don't even know about bitcoin, they enter the market because of the shitcoin hype, but when they get in and know about bitcoin, they invest in bitcoin.

Altcoins and CEXs are not entirely useless, they contribute greatly to the crypto market to this day, although some of them are scams but not all.

[Flexystar]

https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4d

The US Securities and Exchange Commission asked Coinbase to halt trading in all cryptocurrencies other than bitcoin prior to suing the exchange, in a sign of the agency’s intent to assert regulatory authority over a broader slice of the market.

This is a very interesting interview.

It is amazing how Government already considers Bitcoin totally different than altcoins. Imagine what could happen to Bitcoin and altcoin's price if something like this happens in US?

Maybe in the future Bitcoin will legally become very different from the other altcoins, which may have a positive impact on price. Bitcoin is already considered a commodity, but that didn't make much difference so far. But I believe it will in the long run.

I think there is strong connection between the news mentioned above and the news published by Forbes and title goes like this:Bitcoin Is Not Crypto, The SEC Confirms
I feel that SEC already the decisions internally and since Bitcoin is no longer considered as the securities due to it's perfect decentralized nature, they are literally not behind the Bitcoin.

On the other hand altcoins are the projects with owners. This mean they are controlled by some entity directly or indirectly and thus giving an opportunity to SEC by considering the Altcoins as one of the Securities.

I think Bitcoin already nailed it with all of it's resistance to the SEC and we seem to be in perfect condition of adopting Bitcoin more strongly.

[Maslate]

There's a possibility of taking legal action, and if that is the directive, then I guess they just want to make their job easier when investigations occur. They will surely focus on the investigation of Bitcoin as it's the biggest asset traded on this particular exchange.

For me, it does not imply that in the future, Bitcoin is the only coin that will survive and altcoins will be left out. The crypto market now is already composed of Bitcoin and altcoins, and if Bitcoin were the only one to remain, I don't see the market being successful in the future.