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

[bitmover]

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.

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[Faisal2202]

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.

US governments used to play games and this is just a part of there game. All they are doing is, placed one group around one corner to talk bad about BTC and another group in another corner to support BTC. And they are getting benefit from BTC as one group and filling there pockets equally. In simple, words they wanted to manipulate market and this is just in front of our eyes. Because first they made a group to go against crypto which makes BTC to bleed along with its investors.

And now, just after making BTC bleed, they have started to promote it like it's there own initiation. This is just all game and many people have already understood that. So, such news might not create hype in the market which could make other people to take entry into BTC who still hadn't took one.

[komisariatku]

Wow, this is quite surprising. However, it appears that the request for deletion of altcoin assets is not a formal request from the SEC. This is getting interesting, let's see how Coinbase officially responds to this

Maybe bitcoin is considered by the SEC to have undoubted value so they recommend bitcoin trading. This shows that the SEC is on board with bitcoin and the value of bitcoin is so strong there is no doubt about it. Bitcoin is a commodity that has a high value, I think that is undeniable and the SEC justifies this with their statement, because they reject altcoin trading in favor of bitcoin

[avikz]

Lol! US government is slowly showing their true colours. They have been always very sceptical about cryptocurrency but allowed the businesses to grow. Now when it is becoming bigger and bigger, they are targeting the exchanges to stop the spread.

Coinbase is a stock market listed company so such kind of steps by SEC is very concerning.

[EarnOnVictor]

I read this on the Binance app but hardly believed it.

That's interesting, and the only reason that could have made SEC come out with such a conclusion might be the inner digging where altcoins must have been implicated. They have better tools and internal mechanisms than what we see and altcoins might have entirely been Scam/Unfair entities in the name of the scalability and advancement.

I read the news about 10 hours ago but has not helped Bitcoin rise but it rather sells.

[stompix]

It is amazing how Government already considers Bitcoin totally different than altcoins.

Surprising?

I've been telling people for months that Gary Gensler has told numerous times that Bitcoin is the only true decentralized cryptocurrency out there, the guy has been holding courses at MIT about Bitcoin and stated that so many times everyone who would have listened would have got it but no, Gary is evil and that piece of shit shitcoiner CZ is the crypto hero!

F***, that guy spent more time teaching about Bitcoin than some shitposter and their whole alt farms did while spamming the forum but...
https://ocw.mit.edu/courses/15-s12-blockchain-and-money-fall-2018/video_galleries/video-lectures/

US governments used to play games and this is just a part of there game. All they are doing is, placed one group around one corner to talk bad about BTC and another group in another corner to support BTC. And they are getting benefit from BTC as one group and filling there pockets equally.

Stick your tinfoil hat where it belongs, those things are really just yesterday's conspiracy material!

Lol! US government is slowly showing their true colours.

Yes, because that's what Satoshi wanted, centralized exchanges that hold your coins captive and manipulate the market and a flood of shitcoins doing pump and dump schemes. that was his vision!
And the evil gubbermint is trying to destroy this magnificent dream!

[virasog]

Coinbase is a stock market listed company so such kind of steps by SEC is very concerning.

Also, keep in mind that Black Rock has applied for Bitcoin ETF and they have asked Coinbase Custody to be their custodial solution.
The sec statement to halt trading of all altcoins but to keep bitcoin is maybe in connection with the probable approval of the Black Rock bitcoin ETF.

I do hope that SEC does not impose any undue restrictions as the decision of the SEC will play a great part in determining the future of the BTC in the short run. In the long term, even Coinbase Anit-bitcoin acts won't be able to suppress BitcoinBTC.

[goldkingcoiner]

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.

There is no way in hell that the SEC has decided to screw over centralized exchanges. Oh happy day.

Although they are overstepping their boundaries and I doubt that they can demand Coinbase cease all its altcoin trading activities. What could their argument be for every cryptocurrency besides Bitcoin to be a security? That makes absolutely no sense whatsoever. Did they even mention their logical reasoning for this or is this another random outburst towards cryptocurrency which ultimately ends up a big nothing burger?

Either way, Good news for Bitcoin and for decentralization adoption efforts worldwide.

Although the whole thing seems orchestrated to me...

[mk4]

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.

[bitmover]

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.

[darkv0rt3x]

I read the news but to be honest I couldn't understand what was the reason for the SEC to have asked that to Coinbase, prior to taking legal actions against them. First of all I don't know what was the legal action the SEC took. And then, was it because the tokens were considered "securities" that Coinbase was falling under regulatory problems?

[Faisal2202]

Stick your tinfoil hat where it belongs, those things are really just yesterday's conspiracy material!

I am just being a little careful that's why i am trying to look it from different angles. It's not that i hate USA or anything at all. But in past such conspiracy theories like manipulation etc. seems to be proven by many analysists. Where a fud was created to lure people into buying and then selling. I am just having a open mind here nothin less and nothing more.

[ZAINmalik75]

Gary Gensler sued centralised exchanges like Binance and Coinbase. The SEC sued them for the trading activities of tokens declared as securities, and Gary then Declared that BTC is not a security, even back in time around 2018 or 2019. This indicates Gary's interest in and devotion to BTC. But still, he has pressure on his head, so he might change the statements, but such acts as these are expressing his love for BTC.

I doubt he would have bought some. Other than Gary, This is good news for the whole crypto market, but I am not seeing any impact from it. As all eyes are on ETFs right now. Even those who are speculating on ETFs don't know the result date.

I mean, if they knew about dates, they might not remain that optimistic about ETFs. One thing still confuses me: Coinbase and Binance were both sued for illegal trading of securities that were not registered with the SEC, so the SEC sued them. But why did the SEC allow Coinbase to stay while kicking Binance out of the league? I mean, does Binance not deserve such a chance, or am I the one missing some pieces to this puzzle?

[Blitzboy]

Thats an intriguing analysis of what the SEC's action against Coinbase means. However, bear in mind that the landscape of regulation is still in its infancy and is subject to rapid change. What if Bitcoin's success is owed less to its quality than to the fact that it was the first digital currency?

Lets be honest, numerous alternative cryptocurrencies give superior features to Bitcoin. Smart contracts on Ethereum and oracles on Chainlink are just two examples of how blockchain technology is changing industries outside finance.

It may be wishful thinking to assume that Bitcoin's substantial price increase will be the result of its legal difference. What if this categorization results in more stringent standards for Bitcoin while the alternative cryptocurrencies thrive under less stringent rules?

[Aanuoluwatofunmi]

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.

This is indeed a very impressive news and development to see the government have towards bitcoin in making differentiation from other cryptocurrencies, if we look at it from the start, bitcoin is the only cryptocurrency that has been legally accepted by people as a digital cryptocurrency for making payments and not together with other cryptocurrencies, this alone has alot to talk about because there are many shitcoins in cryptocurrency and we cannot completely decern the good from the bad except to single out bitcoin which is the only digital currency that cannot turn scam, we look forward to seing more steps and actions from government towards adoption of bitcoin as a digital currency they will all support for adoption as a legal tender sooner.

[darkangel11]

I read the news but to be honest I couldn't understand what was the reason for the SEC to have asked that to Coinbase, prior to taking legal actions against them. First of all I don't know what was the legal action the SEC took. And then, was it because the tokens were considered "securities" that Coinbase was falling under regulatory problems?

I'd say that the SEC wanted to show that it's doing something about cryptocurrencies. Since the SBF case we've witnessed the SEC being attack from both sides of the political scene. Crypto critics were criticizing Gensler for meeting with SBF and not smelling anything fishy, while supporters were asking why it is that after so many years we still rely on laws that were never designed with cryptocurrencies in mind. On one hand the SEC rules are vague, on the other it didn't even enforce them on those who really needed to be put in their place, like SBF. That's why the SEC is so eager to show that something is being done and that something is an attack on altcoins that passed the Howey test.

In Coinbase's defense, they asked the SEC to clarify and they asked Gensler to meet with them, so they are now being punished for lack of regulatory guidelines.

[BitcoinPanther]

If Coinbase heed the request of SEC then we might see the altcoin market possibly going down while this will give a huge boost on the Bitcoin market since the capitalization of the altcoin market might transfer to Bitcoin market creating huge demand pressure skyrocketing the price of BTC.  It is a Domino effect and once executed, FUD on the altcoin market may spread while the Bitcoin market may experience a hyping event.

Might be most crusial point, which will push BTC really high

Yeah, this is also what I am thinking when I read the title.

[Woodie]

As bad as this sounds, this is good for Bitcoin if they will really put pressure on exchanges to halt trading of altcoins. Btw this is a short term benefit which could see all money poring in from altcoins into Bitcoin and pushing its price up!

But what I don't get from these guys.. is how do they differentiate Bitcoin from all other altcoins despite all these falling under the umbrella of being cryptocurrencies!!? Very fishy tbh,  more like divide and conquer....they choose to single out the loudest and once the small coins die then they will come for the big fish 🐟 🤔.  If they want to halt trading on our exchanges let all coins go through  the same treatment without  their current approach, just my 2cents.

[Casdinyard]

Banning everything else and leaving one guy out of the group absolved isn't gonna do anything for the whole industry. They keep leaving bitcoin out and explicitly stating that bitcoin is a security even though at most it's a speculative asset and they are out for blood on what they consider as speculatives. It's just stupid and what they are really trying to do is profiteer from this venture by opening the market for large-scale infrastructures to buy bitcoins and control the cryptocurrency market altogether. Ask yourself why they are trying to kill altcoins which are generally more buyable and accessible than buying one whole bitcoin now. And why they are doing this at the cusp of a large halving which could very well propel the whole industry to another bull run.

[The Cryptovator]

It would be alarming if Coinbase had to halt all other altcoin trading. It's true that the SEC or anyone can't stop Bitcoin anyway; hence, they are asking to keep Bitcoin trading live while they want to halt trading for other coins. It's nothing new that Bitcoin is always different from altcoins, but we are tired of the SEC drama. They allow businesses to start and grow, and then ask them to halt. This is a threat to the overall crypto industry.